All Members would have received their Notice of AGM earlier this week. As we progress towards the AGM, the API team has put together some further information for Members to assist in considering the information provided as part of the AGM Notice.
As Members are aware, there are two Constitutional amendments being proposed to be voted on at the upcoming AGM, these two motions relate to:
- Motion 1: Amending the Constitution remove the categories of membership and allow these to be specified in a Membership Policy, rather than the Constitution.
- Motion 2: Amending the Constitution to vary the wait time for a director who has served their maximum term from 6 years to 2 years.
Motion 1: Categories of Membership
API has been working on further developing its categories of membership to reflect the true nature of the organisation as a representative body for all property professionals. This has resulted in API considering new categories of membership and broadening of membership to best suit our members, as they transition across different areas of the property profession, out of and back in to Valuation. API’s membership is made up of property professionals including valuers and land economists well as those working across a range of sectors including government, asset management, infrastructure projects, property finance, property development, banking and law. Many of our members have started as valuers and transitioned to new roles in the property space, and API is committed to ensuring their continued engagement with the organisation and recognition of their professional qualifications and ongoing requirements for professional codes of conduct and ethics, along with specialist modules.
API does not propose to remove the rights of any members as a result of this Constitutional change, and instead proposes this change to allow greater flexibility to add categories of membership to suit the changing needs of our members. To allow the API to adapt quickly and introduce new categories of membership outside of general meetings, it is proposed that categories of membership be dealt with in a Policy. The Membership Policy is being developed in conjunction with the Board.
As many would be aware, API started as a representative body for valuers and land economists. Over time, API’s membership expanded across various other property professions broadening API’s objectives. API’s strategic objectives include engaging with as many property professionals as we can.
Please note: The purpose of the AGM Motion 1 is to grant voting rights to our Professional membership categories, PMAPI and MAPI, in recognition of the professionalism, qualifications and ongoing education and professional development that will continue to be built on, much like the RPV/CPV categories have to date. There is no intention to remove any Member’s Voting Rights.
Motion 2: Nomination after maximum term reached
API has proposed to shorten the wait time for a former director to renominate for the Board, from 6 years to 2 years. Election to the Board remains subject to the votes of Members, and if a nominee does not receive sufficient votes they cannot be elected to the Board.
This proposed change has been put forward following consideration by the Board as what is the most beneficial for the organisation. The Board has resolved that if the Members desire to re-elect a director they be provided with the opportunity to do so. This change provides greater rights to our membership. The proposed amendment would allow those directors that have previously served on the Board to continue to contribute to the organisation and allow Members the right to vote for the candidates they think are best placed to lead the organisation.
API’s view is that it is good corporate governance to ensure that there is a gap between a director reaching their maximum term and being eligible for re-nomination. The previous 6 year wait period has been deemed overly onerous and not in the best interest of the organisation, or ultimately Members who have the right to vote in directors they believe would best represent them on the Board.
It is also common for many organisations to require directors who have served their maximum term, to wait the equivalent of a term on the Board before being eligible for re-election. The proposed two year wait period is equivalent to a term on the Board and accordingly will ensure ongoing turnover on the Board.
For any questions regarding the AGM process or the proposed Notices of Motion, please contact our Company Secretary at [email protected].
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