Family Business Association (FBA) held its Annual General Meeting (AGM) on Tuesday, 22 October 2024, at 12pm AEDT. The meeting welcomed both in-person and online attendees, with a quorum present to reflect on the last year, assess financial performance, appoint new directors to the Board and review the current FBA Constitution.
Chair's Report
FBA AU Chair, Angus Kennard opened the meeting and provided his Chair’s report which celebrated the successes of the past year. He highlighted a financial turnaround for the Association after the challenges from the difficult COVID-19 years and acknowledged the organisation’s new CEO, Catherine Sayer, for her strong leadership and vision. Under Catherine’s guidance, FBA has implemented a clear strategy, positioning itself for continued success and plan for the future.
Angus also highlighted the organisations values, which are lived by staff every day: One Family, Supporting Member to Thrive, Being Authentic and A Learning Mindset. Membership retention has remained strong throughout the year, and the organisation proudly celebrated its 25th anniversary. Moving forward, FBA’s strategic focus will remain on membership growth, branding, and advocacy.
Financial Performance
Treasurer, Ken Matthews presented the financial report, noting the organisation's positive performance over the past year. FBA recorded a profit of $85,000 AUD in Australia and a consolidated profit of $71,000 AUD. This financial stability ensures that FBA can continue to provide value to its members and invest in future initiatives.
CEO's Report
CEO Catherine Sayer shared her reflections on the year, with a particular focus on the opportunity to connect with FBA members and stakeholders across Australia and New Zealand. She extended her gratitude to FBA’s National Partners – EWM Group, Gallagher, KPMG, ANZ, and Pronto Software – as well as FBA’s State Partners, including Hood Sweeney and ADLV Law in South Australia, Majestic Computer Technology in Victoria, and Sparke Helmore Lawyers in Queensland. FBA truly values these long-standing relationships and their support in the family business sector.
Download: FBA Annual Report 2024
Director Appointments and Board Updates
During the AGM, the following Directors were formally appointed:
- VIC/TAS: Ms. Aubrey Stillwell was elected as VIC/TAS Regional Director, unopposed.
- SA: Mr. Brett Miller was re-elected for a second term as SA Regional Director, unopposed.
- QLD: Mr. Grant Menzies was re-elected as QLD Regional Director, unopposed.
- NSW: No nominations were received for this position, and it was declared vacant.
Constitutional Review
A key focus of the meeting was a review of the current FBA constitution. The Board of Family Business Australia Limited, together with CEO Catherine Sayer, identified several areas of the constitution that required improvement and correction without amending the basic intent of the current constitution. A copy of the current FBA constitution, the proposed amendments, along with a special resolution to amend the constitution with explanatory notes, were shared with members ahead of the meeting for review.
The Board recommended updating the constitution to support the organisation’s evolving objectives and its potential pursuit of charitable status. Members received both the current and proposed constitutions ahead of the meeting, with the new draft incorporating recommendations from the FBA Board and CEO, Catherine Sayer, The Association Specialists, and the guide from The Australian Charities and Not-for-Profit Commission (ACNC).
Key Changes to the Constitution
The revised constitution, which retains the same rules and intent as the previous constitution, particularly in relation to membership, membership rights and the structure of the Board of Directors, includes the following key updates:
- Objectives of the Company – the Board has reviewed and updated the objectives of the Company to reflect the current aims of the organisation.
- Not-for-Profit – the Company’s not-for-profit status has been clearly defined (Clause C8).
- Memberships – there has been no change to the criteria for members, nor the rights and entitlements of members.
- General Meetings – the new constitution permits the ability of members to call a general meeting which was not previously available. This complies with the Act.
- Use of Technology – the new constitution clarifies where and how meetings may be held using technology (Clause G48).
- Quorum for General Meeting – the quorum for a general meeting has been amended to be the “lower of 10% of the membership or 15 members”. Previously this was 15 members and it was felt the option was more appropriate.
- Board of Directors – the structure and election or appointment process for Directors is unchanged.
- Duties of Directors – Clause N113 now clarifies the Duties of Directors in accordance with the Act and common law.
- General additions – the Board has adopted in the new constitution general additions based on recommendations from The Association Specialists and the guide from The Australian Charities and Not-for-Profit Commission (ACNC) where deemed appropriate to improve the governance required of the Company under the constitution. The Board recommends the adoption of the new constitution as presented.
The AGM marked the close of a successful year for FBA, with the organisation well-positioned for future growth and continued support of family businesses across Australia and New Zealand.
