Published on 11 November 2016
Further to our various communications (email, bulletins, Making Waves etc.) on the development of our governance programme this year, we are pleased to report to our members that the EGM, called by OMC, took place as planned on 9 November.
The purpose of the meeting was to allow members to vote in person or by proxy on the proposed resolutions to incorporate the recommendations of the governance review and modify the legal structure of the association.
In accordance with our constitution, an EGM is required to effect such changes via the voting process, which requires a simple majority of votes cast. The voting is weighted according to the level of subscription paid by each member (essentially Â£1 = 1 vote). I am pleased to report that the voting membership overwhelmingly supported the resolutions proposed by the OMC and Council. The balloting data is as follows:
|Total number of votes cast||1,072,650|
|Number of votes in favour of the Resolution||1,043,390|
|Number of votes against the Resolution||29,260|
|Majority in favour of the Resolution||1,014,130|
All the subsequent legal and administrative formalities associated with IMCA Holdings Ltd and IMCA Trading Ltd have now been completed. The changes will take effect on 1 January 2017.
OMC will now consider the transitional arrangements to bring the enhancements of our committee governance into effect during 2017.
IMCA started 21 years ago with 100 members, it has been a great success story growing to 1,000 members with a significant voice in our industry. The governance programme, which started in April 2015, has been developed over the past 18 months into a sound set of principles, and a structure which brings the association into the modern era of corporate governance. Thanks are due to all those who contributed to the debate and the voting process.
Further information regarding IMCA’s governance can be seen here.