On Friday 8 June 2018 the PAA will hold a Special General Meeting to vote on the new draft of the PAA Legacy Trust Deed. The meeting will take place on Friday 8 June 2018 at 12.00pm at Sorrento in the Park, 670 Manukau Road, Royal Oak, Auckland.
I am asking all PAA members to support the implementation of the Trust Deed.
The holiday homes were sold in 2015 and 2016 and refunds for all identifiable members paid. The balance of the funds are to be invested and used as per the proposed Trust Deed.
The Board appointed a Legacy Trust working group committee of Rod Severn, Peter Leitch, Andrew Kerr and Trevor Slater. This Committee obtained specialist Legal and Trust advice to create this Trust Deed for approval at this SGM.
The PAA Board has approved the Trust Deed to be circulated to members. This Trust Deed has had changes incorporated based on the feedback from members. It is anticipated that on establishment, the appointment of 5 Trustees minimum, will be made by the PAA Board and that this will require a minimum of four individual Trustees (including two PAA Board members) along with the appointment of a professional Trustee company as the fifth Trustee.
The current situation
In the Trust Deed I have been nominated as the Independent Chair of the Trust. I am honoured by the nomination for this voluntary role as I believe the Legacy Trust will provide many benefits to the wider adviser community.
However, unfortunately there are a group of people who seemed to determined to stop the Legacy Trust going ahead and who are seeking direct benefits for themselves from the Legacy Trust funds. They are doing so on the belief they created the wealth and as such should have access to it is some way.
This is in contrast to the aims of the Trust which are:
"To promote and facilitate the education of financial advisers and the benefits of financial advice in New Zealand."
In other words, the Trust funds will be for the benefit of all advisers in New Zealand and not just a select few which I believe is what the vast majority of PAA members would want.
Only PAA members can make this happen.
So I really need your help to ensure the PAA Legacy Trust Deed is approved at the Special General Meeting. You can do this in two ways.
Preferably attend the Special General Meeting on Friday 8 June and vote for the Trust Deed. We need sufficient PAA members for a quorum and it is only a couple of hours out of your day for a very important event.
Complete a Proxy Voting form giving your yes vote to another PAA member who is in attendance. If you don't know of a member is attending you can give your vote to the PAA President Bruce Cortesi. You can forward your Proxy form to me at email@example.com and I will ensure Bruce receives it.
I cannot strongly enough say how important it is to have the PAA Legacy Trust Deed accepted so we can start providing benefits to the New Zealand advice industry.
Below is a link to the invitation to attend and contains the Trust Deed and Proxy Voting Form.