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1 July 2009

AGM brings changes to the Australian Music Centre board

AGM brings changes to the Australian Music Centre board

Some important changes to the Articles of Association were adopted at the Australian Music Centre's Annual General Meeting in May. These amendments are centred on the election and appointment of the members of the Board and were proposed after a review of the AMC's governance structure. The intention is to enable the AMC to select a board of directors with a wide breadth of experience, ensuring the Centre's continued success. AMC's membership now elects up to six Directors (previously nine) with the maximum Board membership being 10 (previously 15).

The changes enable the AMC to more effectively pursue its business goals and to promote its compliance with general corporate governance principles. The general trend is for smaller boards, facilitating quick decision-making and less cumbersome processes. However, at the same time, the demand and expectations placed on directors continues to increase, as do the complexities faced by an organisation like the AMC. Accordingly, the AMC Board needed more flexibility to be able to invite individuals with appropriate skills and experience to become directors. The changes also specify the ideal range of business skills represented across Board members, and a range of expertise relating to representation of AMC's diverse constituents.

To allow members to continue to have a strong say in who represents them, any director appointed by the Board will be required to stand for re-election at the next Annual General Meeting. The director's term of appointment is then three years (but the director can then seek re-election). In addition, the director cannot hold office for more than six years. These requirements are consistent with the rules that apply for companies listed on the Australian Stock Exchange.

Further links

Australian Music Centre Board of Directors (AMC website)

John Davis is CEO of the Australian Music Centre.


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