This year we’re asking our customer owners to vote on some significant resolutions at the AGM. One of the most important is a change to the Constitution around the price of a share.
Currently we collect $5 from a customer in exchange for their share when they open their first account or product with us. This share gives them the right to vote in the AGM and have their say about how we go about our business.
We’re proposing to remove the $5 price for the share and to reimburse customers who have already contributed $5 for their share.
The share itself will not change – it still comes with the same rights it always has. But more and more customers are joining us online which makes collecting $5 complicated.
Over time there is a risk that a growing number of customers will not be shareholders.
This proposed change will ensure that all customers are also owners, allowing us to stay true to our commitment to being customer owned.
Voting online only takes five minutes. Head to bankaust.com.au/2015AGM to read the Chairman’s letter and Notice of Meeting before voting.
Results of the resolutions will be announced at the Annual General Meeting in Melbourne on Wednesday 25 November.
Read about the other resolutions you will vote on for the 2015 AGM: