This year we’re asking customers to vote on an extension of our mutual protection clause.
The mutual protections clause is a mechanism within the Bank Australia Constitution to protect the shareholders rights and entitlements in the event of a demutualisation or takeover bid. Demutualisation refers to us going public and no longer being a customer owned bank.
Every three years, this clause is put to a vote by customers for their endorsement.
The mechanism requires that in order to demutualise, 25% of all customers need to vote – and 75% of those voting customers need to vote in support of demutualisation.
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: