FINANCIAL SERVICES ACCOUNTANTS ASSOCIATION LIMITED

ABN 92 001 582 065

MINUTES OF THE ANNUAL GENERAL MEETING OF MEMBERS

HELD BY VIDEO CONFERENCE IN SYDNEY, AT

QBE INSURANCE, 82 PITT STREET, AND INMELBOURNE,

AT AMERICAN INTERNATIONAL GROUP, 549 ST KILDA ROAD

ON TUESDAY 27 NOVEMBER 2007

MEETING

COMMENCED:5.30 PM

PRESENT:SydneyVictor Walter, Vicki Hartley, Michael Summers, Caroline Ong, Valdis Vilcins, Noli Robles, Albie Roets,

MelbourneRichard Sanzin, Howard Carne, Kevin Saunders, Dominic Chila, Defrim Kutrolli, Peter Lee

APOLOGIES:David Hobson, Patricia Quigley, Peter Dyer

IN ATTENDANCE:Sharon Philp

PROXIES:Nil Received

QUORUM:The Secretary confirmed there was a quorum.

PRIOR MINUTES:MovedVictor Walter, seconded Howard Carne, that the Minutes of the meeting held on 28 November 2006, as tabled, were a correct record of that meeting. Carried.

PRESIDENT’S REPORT:Richard Sanzin addressed the Quorum and summarised the President’s Report.

  • An extraordinary performance of the Association throughout 2006/07. While it was a year of investment in a variety of activities the underlying performance allowed a break even result.
  • Throughout 2006/07 FSAA improved member services through investment in support of administration services (activities of the assoc); a full 12 months with theExecutive Officer (Michael Summers); support of education co-ordinators with recent extension to the Life Education program. I wish to acknowledge the contribution of those people and the administration support. With thedeparture of Peter Dyer as Treasurer the Association has outsourced bookkeeping accounting services.
  • As stated some of the investment hasgone to admin support – particularly updating IT infrastructure, replaced the membership database system and system capability, supported by the administration team – a more transparent process to the membership. The Website provides the opportunity to network and provide information for members by consistent and regular communication.
  • Education programs continue to be well supported by the industry. Apart from the 3 standard courses – GI Introduction and Intermediate and Life Introduction, a course was adapted for NZ and delivered in late October, 2007.
  • Other activities – consideration of formal recognition through accreditation or outsourced service
  • 2007 conference was an outstanding success with some 170 attendees. Thank you to Victor and the sub committee for their contribution.
  • Member services continued through Dominic Chila (VIC) and Daryl Vella (NSW). I extend thanks fortheir ensuringthese services are delivered to members.
  • Executive Officer (Michael Summers) with a developmentof a 3 year business plan with delivery of a number of initiatives.
  • 2007/08 activity – experiment submission IASB – discussion paper on accounting standards.
  • Closing thank you to the Federal Council of their ongoing voluntary supportduring a difficult year
  • Recognition of Howard Carne,who retired after being on the Council since 1989, for his considerable contribution over this time.

MovedVictor Walter, secondedVicky Hartley, that the President’s Report for the 2006/2007 year, as presented, be accepted. Carried.

FINANCIAL REPORT:Acknowledgement that Isabelle Rosette resigned on 28 August 2007 to be reflected in the Financial Statement.

Moved Victor Walter, secondedVicki Hartley, that the Financial Statements covering the year ended 30 June 2007, as tabled, be accepted. Carried.

FEDERALCOUNCIL:As required under the Constitution, all Federal Council members

retire at the AGM following their election and are eligible for re-election.

On behalf of the Federal Council, Howard Carne thanked Richard Sanzin for his efforts in the President’s role.

The Secretary advised the following nominations had been received:

Richard Sanzin

Victor Walter

Vicki Hartley

Kevin Saunders

Dominic Chila

Michael Summers (from the Floor)

The Constitution requires between six and thirteen members on the Federal Council. Michael accepted the position untilafurther membercan be appointed. Moved Victor Walter, seconded Howard Carne.

As the number of nominations received was sufficient all were duly elected. MovedVictor Walter, SecondedVicki Hartley.

Howard Carne and Peter Dyer were again thanked for their work on the Council.

FSAA SPECIAL RESOLUTION:Kevin Saunders addressed the meeting and briefed the attendees on the circulated document proposing the following nineamendments to the Company’s Constitution. The Federal Council has supported the changes and recommended they be adopted.

Resolution 1 – Corporations Act clarification

Resolution 2 – Amendments to insert the Association’s objects, a

new application process and new removal and

suspension provisions

Resolution 3 – Amendment to Honorary Member and removal of

Associate Member Class

Resolution 4 – Change of address of Member

Resolution 5 – International Divisions

Resolution 6 – Corporations Act clarification – insertion of

“at least”

Resolution 7 – Vacant Treasurer role to be filled by either Vice

President or Federal Secretary

Resolution 8 – Transition Period no longer applicable

Resolution 9 – Consequential and cross-reference amendments

Each resolution was movedby Richard Sanzin on behalf of the Federal Council. SecondedKevin Saunders. All werecarried unanimously.

OTHER BUSINESS:None.

There being no further business the meeting closed at 6.09 PM.

Confirmed as a correct record

Chairman ……………………………………

Date …………………………

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