The license agreement between Turnaround Management Association - Southern Africa and TMA international, replacing the Chapter arrangement, necessitates a rewrite of the Articles of Association and By-laws.
This affords us the opportunity to make other necessary changes to better fit our strategic and operational needs, including a new format Board of Directors and office-bearing functions.
But first of all, the planned AGM in June 2006, and the associated election of new directors and office bearers for 2007, had to be postponed as a result.
The Board has accepted a proposal for a streamlined new organisational structure in which the functions will be redefined and the number of executive directors will be reduced.
The number of non-executive directors will be increased to make up the numbers. TMA-SA requires time to identify and recruit a number of prominent and influential BEE business leaders to fill these non-executive positions to ensure credibility with and support from government structures.
The revised Articles of Association, By-laws and organisational structure are being prepared and will be submitted to members for approval at a general meeting of members called around September 2006.
Once approved, an election will be arranged to elect new Board members and office bearers for 2007.
Should any member have questions in this regard in the interim, feel free to call me at 082 853 1414.
This news flash was brought to you by Turnaround Management Association - Southern Africa - the forum for turnaround and corporate renewal professionals in Southern Africa, established for purposes of information exchange, knowledge capturing, networking, education and raising the standards of turnaround.