Thanks for that post Camelia. I called CAMAC. Their report gets...

Thanks for that post Camelia. I called CAMAC. Their report gets published tomorrow. I'll take CAMAC's advice and file a submission direct to Treasury. Anything to avoid my voice being snuffled by ASIC. (Right simgrund!)

ASIC really seem to resent us Mum and Dad investors. There is so much they could do to lift Australia's embarrassing World Bank rating for 'investor protections'.

Take for example PIF unit holders efforts to call the EGM last year to replace Hutson's WC.

Corporations Act 2001 S 252D
(1) Members ... may call and arrange to hold a meeting of the scheme's members to consider and vote on a proposed special resolution or a proposed extraordinary resolution. THE MEMBERS CALLING THE MEETING MUST PAY THE EXPENSES OF CALLING END HOLDING THE MEETING. [emphasis added]

Members calling the meeting must pay, every time! Really? Why? This massively tilts the playing field: in favour of an RE and against members. It's a regulatory barrier to a fair poll for e.g. removing, replacing or disciplining an RE.

If the members vote YES to an important resolution at a meeting then why shouldn't that meeting always be paid for by the scheme? Why should 5% of the unit holdings pay for the meeting for a resolution that gets carried by a set majority of holdings? Why should a small number of investors have to pay for a meeting that saves all members from the catastrophy of an incompetent, hostile, predatory or, in Hutson's words, 'opportunistic' RE? Duh!

And how easy would it be for ASIC to have recommended an amendment like:
'The members calling the meeting must pay the expenses of calling and holding the meeting unless at the meeting, or if the meeting is adjourned or re-adjourned, the subsequent meeting,:
a) a resolution to pay for the meeting from the scheme is passed, or
b) a resolution to remove or replace the RE is passed or
c) a resolution to amend the scheme's constitution is passed or [perhaps even]
d) a resolution to reverse any actions or decisions made by the RE is passed.'

Australia is a dangerous place for small fish to invest.