The board deadlock which has divided the Association of Investment Advisers and Financial Planners (IAFP) has finally come to a head with four resignations.
The deadlock which has divided the Association of Investment Advisers and Financial Planners (IAFP)board has been broken.
Four members including chairman, Rodger Spiller, and his deputy Mark Hubber have resigned.
Fellow committee members Craig Myles who was in charge of communications and education director Katrina Hawker have resigned along with Spiller and Hubber.
Their resignations take effect from 9am on Tuesday - the scheduled start time for a board meeting in Auckland.
The resignations come hard on the heels of a letter from these four committee members saying they intended staying on the board.
That letter was prompted by a resignation threat made in the run-up to a special meeting, held in December, regarding the proposed merger with the Insurance and Investment Advisers Association.
Spiller and Hubber said before that meeting they would resign if it went against them. Despite losing the meeting they decided to hold onto their board positions.
That decision has angered a number of IAFP members, who have over the past month or so been orchestrating a campaign to depose the Spiller-led camp on the board.
The resigning committee members are understood to have decided the cost of continuing on the board, in terms of time and energy, was not worth it when weighed up against the constant attacks from other IAFP members.
Also Hubber, Hawker and Myles decided they were not prepared to spend another term on the board. Good Returns understands the IAFP regional committees will have to appoint new people to the board to fill the vacancies. The new board will then have to elect a chairman and deputy chairman.
The remaining board members are Phillip Matthews, Christine Winter, Alan Anderson and Denys Wright.
The deadlock which has divided the Association of Investment Advisers and Financial Planners (IAFP)board has been broken.
Four members including chairman, Rodger Spiller, and his deputy Mark Hubber have resigned.