Members of Australian Unity have approved a permanent change to its constitution regarding information disclosure and voting requirements for a demutualisation proposal to be passed.

In essence, the move introduces a new way of determining any future calls for demutualisation of the group.

The change, decided at Australian Unity’s AGM last week, requires any demutualisation proposal to adhere to high standards of disclosure to members on a range of matters. It also requires such a proposal to be voted on by at least 15% of members, with 75% voting in favour.

More than 93% of the 20,000-plus members who voted supported the change to the constitution.

“The review of our company structure revealed that a clear majority of our members want the company to remain as a mutual,” Chairman Alan Castleman said. “Introducing this rule on a permanent basis with a slightly reduced quorum ensures that our members remain in control of the company’s future.”

MD Rohan Mead told the meeting Australian Unity remains on track to achieve its strategic growth plans. The joint venture with NZ-based insurer FMG is progressing well and due to be finalised later this year.

“Whether it is in health care, financial services or our retirement living operations, we are a company that is uniquely placed to assist with varying aspects of our customers’ wellbeing.”