Plans by the Financial Services Union (FSU) to use the Suncorp AGM in Brisbane last week to draw attention to an enterprise bargaining impasse failed when Chairman John Story gagged debate.

The union wanted to use the meeting to seek support from directors and shareholders to take the agreement talks “back to the drawing board”, but Mr Story said the AGM was “not the right place for such discussions”.

“This is not an extension of an enterprise bargaining session and we regret we can’t get involved in any details at this time,” he said.

FSU representative Eugene Clark had called on the board to offer assurances that entitlements would be protected under any new agreement.

Suncorp is working to move from six separate pay and entitlement models to one bargaining agreement. The move is expected to cost the group an extra $33 million a year.

Mr Clark told the meeting that despite several months of negotiations with key parties there were still a number of issues that had not been agreed on.

The FSU has questioned Suncorp’s methods, saying it has negotiated in bad faith by unilaterally terminating negotiations and then making changes to the agreement without first consulting the union. Mr Clark says the agreement proposed by Suncorp directly contradicts terms that were previously agreed.

But Mr Story told the meeting negotiations with the union have been exhaustive and all processes and procedures “followed in an exemplary manner”.

“We have met all the obligations, negotiating in good faith in the terms and spirit of Fair Work Australia,” he said.

CEO Patrick Snowball told shareholders his main priority over the past 12 months has been finding a solution to the issue of six different sets of terms and conditions.

He said it makes sense to have a single agreement and he is “certain not a single individual is going to be financially worse off under this program”.

“A number of people I have talked to across the organisation believe this is a fair and good approach and one that the company can afford,” he said.

Suncorp’s 16,000 employees will vote on the proposal on November 22.