Suncorp is moving away from its Queensland stronghold, with shareholders last week voting to get rid of its residency rules for directors.

Not only does the insurer have a British CEO at the helm, but it has also now ditched a rule that 40% of directors must live in the Sunshine State. Now only the MD must be a Queensland resident.

The move comes after the Queensland Government decided to abandon the legal obligation created when Suncorp, Metway Bank and the Queensland Industry Development Corporation merged in 1996.

The amendments to Suncorp’s constitution pave the way for a major board shake-up, with shareholders at last week’s AGM calling for Chairman John Story and the rest of the board to resign over last year’s poor results.

Mr Story told the AGM he accepts that the financial outcomes were disappointing.

“We were put to the test and we acknowledge, with the benefit of hindsight, there were areas where we could have done better,” he said.

“At the same time, it is fair to acknowledge that the group has prudently responded to the challenges we faced and a huge amount has been achieved over the past 12 months.”