What do you think about the second loan vote? Will the Representative Governor try to re-vote again in another month? What’s the rush if he’s finishing his term and we don’t ‘need the loan’ right now?
Michael Alfant’s Note on the Re-Vote
Dear Member,
Thank you to everyone who voted in the September 24 Extraordinary General Meeting (EGM).
The Board-proposed financial plan failed to pass by just one vote.
Following July’s vote on the same proposal for the Club to take out a line-of-credit loan of up to ¥1 billion, 728 Voting Members cast their ballots in this vote.
A total of 81.5 percent of Voting Members were in favor of the proposal, with a two-thirds majority required by the Club’s Articles of Association.
The Club’s constitution also requires the approval of 80 percent of US Voting Members. This time, 79.6 percent of American voters were in support of the proposal, with 11 failing to vote.
The Board will take stock of the result and carefully consider the options available to ensure the Club’s financial health.
Once again, my sincere thanks to all those Members who took part in this vital governance process. A recording of the EGM is available to watch through the Club’s YouTube channel.
Michael Alfant
Representative Governor
Tokyo American Club