Following on from recent press reports, detailed discussions with all concerned parties have agreed that the PMPA will be reconstituted with the following objectives:
· Members to have equal equity stakes in the organisation and equal voting rights
· To be run by a management board with regular rotation of members and chairman
· To be based upon the principle of “not for profit”
· To reinvest all profits surpluses for the promotion of the association and delivery of added value services
· To use the combined purchasing power of the group to deliver products to the intermediary market that offer exceptional value and quality of service
John Mawdsley and Ian Nelson spokespersons for the reformed group commented: “We are delighted that the reforms to the structure of the PMPA have received the unanimous support of the membership. The newly constituted body will more closely bring together a group of twenty two mortgage professionals who wish to be the byword for the highest standards of integrity, service, and transparency in the packaging industry.”
