NRMA Share Float

About this Item
Speakers - Enderbury The Hon Keith
Business - Adjournment

NRMA SHARE FLOAT

The Hon. K. J. ENDERBURY [10.08]: Last Friday week, 30 September, I opened my NRMA prospectus in order to complete the necessary forms, almost a fortnight before the deadline date of Wednesday, 12 October. I read that I was entitled to 500 shares to the value of $1,000. Believing this to be wrong, I phoned the NRMA hotline and informed the lady on the telephone that I was a gold member with 38 years continuous membership and with a current vehicle insurance policy. The lady informed me that I was entitled to 1,000 shares to the value of $2,000 - exactly double the amount shown on my prospectus. I said, "So this can be corrected then?" She left the phone for several minutes to obtain advice. Upon returning she informed me that it was too late to make corrections because it finished yesterday. I said, "What is `it'?" She said, "The appeals process". I said, "What appeals process? I have heard nothing about this". She said, "You should have told us earlier". As I had only received my prospectus a little over a week earlier, I was astonished. She stated that the situation could still not be rectified.

It seems that because I did not contact the NRMA to tell it about my membership details and insurance policy, both of which are in its records, I am to be deprived of my entitlement. The NRMA made the mistake but because I did not correct it in double-quick time, I am the financial loser. Clearly, the process is unreasonably rushed and seriously flawed. Last Friday I received a letter dated 6 October from Mr J. Gibson of Telopea, which reads:

Dear Sir,

I am writing to you protesting re the current NRMA ballot. My reasons are that in June this year I received notification of entitlement to only 500 shares despite the fact that I had caravan insurance with them. Following my complaint of the error I was notified that I was entitled to the further 500 shares and that they were in error. (Photocopy enclosed). My ballot paper arrived for proxy voting in NRMA Ltd (for membership) printed on one side only. By chance I spoke to a fellow employee at my work who said the ballot paper should be printed on both sides to include NRMA Insurance Ltd. I rang their office yesterday to be told that they had made an error (again) - a new form would be in the mail but could not guarantee its arrival before next Wednesday, 12th -

the deadline date -

I was questioned as to my insurance cover and when told it was a caravan I was told "It's rather difficult to locate in the system".

I believe that their voting data is not accurate as it was by chance I discovered my further vote entitlement.

I also wonder how many other persons may be in the same position as myself but unaware of their additional voting rights. The whole process appears to be in too big a rush with obviously inaccurate records.

Yours sincerely,

J Gibson

I have had further contact from a journalist who informed me that her incorrect prospectus would cost her money. She informed me that she had phoned the NRMA three times during the previous fortnight to have her prospectus corrected. This had not been done, despite the calls being made within the so-called appeal time about which I was informed too late to take action. No-one seems to know anything about this somewhat mythical appeal time. I am further informed by an NRMA director that in many other
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instances members have been allocated less than their entitlement because of NRMA mistakes. I understand that mistakes can occur, but to be then told that the NRMA refuses to correct the errors is appalling. It compounds the errors. This situation smacks of the worst kind of bureaucratic bungling and a callous indifference to the needs of members of many years standing. This can only be thought to result from monopolistic control of motorists' membership in this State.

I understand that from a month ago the returning officer for the ballot has been counting the votes as they have come in and is reporting the results daily to the NRMA management. The present process should be scrapped, or at least postponed, hopefully to enable the NRMA to get its records in order. If the NRMA does not correct its mistakes, I can only conclude that it cares nothing for its membership. Perhaps it is time for another organisation to step in to replace the NRMA in providing road service and a fair deal for members.

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