One of the founding board members and vice president of the Commercial & Asset Finance Brokers Association of Australia has resigned, while a new board member has been appointed.
On Wednesday (31 October), the Commercial & Asset Finance Brokers Association (CAFBA) held its annual general meeting, where it voted to appoint Renee Tocco, founder of finance and brokerage firm Loanezi, as a director of the board.
Ms Tocco, who had last year been named as a recipient of CAFBA’s female leadership scholarship, has taken up a position on the board for a three-year term.
The remaining two independent board members were also re-elected for a period of three years.
Following the AGM, one of the founding board members, and vice president of CAFBA, Kathryn Bordonaro, resigned from her position.
The Allbiz Finance Brokers director and commercial equipment finance broker has reportedly left the organisation to focus on her own broking business and spend more time with family.
Speaking to The Adviser regarding the board changes, CAFBA president David Gandolfo honoured Ms Bordonaro for her contribution to the association and welcomed Ms Tocco to the board.
Noting that Ms Bordonaro was first appointed to the board in 2008 when CAFBA was initially formed following the amalgamation of two industry associations, Mr Gandolfo said that she had been instrumental not only in CAFBA’s success but also to the commercial finance industry as a whole.
Mr Gandolfo said: “I couldn’t begin to quantify the contribution that Kathryn has made to CAFBA as an organisation, particularly in the regulatory space.
“Kathryn played a pivotal role in the overturning of the NCCP 2 regulation, which we worked on as a team. She was instrumental in negotiating the whole of the industry out of having to comply with consumer regulation for business lending, and that has benefitted not just us and our members but [also] the whole industry — brokers, lenders and every business borrower in the country.
“NCCP 2 was a bullet that most people never saw coming, but Kathryn had a pivotal role in that and neither one of us would have done it without the other. So, it just would not have happened without her.”
Mr Gandolfo wishes Ms Bordonaro luck as she embarked on the next stage of her career, stating that while she would be focusing on her own business, she would still consult and be a resource to CAFBA and its board.
The association president added that it would be up to the discretion of the board to decide whether to appoint an additional board member given Ms Bordonaro’s departure, but he emphasised that the board was in a very strong position going forward, particularly with the appointment of Ms Tocco.
Speaking of the new board member, Mr Gandolfo said that Ms Tocco was particularly strong on building a social media presence and engaging with the younger generations and would therefore “have a role with engagement and social media within the CAFBA board”.
Ms Tocco will also reportedly help the association with its content messaging and public-facing messaging.
Mr Gandolfo concluded: “The board that we have at the moment is phenomenal. We’ve got expertise from different parts of the country and at different age levels, with a broad range of skill sets.
“We have a fantastic group of people who are so cohesive, and although we meet once a month, what comes out of those meetings is sheer productive output.”
“We’re in the best position now to go forward than we’ve ever been in.”
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
The financial services ombudsman has changed its rules after the ...
One in two borrowers does not believe banks always have their bes...
Here’s the weekly round-up of the biggest news stories from acr...