The Board of Directors is responsible for the Corporate Governance of the Credit Union. To this end it has established a Corporate Governance Policy to ensure the interests of all stakeholders are protected. In particular, this policy:
- applies to the circumstances of the Credit Union the key principles in the Prudential Practice Guide issued by the Australian Prudential Regulation Authority and the Australian Stock Exchange Ltd (ASX) Principles
- complies with the minimum requirements of the Prudential Standard issued by the Australian Prudential Regulation Authority
- adopts the Practice Guide to the extent appropriate to the size, complexity and risk profile of the Credit Union
- explains variations from the ASX Principles by reference to the Prudential Standard or the Credit Union's circumstances
- provides for annual reviews
Corporate Governance Policy
A summary of the main components of the Board's Corporate Governance Policy are:
- Lay solid foundations for management and oversight
- Structure the board to add value
- Promote ethical and responsible decision-making
- Safeguard integrity in financial reporting
- Respect the rights of members
- Recognise and manage risk
- Encourage enhanced performance
- Remunerate fairly and responsibly
- Recognise the legitimate interests of stakeholders
The key responsibilities of the Board include:
- Strategy and policy
- Budgeting and planning
- Key personnel
- Reporting to shareholders
Code of conduct
The Board has established a Code of Conduct to guide directors and senior staff as to the practices necessary to maintain confidence in the Credit Union's integrity and to promote ethical and responsible decision-making.
Code of Conduct (188KB PDF)
Member communication & participationThis strategy aims to foster relationship building with members and to give effect to the rights of members to be fully informed of and participate in the decision making processes of the Credit Union.
Member Communication and Participation Strategy (191KB PDF)
Specific responsibilities have been delegated to Board's committees. Each of which have been established with specific structure, authority and terms of reference, which are reviewed at least annually.
Board Audit Committee
The objectives of this committee include assisting the Board fulfil its responsibilities in relation to financial reporting, internal control structure, risk management systems, and the internal and external audit functions.
The Audit Committee also performs the function of the Board Risk Committee, the objectives of which are:
- formulation of the Credit Union's Risk Strategy
- determining policies to ensure that the Credit Union's Risk Strategy is adhered to
- monitoring adherence to those policies
Board Strategy and Capital Planning Committee
The objective of this committee include assisting and advising the board on matters relating to strategic and capital objectives and planning and interest rate risk.
Board Remuneration Committee
The objective of this committee is to assist and advise the board on the implementation and review of the Remuneration Policy and to oversee the remuneration of the CEO and senior managers.