Lay solid foundations for management and oversight
Our Board is responsible for leading and overseeing a sustainable, member owned Credit Union that lives our purpose – to help our members achieve financial success.
We’ve implemented best practice governance policies and principles, both at Board level and throughout the entire organisation. We’re committed to continuously improving our Credit Union to ensure we meet our obligations as a responsible financial institution in a rapidly changing world. Our Board, CEO and Senior Management Team manage our Credit Union to a framework underpinned by our Constitution, with roles and responsibilities clearly defined in Board and Committee Charters, governance policies and position descriptions. To read more, see Structure of the Board below.
Structure the Board to add value
The Board consists of seven independent, non-executive Directors, with each Director’s experience, qualifications, other roles within our community and length of service available at Our Team. Our Directors are independent in both judgement and action and the Board Charter addresses issues of conflict of interest and the manner in which they are reported, managed and disclosed. The Board is supported by five committees, each of which has an established Charter defining roles and responsibilities.
Governing for high performance is a key focus, that’s why we conduct an annual Director skills matrix analysis to ensure our Board has a wide range of skills, experience and perspectives. Directors participate in an induction program and the Board formally reviews its performance and that of individual Directors annually, as well as continually seeking professional development opportunities.
Act ethically and responsibly
The Board and Management of the Credit Union are committed to acting responsibly, ethically and with the highest standards of integrity to ensure the Credit Union continually delivers on our purpose and values as a member-owned organisation. The Board annually reviews our Code of Conduct, which applies to all Directors, Managers and employees, to ensure the highest standards of culture and behaviour.
Diversity of thought is a powerful tool for any board and organisation. That’s why our Board has established a Diversity and Inclusion Policy and is committed to promoting and enhancing the diversity and inclusivity of our workplaces, reflecting the diverse nature of our members.
Safeguard integrity in corporate reporting & make timely and balanced disclosure
The Board has established an Audit Committee, comprising of 4 directors and an independent Chair, who is not the Chair of the Board or Risk Committee. The Audit Committee has an established Charter, and the qualifications and experience of the members of the Committee are available below at Committees of the Board. The Board receives a declaration annually from the CEO and CFO that the Credit Union has established systems and processes to ensure the proper maintenance of financial records that:
- Enable production of financial statements that comply with the accounting standards;
- Gives a true and fair view of the financial position and performance of the Credit Union; and
- Ensure a foundation of sound and effective risk management and internal controls.
Respect the rights of security holders
Our members are at the heart of everything we do. They guide all decisions made by the Board and our Management team. Each year at the Annual General Meeting (AGM) we call upon all members to vote and have their say on the performance of our Credit Union.
We’re also committed to transparency, and provide information on the governance of the Credit Union on our website and in our annual Financial Accounts, for those members who are unable to attend our AGM. We regularly communicate news and updates to our Members through our websites, social media channels and newsletters.
Recognise and manage risk
The Board has overall responsibility for the establishment and oversight of risk management and reviews the Risk Appetite Statement and Risk Management Strategy annually. To support in overseeing risk management, the Board has established a Risk Committee, with responsibility for monitoring risk management practices and in particular risk culture.
The Credit Union follows the Three Line of Defence model, with independence between the first line business, second line risk management function (headed by our Chief Risk Officer and Risk Committee) and third line audit function (headed by our Chief Internal Auditor and Audit Committee). More detail on the material exposures to risks can be found in our Annual Accounts.
Remunerate fairly and responsibly
The Credit Union recognises that an effective and balanced remuneration and reward system is essential to the success of our operations and a key component of the risk management framework.
The Board has established a Remuneration Committee to monitor and advise on the Remuneration Policy and practices. The Credit Union strives for remuneration and rewards structures and practices that encourage behaviour that supports a sustainable performance outcome for the Credit Union. The Credit Union prepares annual remuneration disclosures in accordance with the requirements of APRA Prudential Standard APS330.