Corporate Governance

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 eight key principles in the Guidance Note 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 Guidance Note 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

The Credit Union is committed to the objective of having best practice corporate governance. Accordingly, this policy:

• sets out the system by which the Credit Union will be directed and managed
• applies the Prudential Standard, the Practice Guide and the ASX Principles to the circumstances of the Credit Union

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

Corporate responsibility
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 (124KB PDF)

Governance committees
Specific responsibilities have been delegated to Board's five committees. Each of which have been established with specific structure, authority and terms of reference, which are reviewed at least annually.

Board Executive Committee
The objective of this committee is to co-ordinate the Board's Fit and Proper and Corporate Governance polices and processes.

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 including its business continuity plan
• determining policies to ensure that the Credit Union's Risk Strategy is adhered to
• monitoring adherence to those policies

Board Finance Committee
Set, monitor and review financial and lending polices.

To monitor and oversee the Credit Union's financial operations including budgeting, interest rates, capital expenditure, internal and external financial reports.

Board Strategic Planning Committee
Set, monitor and review the Communication and Participation Strategy.

To support the strategic and business objectives of the Credit Union through development and oversight of the strategic, funding, marketing plans and budgets.

Member Communication and Participation Strategy (120KB PDF)