The key responsibilities of the Board include:

Strategy and Policy

  • Approving the strategic direction of the Credit Co-operative.
  • Monitoring the implementation of current strategic initiatives to ensure they are on schedule, on budget and producing effective results.
  • Ensuring all major business risks are identified and appropriate policies are in place to effectively manage those risks.
  • Approving major decisions, and, where appropriate, making recommendations to members via general meetings.
  • Delegating appropriate authority to the Chief Executive Officer.
  • Overseeing the establishment and maintenance of reporting systems and internal controls.
  • Establishing appropriate communication structures with stakeholders.
  • Ensuring an effective committee structure is in place to support the Board in its decision making process.
  • Reviewing Board processes and effectiveness, including succession planning for the Board and key executives.

Budgeting and Planning

  • Approving the annual operating and capital budget and monitoring the financial performance of the group.
  • Regulatory compliance
  • Ensuring compliance with the prudential and solvency requirements of the Australian Prudential Regulation Authority (APRA).
  • Selecting and determining remuneration of the external auditor.
  • Through the independent Board Audit Committee, overseeing both the internal and external audit processes and reviewing the committee's reports.
  • Through the independent Board Risk Committee ensuring that appropriate compliance systems are in place and monitoring the compliance of those systems.

Key Personnel

  • Selecting, appointing, and reviewing the performance of the Chief Executive Officer.
  • Through the Board, reviewing the performance of key executives, remuneration policy and succession plans.

Reporting to Shareholders

  • Approving reports and announcements to members.
  • Planning the Annual General Meeting of members.

 

Should you have any further questions please click here to This email address is being protected from spambots. You need JavaScript enabled to view it..

Back to top