The Board of Directors is responsible for the Corporate Governance of the Firefighters Credit Co-operative. Corporate Governance Policies were established to ensure the interests of all stakeholders are protected. In particular, these policies:
- apply to the circumstances of the Credit Co-operative 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 Co-operative
Corporate Responsibility of the Board
The Board is accountable to members for the performance of the Firefighters Credit Co-operative and has overall responsibility for its operations. The key responsibilities of the Board include:
- Strategy and Policy
- Budgeting and Planning
- Key Personnel
- Reporting to Shareholders
To allow Board members adequate time to concentrate on strategy, planning and enhancement of Firefighters' performance, the Board has delegated specific duties to Board committees. To this end the Board has four portfolios, each established with specific terms of reference. The structure, membership and terms of reference of each of these portfolios are reviewed at least annually.
- Board Corporate Governance Portfolio
- Finance Portfolio incorporating the Audit Committee, Budget Committee
- Human Resources Portfolio
- Marketing Portfolio
Board Appraisals & Remuneration of Directors
It is imperative that a regular and objective assessment of the Board's performance is undertaken to ensure maximum effectiveness is maintained for the overall benefit of the credit union. The Board currently reviews its overall performance as well as the performance of individual directors on an annual basis.
No remuneration is paid to Directors other than a small meeting attendance fee which is reviewed on an annual basis and approved at each AGM.