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.
- Selecting, appointing, and reviewing the performance of the Chief Executive Officer/General Manager.
- 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.