Corporate Responsibility of the Board

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.

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