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Developing
an effective
governance
framework

bankmecu is governed by a Board of Directors, supported by Committees. The Board:

  • establishes corporate objectives
  • develops, with management, the corporate strategy and policy
  • appoints the Managing Director and evaluates his/her performance
  • supervises bankmecu’s operations and ensures operations align with values
  • accepts responsibility for compliance with APRA prudential standards, Australian corporations law and other regulations
  • approves the budget.

The Board is comprised of eight Directors and has a formal renewal program that will provide an appropriate level of expertise as well as diversity, commercial experience, and fresh perspective. The renewal program recognises the importance of ensuring the history, values and culture of the organisation are preserved and built upon.

Customers elect five independent, non-executive Directors. The Board appoints three Directors, two of whom are independent. The Chairman of the Board is independent and a non-executive officer; the position is currently held by Judith Downes. The Managing Director, Damien Walsh, is an executive director.

The Managing Director is charged with the Bank’s day-to-day leadership and management, and is supported by a senior management team that oversees the Bank’s operations. Together, the Managing Director and the senior management team are responsible for embedding sustainability principles within the business and delivering strategy and leadership, product development, overall management, commercial oversight, stakeholder engagement, community partnerships and communications.

The collective remuneration for the Board as approved by customers at the 2013 AGM is $539,100 per annum pro rata. This sum represents total Board remuneration for all seven non‑executive Directors including fees, concessions and other benefits as well as all relevant taxes payable by the Bank and Directors.

 

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The Board

The-board

More information on the Board is provided in the Financial Accounts Directors Report, including term of office, skills and experience.