Our Structure and Governance Principles
As an Australian company registered under the Corporations Act 2001 (Cth) regulated by the Australian Securities and Investments Commission (ASIC) and as an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA), BankVic is a customer-owned or mutual bank.
We have a continual focus on good governance, financial strength and security. We will continue to comply with the Corporations Act, the Prudential Standards prescribed by APRA and all other legal and ethical obligations relevant to our bank.
Our Board of seven non-executive directors are independent with the majority being elected by our members. Following changes to the BankVic Constitution in 2017, a small number of directors are appointed by the Board, to ensure the Board collectively has the full range of skills and experience required.
Each director candidate is assessed for fitness and propriety to be a director of BankVic, against APRA’s Prudential Standard CPS 520. Directors also participate in ongoing development through formal training, information sessions on industry and regulatory developments and attendance at industry forums dealing with matters relevant to BankVic’s business.
The Board acknowledges its accountability to BankVic members and aims to ensure BankVic operates in an ethical and responsible way in delivering a real alternative to other profit driven competitors.
In order to do so, the Board has adhered to this Statement of Corporate Governance Principles, which is reviewed annually, and underpins the following duties carried out by the Board:
- improving organisational performance by the adoption and monitoring of corporate strategies, budgets, plans, policies and performance;
- setting strategic directions, targets and monitoring the performance of executive management;
- providing processes for monitoring, reviewing and enhancing the performance of each Board member, of the Board as a whole and of each Board Committee;
- ensuring there are adequate plans and procedures for succession planning;
- identifying and monitoring the principal business and prudential risks of BankVic;
- monitoring the financial performance of BankVic;
- ensuring compliance in both letter and spirit with BankVic’s corporate and legal responsibilities; and
- ensuring business operations are undertaken in an honest, open and ethical manner.
The Board has delegated responsibility for management of the day-to-day activities of BankVic to the Chief Executive Officer and Executive Team.
We recommend that you read the following documents: