Your Mutual Bank’s Board takes its role and responsibilities very seriously. It undertakes an annual performance appraisal process involving many stages.
This year, in order to aid this activity and ensure its veracity, an independent agency was engaged and presented its findings to the Board.
Individual Directors responded to an in-depth questionnaire about their own and others’ performance and underwent a formal interview with external reviewers. All responses formed the basis of a comprehensive report and a collective and open discussion on the Board’s strengths, areas requiring development, and recommendations for future sustainability (such as, succession planning, skill sets required to augment capability and suggestions for improving governance processes).
This process has informed the Board’s decisions as to the appropriate composition of the Board and the profile of a Director to replace Jon Hutchins who retired in May, as your Member elected Director. Accordingly, the Board endorses Graeme Willis our Deputy Chair and Chair of the Risk Committee who will be standing for election this year.
This appraisal process is supplemented by the compulsory Directors’ Position Eligibility assessment (under statutory regulations it is referred to as the Fit and Proper assessment) undertaken by the Nominations Committee for candidates wishing to stand for member election to the Board. Directors must also complete an annual register of interests, declare any conflicts of interest at each meeting, possess specified director qualifications, and undertake a minimum of 30 hours professional learning per annum to continually upgrade their knowledge and skills.
The Board’s Governance Committee reviews all of these requirements and makes recommendations to the Board to ensure continual improvement. Over-riding considerations are Board effectiveness in light of strategic and operational objectives and challenges, the adequacy and diversity of collective skills and knowledge, and the fulfilment of compliance obligations to regulators and obligations under the Mutual Bank’s Constitution.
All in all, Members can be assured that the Board is thorough, serious and active in undertaking its role of sound governance oversight.