Karen Starr - August 2017
What does your Board of Directors do?
The Board works hard to ensure your Mutual Bank is performing as optimally as possible for the benefit of all Members. Directors’ prime responsibility is to serve Members, who lie at the heart of all decisions and actions. We are appointed to govern and oversee the performance of the Mutual Bank, to ensure that it lives up to our foundational values, to ensure compliance with regulation and legislation, and, importantly, to support the management team in fulfilling strategic goals successfully in a highly competitive banking environment. Each director attends monthly Board meetings and various sub-committee meetings that report to the Board as a whole. They are attentive to continual professional learning and undergo an annual ‘fit and proper’ examination which tests their qualification and suitability for the role they play.
The conduct of Boards is becoming increasingly important as they are held to account by regulators, shareholders (in our case – Members), by the media and the public at large. Individual directors accept their fiduciary duty to work in the interests of the Mutual Bank, to act in good faith and confidence, exercise due diligence, be free of any conflict of interest, and work effectively and respectfully as a team with other directors and executive managers. Importantly the Board shares a common purpose and values that is reflected in our actions to support Members.
At Board meetings directors must be free to ask any questions, assert their opinions and judgments, and participate fully in debate and discussion. The Board has oversight responsibilities and collectively directors make decisions to produce the best possible outcomes. Many heads are better than one and an effective Board collectively possesses diverse skill sets and a range of background experiences. The Mutual Bank’s continued success in winning awards and high praise for its performance and level of service are indicators that the Board is doing its job to work on your behalf.