Graeme Willis - December 2016
The best interests of our Members and customers are always at the forefront of decisions the Board and management make at Victoria Teachers Mutual Bank. Being a mutual organisation allows us to make decisions without having to choose between the competing objectives of shareholder and customers that tend to exist in listed shareholder-based organisations, where the customers are not always the shareholders and vice versa. In a mutual organisation the customer is a shareholder.
However, to be able to undertake this role the Board must have the required level of skills for the business activities undertaken both current and future. The Board, having recently undertaken a thorough independent review of its skills and performance, believes the breadth of experience and depth of skills are present for the wellbeing of the Mutual Bank. Having said that, we recognise that the world of banking is changing constantly and rapidly, and as a Board we will remain alert to changing business environment and therefore the skills sets required.
I have provided a link to the current directors and you will see the diversity of skills and background of the Board members.
The other hallmark of a well-functioning Board is the ability to use each director’s strengths and to work collegiately together. The independent review noted above also evaluated how well the Board works as a team and concluded that the Mutual Bank Board of directors has both the diversified skills required and is also highly efficient in its decision making, and the directors work well together.
The Board remains committed to remaining in touch with you our Members and will be undertaking activities over the next year to ensure we understand your needs.