The 2023 Annual General Meeting of G&C Mutual Bank will be held in November 2023.
The current terms of two Elected Director positions end at the 2023 AGM. Current Directors Julianne Welbourne and Jamie McPhee have indicated their intention to continue on the Board by nominating to fill those two positions, which the Board fully supports.
As current Board members, Directors Welbourne and McPhee have already satisfied the Board’s fitness and propriety requirements and also possess the extensive knowledge and skills required of a Bank Director.
The Constitution requires all Director candidates to be assessed by the Board Governance & Nominations Committee to determine their fitness and propriety to act as a G&C Mutual Bank Director, in accordance with the requirements of the Board’s Fit & Proper Policy. To determine a candidate’s fitness and propriety under the Board’s Fit & Proper Policy, candidates will be required to submit a resume of skills and experience and undergo an interview process with the Board’s Governance & Nominations Committee.
All nominees will be required to demonstrate a comprehensive level of knowledge and understanding of the economic, regulatory and legislative framework in which G&C Mutual Bank operates and have an understanding and appreciation of its mutual structure. As the Board has identified the need for specific skills to enhance its collective skills, there will be a requirement for candidates to outline and provide evidence of their relevant experience in managing risk or oversight of a risk management framework, and assurance and financial accounting in banking or regulated financial services organisations.
Further, the Australian Prudential Regulation Authority (APRA) Banking Executive and Accountability Regime sets out criteria that any Director candidate must also meet. The accountability regime imposes explicit accountability obligations on both an authorised deposit-taking institution (ADI) and on individuals who are registered as ‘accountable persons’ including Directors.
In addition, APRA, which regulates financial institutions, requires Boards, through APRA's prudential framework, to ensure the Board maintains a sound governance framework. As part of its overall compliance, the Board regularly reviews its composition to ensure an appropriate mix of skills, experience and knowledge to meet the regulatory, governance and strategic needs of G&C Mutual Bank.
Following the assessment and interview process, the Board will notify any potential candidates of their status regarding their interest in Nominating as a Director. Nominations for Director open on 20 September 2023 and close on 18 October 2023.
