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It's time to modernise and improve our Constitution

 

At this year’s AGM we’re asking Members to vote to change our constitution.

Updating our constitution is important to ensure our organisation remains relevant and able to operate efficiently now and into the future. The Board recommends that Members vote in favour of this Resolution.

Please click here to view the Notice of AGM and Explanatory Statement for the resolutions.

 

Why it’s important to update our constitution

  Help us move with the times and modernise

Keeping up to date.

The last major update to our Constitution was in 2006 and since then there have been substantial changes to regulatory requirements and corporate governance practices. The changes will modernise the Constitution without changing the rights of Members.

Improving our processes and simplifying the Constitution.

Amendments will enable us to streamline our processes, remove obsolete or unnecessary content, clarify provisions and help avoid the need for frequent amendments when the law, terms and conditions or policies and procedures change.

  Creating efficiencies and lowering costs

Improving communications with Members.

We’ll be able to adopt electronic forms of communication where appropriate, which will provide efficiency gains and cost savings, and will give you flexibility to choose how you receive notices. It will mean we can invest more back into products and services by creating cost savings on some print production and mail lodgement expenses.

  Improving our governance

Introducing a maximum tenure for Directors.

Good governance and our prudential obligations require the Board to renew itself in order to remain open to new ideas and independent thinking, while retaining adequate skills and expertise. The amendments will help the Board strike the right balance between corporate knowledge, experience, changing needs and fresh perspectives.

Achieving the right Board mix.

The changes will make it easier for Members to nominate for election as a Director and help the Board ensure it has the skills necessary to govern Qudos Bank in a responsible way in an increasingly complex regulatory environment.

Updates will allow the Board to appoint a minority of Directors, while ensuring that the majority of Directors are still elected by Members.

Members will continue to remain in control and play an important part of our future.

  Facilitating better Member participation

Allowing greater Member participation.

We’ll be able to provide opportunities for direct voting and hybrid meetings, allowing Members greater access to participate in meetings, especially if you live interstate or are overseas. It would allow us to stream our meetings online, meaning you could attend and participate from the comfort of your own home.

Clarifying our primary purpose.

We will enshrine our primary purpose in our Constitution – to provide financial accommodation to our Members. The changes will also allow more flexibility to invest funds in bodies that cannot or should not own shares (like other banks).

We’re proud to be 100% Member owned and controlled and continue to subscribe to the Customer Owned Banking Code of Practice.

You can view a copy of our proposed new constitution here.

 

How to have your say

To have your say, register your vote now within Online Banking.

Alternatively:

  • you can complete and return the proxy form in the AGM pack you will receive with your statement in October, or
  • you can vote in person at the AGM at 3pm on 28 November 2018 at the Pullman Sydney Airport Hotel, Bediegal & Gwaegal Rooms, Level 1, 191 O’Riordan St Mascot.

 

FAQs

  Why do we need to update our Constitution?
It’s time to modernise our constitution, to enable better governance, greater efficiency, lower costs, and provide opportunities to increase Member participation on our board and at our AGMs. The last major review of our constitution was in 2006.
  How will the proposed updates to our constitution affect our mutuality?

The proposed updates will not alter our mutual status, or what we stand for. We remain owned and controlled by our Members.

  Where can I get a copy of the constitution?

You can view, download or print a copy of the current Constitution from our website here.

  How can I vote?

You can register your vote by:

  • completing a proxy form within Online Banking or in the AGM Pack you'll receive with your statement in October; or
  • attending the Annual General Meeting on Wednesday 28 November, 3pm at the Pullman Sydney Airport Hotel, Bediegal & Gwaegal Rooms, Level 1, 191 O’Riordan St Mascot.

If you are appointing a proxy, you can name a person to attend the meeting for you or appoint the Chairman. You can tell the proxy/Chairman how you would like to vote. Proxies must be received at least 48 hours prior to the AGM, by 3pm on Monday 26 November 2018.

  Who can vote, am I eligible?

To be entitled to vote, Members must a) have a shareholding Membership; AND b) have joined Qudos Bank prior to 9 August 2018; AND c) have turned 18 years of age by 9 August 2018.