The Qudos Bank Board plays an important role in overseeing the performance of Qudos Bank, ensuring the strength and security for our customers now and in the future. 


 

What do the Board do?

 

The Board of Directors has responsibility to Qudos Bank customers in guiding the Bank’s strategy and performance. The Board operates under a corporate governance framework, which is a written policy that outlines the roles, responsibilities and authorities of the Board members.

Strategic Direction

Acting on behalf of Qudos Bank customers, the Board sets the strategic direction in conjunction with the management team to ensure the bank is pursuing the sustainable creation, protection and return of value for current and future customers.

Management and Oversight

The Board manages how the performance is going to be monitored and evaluated. The Board has the final responsibility for the successful operations of the Bank. Directors are responsible for establishing and maintaining a sound risk management culture to protect customers and the bank.

What are the Board's responsibilities?

The Board work under the Corporations Act 2001, overseeing strategy, business performance and compliance; and must act in the best interests of Qudos Bank at all times. All Directors are personally liable under the Act for the actions and decisions of the Company.

The Board is required to stay up to date on the performance of Qudos Bank, the banking industry and banking regulations. Directors are continually researching and attending conferences to stay up to date with industry and legislation. In addition to the full board meeting which is conducted monthly, many Board members also serve on committees, bringing expertise to specialised areas such as Risk and Compliance, Audit Committee, Technology Committee and more. 

How are the Board regulated?

Qudos Bank is governed as an Authorised Deposit Taking Institution (ADI) licenced under the Banking Act 1959 and by the Australian Prudential Regulation Authority (APRA). These are the same regulations as all other banks, building societies and credit unions in Australia. APRA imposes minimum prudential standards ensuring that Qudos Bank maintains appropriate risk management systems, including in relation to the skills, qualifications and experience of our Board of Directors.

How do they set and achieve objectives?

In conjunction with the management team, the Board set the strategic objectives.

The Board sets Qudos Bank’s strategic objectives and oversees management’s implementation of those strategic objectives and performance generally.  It does so by overseeing planning activities including the development and approval of strategic plans, annual plans, annual corporate budgets and long-term budgets, as well as reviewing the progress and performance of the bank in meeting those plans and corporate objectives.

What are the committees and what do they do?

What are the competency requirements of the Board of Directors?

 

All Board members require relevant tertiary qualifications, professional memberships and/ or type and length of experience to provide high level strategic input. Board members must have at least two functional competencies set by the Board, which may include areas such as Retail Banking/ Lending, Accounting/ Finance and/or Risk Management.

All directors must also have the following personal attributes:

  • experience and understanding of governance in a substantial organisation;
  • financial literacy, an understanding of the role and responsibilities of an ADI;
  • the ability to understand Qudos Bank business and regulatory risk including identification, monitoring and mitigation of risk;
  • an understanding of, and demonstrated commitment to the values of Qudos Bank;
  • sufficient time available to fulfil the role;
  • the capacity and willingness to undertake continuous professional development and learning consistent with the Qudos Bank’s policies on Board renewal;
  • the capacity and willingness to prepare and contribute to Board meetings and deliberations;
  • the ability to listen, evaluate and form conclusions; and
  • an understanding of the collegial nature of a Board and the ability to function effectively in a collegial way.

Frequently Asked Questions

The Board consists of two types of Directors, Member Elected and Board Appointed.

The majority of Directors must be Member Elected through a process of nomination and members vote on during the Annual General Meeting. Board appointed Directors are selected by the Board when there is a skills gap that required diverse skills.

If you think you have the relevant experience and you’d like to join our Board please review the nominations pack which sets out the process and skill requirements to stand for election. The nominations pack is available on our Corporate Information page.

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