Annual Election of Directors

Nominations for the position of Director from eligible Members are closed.

Members are requested to note the announcement made in February 2024 regarding Qudos Bank entering a Memorandum of Understanding with Bank Australia to explore a potential merger opportunity.

In addition, and in anticipation of the Merger, the Directors intend to recommend and propose to Members at the 2024 Annual General Meeting the introduction of a board limit to reduce the number of Directors on the Board from seven to five. The Qudos Bank Board considers five directors to be the optimal number of Directors given the above circumstances and based on the size and nature of its current business. Reducing the number of directors to five will also enable the Bank to limit its expenses and promote more efficient decision-making.

Qudos Bank is required under its Constitution to conduct a Director Election for vacant member-elected positions. If the resolution to reduce the number of directors is approved, then the number of vacancies to be filled in the Director Election will be reduced accordingly.