Our approach to corporate governance is based on the belief that in order to encourage the long-term growth of ME Bank and meet the interests of stakeholders, it is important to address the relationships between the Board, executive management, shareholders, customers, and other stakeholders (including the community and regulators) through appropriate policies and processes.
The approach to corporate governance is set out in the Corporate Governance Statement approved by the ME Bank Board.
Further details are provided below about the key internal and external parties involved in the corporate governance of ME Bank, including our:
We are an unlisted, private company, owned by 30 Australian Industry Super Funds.
Our Board is comprised of 8 independent, non-executive directors. Details of individual Board members are available here.
The primary role of the Board is to protect the rights and interests of the Bank and to create value for its shareholders and their members, having due regard to the interests of other stakeholders.
The Board is responsible for the overall corporate governance of the Bank including monitoring the business of the Bank on behalf of the shareholders.
The Board meets at least 11 times a year.
To ensure effective corporate governance of the Bank, the Board has established appropriate policies and procedures, including the:
The Board has established Board Committees to assist it to meet its responsibilities.
Audit, Risk and Governance Committee (ARGC)
The ARGC assists the Board to achieve legal and regulatory compliance, financial soundness and good corporate governance of the Bank, by:
The ARGC meets at least 6 times a year. See the ARGC Charter for further information.
Technology Committee (TC)
The TC assists the Board to oversee Information Technology (IT) used by the Bank, including:
The TC meets at least 6 times a year. See the TC Charter for further information.
People and Remuneration Committee (PRC)
The PRC assists the Board to oversee the Bank's people and their performance by:
The PRC meets at least 5 times a year. See the PRC Charter for further information.
Nominations Committee (NC)
The NC is responsible for identifying potential new directors and recommending them to the Board.
The NC meets on an ad hoc basis, as required. See the NC Charter for further information.
As we are a bank, our main regulator is the Australian Prudential Regulation Authority (APRA). APRA oversees the banking and financial services industry, including compliance with the Banking Act 1959 (Cth) and APRA's Prudential Standards.
ME Bank is also regulated by:
The External Auditor for ME Bank is Deloitte Touche Tohmatsu (DTT).
The Bank's Auditor Independence Policy ensures that the Bank's external auditor is independent of the Bank, and that there is no conflict of interest situation that could compromise, or be seen to compromise, the independence of the external auditor.