Our approach to corporate governance is based on the belief that in order to encourage the long-term growth of ME 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 Board.
Further details are provided below about the key internal and external parties involved in the corporate governance of ME, including our:
We are an unlisted, public company, owned by 29 Australian Industry Super Funds.
Our Board is comprised of 6 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 and Governance Committee (AGC)
The Board Audit and Governance Committee assists the Board in fulfilling its corporate governance and oversight responsibilities in relation to the:
The AGC meets at least 5 times a year. See the AGC Charter for further information.
Risk and Compliance Committee (RCC)
The Board Risk and Compliance Committee assists the Board in fulfilling its corporate governance and oversight responsibilities in relation to the:
The RCC meets at least 6 times a year. See the RCC Charter for further information.
Digital Committee (DC)
The DC assists the Board in overseeing the end-to-end digital delivery of ME's products and services through:
The DC meets at least 4 times a year. See the DC 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 is also regulated by:
The External Auditor for ME 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.