AGM and Directors' Election

One director is to be elected in accordance with the Constitution of BBA.

The Board of BBA is skills based and is committed to maintaining a mix of directors that collectively bring the required experience and skills to enable the Board to operate efficiently and effectively.  The Board of BBA considers it will be desirable for the elected director to have extensive skills and experience at the senior executive level in the areas of audit, financial reporting and financial analysis.

Members considering being nominated need to be mindful that as part of the Nomination Committee’s assessment process the focus will be on candidates that, at a minimum, possess some of the above-mentioned experience and skills set.

Director Geoffrey Knuckey, the current Chair of the Board Audit Committee, offers himself for re-election.  As he has the relevant skills and experience in the above areas, the Board of BBA¹ supports his re-election.

BBA is subject to the requirements of the Corporations Act which, together with a number of common law obligations and prudential requirements, imposes specific duties and significant responsibilities and accountability on directors.

BBA, being an authorised deposit-taking institution (ADI), is subject to the Australian Prudential Regulation Authority’s (APRA) Prudential Standard CPS 520 Fit and Proper (F&P Standard).  The F&P Standard sets out the minimum requirements that ADIs must apply in determining the fitness and propriety of individuals who hold positions of responsibility with the ADI which includes directors.

The Banking Act 1959 (Banking Act) was amended in 2018 to establish the Banking Executive Accountability Regime (BEAR). The BEAR is an enhanced accountability framework for ADIs and persons in director and senior executive roles.  The BEAR introduces a definition of ‘accountable person’ and requires their registration with APRA prior to commencement in an accountable person role.  A director’s appointment will be subject to APRA registering the successful candidate/s as an accountable person.

In accordance with the BBA Constitution every candidate must submit to an interview by the Nomination Committee.  The role of the Nomination Committee is to assess each candidate and determine whether it is satisfied that the person is fit and proper and as part of this assessment has demonstrated an ability to be a director against the model criteria.

It would be prudent for any member considering whether to be nominated to acquaint themselves with the duties imposed on directors by the general law and by the Corporations Act, and also the BBA Constitution accessible on the BBA website.

Members requiring more information may obtain it from the Group Company Secretary, Mr Andrew Lee, by telephoning 13 25 85 or by emailing alee@beyondbank.com.au, who can also provide the nomination ‘pack’.  Nominations close at 5.00pm ACST, on 26 July 2019.

Andrew Lee

Group Company Secretary