To enable the Board to perform all of its functions, it is necessary to have a well structured Board. A requirement of the Beyond Bank Australia Constitution is that all except one of the Directors must be non-executives.
In addition to Board duties, Directors serve on Beyond Bank Australia Board committees and Boards of controlled entities.
Role and responsibilities
The role of the Board is to provide:
- Strategic guidance for Beyond Bank Australia; and
- Effective oversight of management
The Board is accountable to the customers of Beyond Bank Australia for the performance of the Beyond Bank Australia Group's businesses. In performing its role, the Board aspires to excellence in governance standards.
The board’s responsibilities and functions include, but are not limited to: strategy, performance monitoring, risk management, governance, compliance and relationships with stakeholders.
Beyond Bank directors are bound by duties set out in the Corporations Act.
The duties fall into two broad groups:
- The duties of loyalty and good faith; and
- The duties of care, skill and diligence
Fit and proper requirements
Beyond Bank Australia has implemented a Fit and Proper Policy. It takes all prudent steps to ensure that a person is not appointed to, or in the case of an existing responsible person, does not continue to hold, a responsible-person position if they do not satisfy the requirements of the Fit and Proper Policy.
Beyond Bank Australia Directors are also involved in additional activities that include:
• Participation on one or more of the Board committees
• Preparation for and attendance at regular and special Board meetings
• Meeting with APRA representatives if required
• Participation in Board planning activities
• Participating in conferences and educational activities
Committees are established to assist the Board in the discharge of its duties. These include: Governance and Remuneration, Audit, Risk and Nomination.