Corporate Governance

CUA is a member owned organisation. We report against the ASX Corporate Governance Principles and Guidelines to provide members with further confidence in the governance of their credit union.

Key areas of focus for the Board and its committees include:

Lay solid foundations for management, oversight and guidance to leaders of the organisation.

Structure the Board to add value.

Act ethically and responsibly.

Respect the rights of members.

Safeguard integrity in corporate reporting and make timely and balanced disclosures.

Recognise and manage risk.

Remunerate fairly and responsibly.

Manage business disruption

CUA Committees

Board Audit Committee

  • Review effectiveness of financial reporting and professional accounting requirements
  • Review and endorse for Board approval the annual financial statements of CUA
  • Oversee the internal and external audit functions
  • Monitor compliance with statutory reporting, other legislative requirements (including APRA & ASIC) and internal company policy

Board Risk Committee

  • Advise on current and future risk appetite and risk management strategy
  • Oversee and align current and future risks relative to risk appetite and capital management
  • Ensure prudential and statutory requirements for risk are met
  • Ensure an objective view on the internal control environment of the CUA Group
  • Oversee the appointment, removal, performance and objectives of the Chief Risk Officer (CRO).

Board Strategy Committee

  • Monitor and provide guidance to management on major strategic issues, opportunities and initiatives
  • Evaluate and provide recommendations to the Board on major strategic issues or proposals
  • Guide management on transformation, innovation or technologically-related strategies and major projects

Board Remuneration Committee

  • Assist the Board in discharging its responsibilities in relation to remuneration matters
  • Advise on CUA’s Remuneration Framework for nonexecutive directors
  • Advise on CUA’s Remuneration Policy and performance-based incentive framework
  • Advise on strategic human resources and workplace health and safety policies
  • Advise on succession planning
  • Assess all persons as to their fitness and propriety in line with the CUA Constitution and the relevant Policy

Board Growth Opportunities Committee

  • Make recommendations to the Board for matters related to inorganic strategy, CUA’s strategic direction, and/or business cases related to material inorganic projects
  • Monitor CUA’s progress towards realising the inorganic aspects of the Board approved strategy
  • Monitor and provide guidance to management on inorganic activity and projects as appropriate, and the benefits realisation of completed inorganic activities/projects.
  • Ensure appropriate advice is made available to all Directors of the CUA Board in respect of inorganic strategic matters, including where appropriate from external advisors.