The 2024 Annual General Meeting (AGM) of Australian Mutual Bank Ltd (AMBL) will be held as a virtual meeting on 27 November 2024. The meeting arrangements, notice of meeting and voting information will be advised no later than 21 days prior to the meeting.
The appointment terms for three member elected directors end at the 2024 AGM. The tenure period for directors Mark Sawyer and Kerrie Daynes is reached at the 2024 AGM and they will not re-stand for election. The term for director Kristen Watts expires at the end of the 2024 AGM. Being eligible to re-nominate, director Watts has indicated her intention to do so.
The Board has determined that one member elected director position will be declared vacant at the 2024 AGM. If there is more than one candidate an election will be held.
The number of member elected directors will therefore be decreased from eight to six at the 2024 AGM. This reduction in director numbers provides the board an option to appoint a director who possesses the required skills necessary to fill any identified board skills gap.
The Constitution requires all director nominees be assessed by the Board’s independent Director Nominations Committee (DNC). The DNC will assess the fitness and propriety of nominees to act as a director in accordance with the rigorous requirements of the Board’s Fit and Proper Policy. Nominees will be required to submit a resume of skills and experience and undergo an interview and assessment process.
All nominees will be required to demonstrate a comprehensive level of knowledge and understanding of the economic, regulatory and legislative framework in which AMBL operates and have an understanding and appreciation of its mutual structure.
The Australian Prudential Regulation Authority (APRA) has required the Board to identify the specific skills needed to enhance the Board’s collective skills. Hence, there will be a requirement for nominees to possess high level skills, experience and preferably academic qualifications in the following discipline:
- Technology and Information Security
Experience in the above area obtained in banking or another prudentially regulated financial services organisations will be well regarded. Nominees who cannot evidence the required skills will not be considered for election.
APRA’s Financial Accountability Regime sets out a framework with which directors must comply. The accountability regime imposes explicit accountability obligations on both AMBL and on individuals who are registered as ‘accountable persons’ including directors.
Nominations for director will close at 4.00pm on 24 July 2024.
A director nomination form and further information for members wishing to nominate can be obtained by contacting the Company Secretary at secretary@australianmutual.bank.
