Corporate governance is the system by which companies are directed and managed. It influences how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimized.
The Australian Prudential Regulation Authority (APRA) has issued Prudential Standard APS 510 Governance, which sets out minimum foundations for good governance of regulated financial institutions, such as Qantas Credit Union. This standard “aims to ensure that regulated institutions are managed in a sound and prudent manner by a competent Board of Directors, which is capable of making reasonable and impartial business judgments in the best interests of the regulated institution and which gives due consideration to the impact of its decisions on depositors”.
Directors and management are committed to high standards of corporate governance and with this in mind, have articulated and formalised the corporate governance framework within which Qantas Credit Union operates in a Board Charter. The Board Charter is a written policy document that defines the respective roles, responsibilities and authorities of the Board, both individually and collectively, and of Management in setting the direction, management and control of the organisation. As such, it establishes the guidelines within which the Directors and Officers are to operate as they carry out their respective roles. Qantas Credit Union has also adopted the 8 Corporate Governance Principles and Recommendations published in 2007 by the Australian Stock Exchange Corporate Governance Council, as appropriate to Qantas Credit Union’s particular circumstances, as a non-listed, mutual, financial institution.
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