Last night we hosted our 61st Annual General Meeting (AGM) at the Melbourne Museum.
Our AGM is an opportunity for customers to vote on motions relating to the governance of our bank, and ask questions of Bank Australia’s Board of Directors and Executives.
Aunty Georgina Nicholson, an Elder of the Wurundjeri people, provided a Welcome to Country.
To coincide with the launch of our fourth Reconciliation Action Plan this year, guests were invited to enjoy the beautiful First People’s exhibit on the ground floor of the Museum before the AGM got underway.
During the AGM members voted on a number of motions, including the re-appointment of Melissa Bastian and Anne-Marie Corboy as Directors of the Board. Members also voted to approve a 2.5% increase to the total remuneration shared by the Board’s seven non-executive Directors. A number of amendments were also approved for Bank Australia’s Constitution, including:
- recognising the Traditional Owners of the land and waters on which Bank Australia operates, in line with our commitment to recognise and support Australia's First Peoples
- providing more clarity on how a customer’s direct vote operates at AGMs
- amending the director election timetable to allow more flexibility when the Board is determining meeting dates
- simplifying the AGM standing orders to provide for greater procedural clarity for members
- extending existing demutualisation protection rules in the Constitution for a further three years to 2021
- making minor amendments to ensure consistent use of terminology and style throughout the Constitution.
In addition to the customers who cast their vote in person last night, over 5000 members had their voices heard by voting via the independent online election system CorpVote.
During their presentations, Bank Australia Chair Judith Downes and Managing Director Damien Walsh reflected on the past year which has seen Bank Australia release its new Responsible Banking Policy, issue our first sustainability bond, and maintain strong financial performance and positive impact lending.
Our Chair reiterated the Board’s steadfast commitment to ensure Bank Australia remains true to its purpose and maintains a culture of accountability and responsible behaviour, in a climate of increased scrutiny and strong community expectations about bank behaviour.