Why your vote matters
You're a Bank Australia customer and owner and that means you have voting rights and a say in how we go about our business. Each year in November we hold an AGM to present our performance over the past year and to engage with our customers about the future of the bank.
Sometimes you might read the issues for voting and be a little unsure what they mean, how your vote will count and if it will make a difference. Here we’ll break down some of the language in the Notice of Meeting and how your vote will make an impact.
Amending Bank Australia’s Constitution to recertify as a B Corporation
Well, this is exciting! We’ve been a proud B Corp for three years running, and we’re now up for recertification. If you haven’t heard the words “B Corp Certification” before, here’s a quick explainer.
For us to continue being a part of this wonderful community, we need to be reassessed on all of our work and organisational structures. This is where your vote comes in. All B Corps are now required to include a change in their constitution that speaks to societal and environmental benefit, and that they include stakeholders in their decision making.
Basically, B Corp is the global benchmark for a business being a force for good. If you get the B Corp tick, it means your business has achieved one of the highest and most rigorous forms of social and environmental certification on the planet. It’s a big deal.
It was a huge effort from the whole Bank Australia team, and the audit process covered everything from governance and community work to environmental impact, the strength of our supply chain, even the provenance of our office toilet paper. No part of the business was left untouched (or unimproved). It wasn’t easy, but that’s kind of the point.
Now, we have a chance to continue this amazing work with this small change!
Board changes and elections
This year’s AGM will be Judith Downes’ final as Bank Australia’s Board Chair. Under her guidance and leadership, the bank has grown significantly and we’re grateful for her expertise and care she has given the bank over the last 11 years.
Steve Ferguson is up for re-election after joining our board as an independent non-executive director in November 2020.
Steve is standing unopposed, and would serve another three year term on the Bank Australia board.
Non-Executive directors’ remuneration
If approved, this would mean a pay rise for the non-executive directors of the bank.
As you might have seen over recent years, there has been a greater demand on members of boards – particularly in banking. As the sector continues to become more complex with scams, regulatory pressure and expectations to govern effectively, members of the board need to be remunerated accordingly.
The board uses market data from similar banking organisations to determine an appropriate increase.
Overall, this year’s AGM will be a great opportunity to celebrate our impact over the last financial year, and to look to the future together. We hope to see you there.