QBANK is registered under the Corporations Act 2001 (Cth) and is regulated by the Australian Securities and Investments Commission (ASIC). QBANK is also an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). QBANK operates in compliance with the Customer Owned Banking Code of Practice and our own Code of Conduct.
The information set out below provides Members with further details regarding how QBANK is managed and governed.
The QBANK Board is responsible for the corporate governance of the Bank as well as ensuring that QBANK is managed in a sound and prudent manner, and that it achieves its objectives ethically and responsibly in compliance with its legislative and regulatory obligations. The Board is accountable to QBANK Members for the attainment of the Bank's vision and purpose, and for ensuring the ongoing sustainability of QBANK.
The Board meets these obligations through:
The Board is currently comprised of seven independent, non-executive Directors. Five Directors are member-elected. The Board has also exercised its discretion to appoint two additional directors, to ensure the Board collectively has a broad range of skills, knowledge and experience represented. The Board operates in accordance with the Board Charter, the Directors’ Code of Conduct, and QBANK’s Constitution. The Board Charter and Delegations Manual set out the respective roles and responsibilities of the Board and the Executive Management Team of QBANK, in addition to defining the matters that are expressly reserved to the Board. The Board has established the following Board Committees to assist with overseeing and monitoring key areas within QBANK’s Governance, Risk, and Compliance framework:
Each Committee has its own Charter setting out its areas of responsibility.
An evaluation of QBANK, the Board, and each Director has undertaken annually. Information regarding the process followed to elect or appoint Directors can be found in the QBANK Constitution.
QBANK operates under a governance, risk and compliance framework comprised of charters, policies and procedures. This framework helps to ensure that Directors, Management and Staff comply with relevant regulatory and prudential obligations, meet high standards of corporate governance, and serve and protect our members’ interests in an honest, open and ethical manner.