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.

Governance Statement

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:

  • Setting the overall strategic direction of QBANK and monitoring the implementation of that strategy;
  • Setting the Board policy framework within which QBANK will operate including the governance policy framework and risk management framework;
  • Monitoring QBANK’s operational and financial performance and ensuring QBANK meets its accounting, financial and statutory reporting obligations and that such reporting enables members, APRA and the public to make confident judgements about QBANK’s financial performance, position and prospects;
  • Ensuring effective compliance management systems are in place to ensure QBANK’s compliance with legal, prudential and regulatory obligations
  • Setting and approving QBANK’s risk appetite statement and ensuring that effective risk management systems are in place to protect QBANK’s assets;
  • Monitoring the performance of the CEO and the Executive Management Team and ensuring there are adequate plans and procedures for succession planning;
  • Ensuring that a strong culture of risk management exists in the way that QBANK does business; and
  • Reporting to members and other key stakeholders on QBANK’s performance.


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:

  • Risk & Compliance Committee;
  • Audit Committee
  • Governance & Remuneration Committee;
  • Strategic Projects Committee; and
  • Nominations Committee (convened as required).


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.

Governance Risk and Compliance Framework

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.