Corporate Governance

The Capricornian’s Board is responsible for the corporate governance of the credit union. As the Board acts on behalf of and is accountable to the members, it uses the key principles of accountability, disclosure and independence to carry out this responsibility.

Additionally, the Board is responsible for identifying areas of significant business risk and ensuring adequate measures have been put in place to manage those risks.

To assist in this process the Board has established a number of key committees, each with its own Charter.

They are:

• Board Audit Committee
• Risk Management Committee
• Governance and Remuneration Committee
• Directors Nomination Committee

The Capricornian’s Board Charter provides the framework for how the Board operates.

As a financial institution, our main regulator is the Australian Prudential Regulation Authority (APRA). APRA oversees the banking and financial services industry, including compliance with the Banking Act 1959 (Cth) and APRA’s Prudential Standards.

We are also regulated by:

• The Australian Securities and Investments Commission (ASIC), which oversees compliance with the Corporations Act 2001 (Cth) (including Part 2 regarding consumer protection in relation to financial services), the National Consumer Credit Protection Act 2009 (Cth), and the terms of our Australian Credit Licence and Australian Financial Services Licence; and
• The Australian Transaction Reports and Analysis Centre (AUSTRAC) which oversees the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).

We conduct internal quarterly audits and the results are reported to the Board. We engage internal and external auditors –

• KPMG are our internal auditors
• BDO Audit Pty Ltd are our external auditors

• 2024 Notice of Annual General Meeting
• 2024 Financial Year Report