Board renewal - schedule
1. Background
APRA standard, APS 510 Governance, imposes the following requirement.
The Board of a regulated institution must have in place a formal policy on Board renewal. This policy must provide details of how the Board intends to renew itself in order to ensure that it remains open to new ideas and independent thinking, while retaining adequate expertise. The policy must give consideration to whether directors have served on the Board for a period which could, or could reasonably be perceived to, materially interfere with their ability to act in the best interests of the regulated institution.
As acknowledged by APRA, an important issue in board renewal is to maintain adequate expertise on the board. Renewal is dealt with in the Board policy.
The specific renewal schedule is set out below.
2. Renewal schedule
The Board currently comprises seven non-executive directors and the Managing Director (Mike Hirst). One non-executive directors (Mr Abrahamson) was formerly a director of Adelaide Bank Limited and joined the Board following the merger with Adelaide Bank Limited (three additional directors joined the Board from Adelaide Bank but have since retired).
The renewal process for the four years from 2009 is set out below, together with the status at the date of the last review of this schedule1.
| Non-executive directors | Date of appointment | Number of years2 | Retirement | Status |
|---|---|---|---|---|
| Robert Johanson, Chairman | 1988 | 22 | ||
| Jennifer Dawson | 1999 | 11 | ||
| Terence O’Dwyer | 20003 | 10 | ||
| Kevin Roache | 1992 | Retiring 2009 | Retired 2009 | |
| Deborah Radford | 2006 | 4 | ||
| Tony Robinson | 2006 | 4 | ||
| Kevin Osborn | 2003 | 5 | Retired 2009 | |
| Kevin Abrahamson | 20004 | 10 | Retiring 2011 | |
| David Matthews | 2010 | New | ||
| Jim Hazel | 2010 | New | ||
| Proposed new director | Proposed 2010 |
