Police Credit Union is committed to high standards of corporate governance.
We believe this is a cornerstone to our ability to deliver on purpose and strategy. We recognise that reliability and trust is at the core of everything we do and that our purpose, values and culture set the foundations for good conduct under the Financial Claims Scheme.
The Corporate Governance Statement outlined in the 2023 Annual Report provides an overview of Police Credit Union’s governance framework, current as at 28 September 2023.
Our values and purpose
Our vision is to be the credit union that best understands and fulfils the financial aspirations of Members and our people.
Our core values of superior service, honesty, integrity, and financial prudence reflect the essential beliefs and culture of the business. Our purpose is to improve our Members’ lives by providing outstanding value and service that enables them to achieve their financial aspirations.
Our Constitution and our Board
Our current Constitution can be viewed here.
Police Credit Union’s Board is responsible for providing strategic guidance of the Credit Union by maintaining strong corporate governance principles underpinned by positive ethics, values and behaviour.
Each Director has a statutory requirement under Chapter 2D of the Corporations Act 2001 and other regulatory provisions. These obligations under law are set out as per our Corporate Governance Statement, which is also included in our Annual Report.
Current membership of the Board, along with their individual experience and qualifications can be viewed here.
Board and management committees
The Board has established a comprehensive framework of Board and Management Committees to assist with the management of the Police Credit Union Group, with particular emphasis on compliance, internal controls and business risk management, both financial and non-financial. All Committees have written mandates and operating procedures.
Details about each committee can be found in the 2023 Annual Report.
Things you must know about your Credit Union
Members are encouraged to read Things you must know about your Credit Union.
Customer Owned Banking Code of Practice
We align our values with the Code
The Customer Owned Banking Code of Practice is the code of practice for Australia’s credit unions, mutual building societies and mutual banks. It’s an important public expression of the value we place on improving the financial wellbeing of our individual customers and their communities.
We are proud to be a customer owned organisation, where our Members are our shareholders. We put our Members first by reinvesting 100% of our profits back into the business to continue to provide market-leading, highly competitive products and services. We are committed to remaining innovative, resilient, sustainable, values driven and relevant in delivering a customer experience that is second to none, as we strive to support our emergency services, important wider community and environmental initiatives.
The Code includes seven key promises which we abide by when dealing with our customers:
- We will deliver banking services in the interests of our customers
- We will obey the law
- We will not mislead or deceive
- We will act honestly and fairly
- We will offer products and services that are fit for general purpose
- We will deliver services with reasonable care and skill
- We will contribute to our community
Compliance with the Code is monitored by the Customer Owned Banking Code Compliance Committee.
The Police Credit Union board acknowledges the need for, and continued maintenance of, the highest standards of ethical conduct by all directors and employees of the Police Credit Union Group. Our Code of Ethics handbook contains a comprehensive overview of expected behaviours and expectations, and is issued to all staff as part of induction, and as part of the annual ongoing training calendar.
The Code of Ethics policy statement provides a framework to guide interactions within the Group, with customers, suppliers, stakeholders and the community. Our core values are superior service, honesty, integrity and financial prudence. These core values, as well as our strategic direction, have been incorporated into the Code of Ethics that has been endorsed by the Executive Management Committee and adopted by the board.
The Code of Ethics is a policy statement of the Group’s corporate values and philosophy and underpins business decisions, actions, conduct and behaviour. It aims to make sure that the high standards of corporate and individual behaviour are observed in conducting the business, and provides support for those behaviours. The policy statement also provides guidelines for directors and employees, so that there is a common understanding of the values and expected standards of behaviour, including the following:
- At all times acting with honesty, integrity and impartiality and do not knowingly mislead anyone, including colleagues, clients, Members and regulators.
- Complying with the letter and spirit of all Commonwealth, State and Territory laws, and relevant industry codes.
- Reporting all corrupt, illegal and unethical conduct to the appropriate person within the organisation.
- Protecting the confidentiality of information made available to you, subject to any legal obligations such as disclosure.
- Being alert to conflicts of interest and taking appropriate steps to declare and deal with them.
- Providing a high standard of service to all you deal with in performing your duties and obligations.
- Maintaining and developing the necessary level of professional skills and current knowledge to excel in your duties.
- Not harassing a member of the public or employees.
- Not taking, or seeking to take, improper advantage of your position in order to obtain a benefit for yourself or another person.
- Seeking innovative solutions to problems or challenges and work to achieve continuous improvement to help Police Credit Union meet or exceed all relevant legal, industry, safety, environment and other community expectations.
Policies and documents
Risk management and assurance
Police Credit Union has established a robust risk management framework and risk management strategy to ensure a coordinated approach to managing risks that is consistent with achieving our policy and strategic and operational objectives. As detailed in our risk management framework, Police Credit Union follows accepted standards and guidelines for managing risk to safeguard the interests of the Credit Union and depositors, and to manage the overall cost of risk.
When referring to our risk management framework, Police Credit Union is referring to the totality of systems, structures, policies, processes and people within the organisation that identify, measure, evaluate, monitor, report and control or mitigate all internal and external sources of material risk.
Whilst the Board is ultimately responsible for Police Credit Union’s risk management framework, our general philosophy is that risk management is an integral part of the management function and is the responsibility of management at all levels. We have a strong focus on staff training in identifying and managing risks, which is updated regularly and completed annually. In assessing strategic initiatives, Police Credit Union employs a balanced and well considered approach and ensures that any associated risks are commensurate with the risk reward equation and Police Credit Union’s appetite for risk.
Environmental and social sustainability
Police Credit Union’s Environmental and Social Sustainability Policy outlines our commitment to expanding the scope of our environmental impact initiatives, including enhancements centred around greenhouse gas emissions, waste and pollution. In addition, this policy commitment provides guidance in the implementation of social sustainability initiatives incorporating relevant key entity factors including workforce and diversity, safety management, and community involvement, both of which strengthen Police Credit Union’ strategic effectiveness in achieving positive environmental and corporate social responsibility outcomes.
The Community, Environment and Employee Engagement and Diversity (CEEED) Committee reports to the Board and Remuneration and Governance Committee and is responsible for overseeing the implementation of ongoing initiatives which reflect Police Credit Union’s commitment to community, social responsibility and the environment.
Click the image to read the report
Download the regulatory disclosure documents in full as at:
Workplace Gender Equality Agency Reporting
Each year, Police Credit Union is required to submit a Workplace Gender Equality Report to the Australian Government Agency created by the Workplace Gender Equality Act 2012 (Act).
To view the public reports, visit the links below.