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.
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 well-being of our individual customers and their communities.
The Code includes 10 key promises which we abide by when dealing with our customers:
- We will be fair and ethical in our dealings with you
- We will focus on our customers
- We will give you clear information about our products and services
- We will be responsible lenders
- We will deliver high customer service and standards
- We will deal fairly with any complaints
- We will recognise our customers rights as owners
- We will comply with our legal and industry obligations
- We will recognise our impact on the wider community
- We will support and promote the Customer Owned Banking Code of Practice
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.