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The Board’s primary role is to protect and enhance long term member value. As the Board acts on the behalf of the members and is accountable to the members, the Board seeks to identify the expectations of the members as well as other regulatory and ethical expectations and obligations. In addition the Board is responsible for identifying arrears of significant business risk and ensuring arrangements are in place to adequate manage those risks. The Board seeks to discharge these responsibilities in a number of ways.
The responsibility for the operation and administration of the economic entity is delegated by the Board to the Chief Executive Officer and the Executive team. The Board ensures that this team is appropriately qualified and experienced to discharge their responsibilities and has in place procedures to assess the performance of the Chief Executive Officer and the Executive team. The Board is responsible for ensuring that management’s objectives and activities are aligned with the expectations and risks identified by the Board. To fulfil this role, the board is responsible for the overall corporate governance of the credit union including its strategic direction, establishing goals for management and monitoring achievement of these goals, to assist in this process the Board has established a number of key committees, each with its own terms of reference. They are: - Board Audit Committee
- Risk Management Committee
- Financial Planning Investment Committee
- Nominations & Remuneration Committee
The full Board currently holds eleven scheduled meeting each year plus planning meetings and any extraordinary meetings that may be requested from time to time. To assist the Board governance process the Board has adopted a Code of Conduct and a clear statement of responsibilities between the Directors and the Chief Executive Officer has been developed. Composition of the Board The Composition of the Board is determined in accordance the Constitution of the Credit Union which specifies that the Board shall comprise of a maximum of seven directors with a term of office of three years. Currently the Board is comprised of all independent-non Executive Directors, being a Director who is not a member of management or staff and who: - has not within the last three years been employed in an executive capacity by the Credit Union or another group member, or been a Director after ceasing to hold any such employment
- is not a principal of a professional adviser to the Credit Union or another group member
- is not a significant supplier or customer of the Credit Union or another group member or an officer of or otherwise associated, directly or indirectly, with a significant supplier or customer
- has no significant contractual relationship with the Credit Union or another group member other than as a Director of the Credit Union, and
- is free from any interest and any business or other relationship which could, or could reasonably be perceived to, materially interfere with the Director’s ability to act in the best interest of the Credit Union.
As the Credit Union is a member-owned organisation, Directors must also be members. Members elect Directors via a ballot at the AGM. In event of a casual vacancy the Board may appoint a replacement: however this Director would be subject to re-election at the following annual general meeting. 
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