Summerland Credit Union

At Summerland, we're dedicated to giving you friendly, personal service, and expert financial solutions.

This is defined in our our vision and our mission.

We're completely Customer owned, with our profits going straight back into our products and services, and into helping build stronger communities.

We're dedicated to helping you achieve your financial goals, with loans, saving and investment accounts, insurance, internet and mobile banking, and more!

So don't delay, join us and let's start working together to build your financial future.

Become a member today


Vision, Mission and Values


Why Credit Unions are Better

When you're a Member of Summerland Credit Union, you're also an owner of our business.

We're community-based, and defined by our mutuality: we're owned by our Members, run by our Members, and everything we do is for the ultimate benefit of our Members.

We're not like a bank; our profits don't go to external shareholders, they go right back to our Members through fairer fees and improved levels of service.

As a credit union, we hold a banking licence and all Member deposits and investments are protected by the Federal Government Guarantee* for amounts up to $250,000. *See us for details.

As a Member and part owner of our credit union, you can have a direct say in how the business is run by voting at our Annual General Meeting and by voting in elections for our Board of Directors.

Since 1964, we've been helping North Coast families manage their finances, buy their homes and cars, fund their businesses, insure what's important to them and grow their wealth.

Find out more


The Financial Claims Scheme (Federal Government Deposit Guarantee)

The Financial Claims Scheme (Federal Government Deposit Guarantee), managed by APRA, provides protection for your deposits. It means that the combined value of member’s deposits/investments up to the value of $250,000 held by Summerland are guaranteed by the Australian Government. Funds held in savings and investment accounts, including Fixed term Deposits, qualify to be protected by this Government Guarantee. A joint account in two names with a value of $250,000 is split equally into two $125,000 entitlements for the purposes of determining a depositor's total value of deposits.

Australia has one of the strongest banking systems in the world. Summerland Credit Union is subject to the same regulatory standards and rules as the major banks that are set by the Australian Prudential Regulation Authority (APRA) to protect you.

Since 1964,Summerland Credit Union has continued to provide a safe and secure place for members to hold their funds. Summerland is a financially prudent and conservative Financial Institution, ensuring we provide a valuable service to members in an economically sustainable manner.


Directors & CEO

Summerland's Board and Executive is committed to maintaining strong financial performance, and delivering value to our members through quality products and services.- Nicolas Harrison, Board Chair

M-SweenyMargot Sweeny

Chief Executive Officer


  • Chief Executive Officer since 1999
  • Summerland Credit Union Company Secretary since 1999

Margot Sweeny is an active community member and public speaker. She holds a number of key Board and consultative positions including: Member of Southern Cross University Council; Chair of the Southern Cross University Finance Committee and Deputy Chair of the Audit Committee; Chair of Credit Union Foundation Australia (CUFA), the development agency for the Australian Credit Union Movement; Director of Abacus, which is the peak industry body for Australian credit unions and mutual building societies and promotes the role of customer-owned financial institutions in the Australian financial services sector. Margot is also the patron of the Friends of the Koala Care Foundation in the Far North Coast of NSW.

Board of Directors

The Board is elected by, and is accountable to, our members. The Directors are responsible for the overall corporate governance of the credit union including its strategic direction, establishing goals for management and monitoring achievement of these goals.

Nicolas Harrison: Chairman


  • Director since 2003
  • Chair, Executive Committee
  • Member, Assessment, Remuneration & Training Committee

Nicolas Harrison is a Barrister-at-law and a member of the Lismore City Council Conduct Review Committee. He is a former Deputy Senior Crown Prosecutor and a Councillor of the NSW Law Society. He is also a Casual lecturer in law at Southern Cross University.


Graeme Green: Vice Chair

G-GreenDip FS, FAMI

  • Director since 2008
  • Member, Executive Committee
  • Member, Audit & Risk Committee
  • Chair, Nominations Committee

Graeme Green has had 28 years of credit union experience at the highest level. He has served on numerous management boards and working committees within the credit union industry.


John Shanahan

J-ShanahanM.Com(Hons), FCPA, MAICD, FICAA, AMCPA, SF Fin

  • Director since 2008
  • Member, Executive Committee
  • Chair, Audit and Risk Committee
  • Member, Assessment, Remuneration & Training Committee

John Shanahan is a recognised expert on financial reporting issues and the author of the textbooks Guide to Accounting Standards and Guide to Accounting Regulation. He has conducted training courses and seminars for many national and state organisatons including ASIC, the ASX, CPA Australia, the Institute of Chartered Accountants, the Securities Institute and the Federal Judicial Commission.


Graham Olrich


  • Director since 2010
  • Member, Audit and Risk Committee
  • Chair, Assessment, Remuneration & Training Committee
  • Member, Horizons Committee

Graham Olrich currently runs his own management consultancy company. He has had a distinguished career in banking including credit union executive and senior management experience. He has held the top position in Australia's largest credit union; is the CEO of the Australasian Mutuals Institute; and is also on the Board of NECU.


Katrina Luckie

K-LuckieB.App Sc(Hons)

  • Director since 2010
  • Member, Audit and Risk Committee

Katrina Luckie held the position of CEO of Regional Development Australia (RDA) Northern Rivers until March 2014. She has also held managerial positions with the Northern Rivers Regional Development Board, including that of Executive Director.


Paul Spotswood


  • Director since 2010
  • Chair, Horizons Committee

Paul Spotswood is currently the General Manager of the Northern Star. He has also held General Manager positions with the Daily Mercury in Mackay and the Coffs Coast Advocate, which are part of the network of APN newspapers.


Environmental Sustainability

EcoLogoAt Summerland we believe that sound business management must incorporate environmentally sustainable plans for the credit union.

That's why we're always looking to identify, research and implement actions that will reduce our impact on the natural environment.

We have an Environmental Sustainability committee to lead the efforts toward resource reduction and to encourage staff and members to adopt environmentally aware practices.

We aim to reduce our environmental impact by minimising our use of natural resources, energy and water and thereby reducing waste production and greenhouse gas emissions.

In September 2013, we were formally recognised for our Environmental Efforts by achieving Silver Partner Status in the NSW Government Sustainability Program, one of only 50 businesses in the state to do so.


This journey toward environmental sustainability is helping to:

  • Develop our understanding of our resource use, establish benchmarks and work towards our target reductions in energy, water, waste.
  • Communicate,through a range of media, and develop a collaborative and transparent relationship with all our stakeholders about our sustainability goals.
  • Encourage commitment to our goals throughout the entire organisation including the Board, management and employees.

View more on Our Environmental Sustainability Journey and our resource efficiency results in energy, water and waste.

Summerland’s Environmental Investment Position

Click here to download a copy of our Environmental Investment Position.


Corporate Governance

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

In addition, the Board is responsible for identifying areas of significant business risk and ensuring arrangements are in place to adequately manage those risks.

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 and Risk Committee
  • Risk Management Committee
  • Nomination Committee
  • Assessment, Remuneration and Training Committee

The full Board currently holds eleven scheduled meetings each year plus planning meetings.

Summerland Credit Union's Constitution provides the framework for how the Board operates.

Good Corporate Conduct

Summerland Credit Union recognises that it has many responsibilities to its members and other stakeholders. As a mutual organisation, corporate responsibility is embraced and strengthened through our values.

Customer Owned Banking Code of Practice



Annual Reports

Each year our credit union produces an Annual Report which presents our performance and achievements for the past financial year. The Report also includes our community involvement and the value returned to members.

Current & Past Reports

The reporting of our business sustainability is based upon how we operate and how we relate to the community. Our Annual Business Sustainability Report includes information on all aspects of our sustainability. 

Sustainability Reports

Help us reduce our environmental impact by viewing the Annual Reports online.

Regulatory Disclosures

Summerland Credit Union Limited, as an Authorised Deposit-Taking Institution (ADI), is regulated by the Australian Prudential Regulation Authority (APRA). APRA is the prudential regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. The primary role of APRA is to ensure the stability, efficiency and competition in the financial system in Australia. This is achieved through the establishment and enforcement of prudential standards in the financial services industry. One of these key prudential standards is APS110: Capital Adequacy as:

Capital is the cornerstone of an ADI's financial strength. It supports an ADI's operations by providing a buffer to absorb unanticipated losses from its activities and, in the event of problems, enables the ADI to continue to operate in a sound and viable manner while the problems are addressed or resolved.......... The Board of Directors (Board) of an ADI has a duty to ensure that the ADI maintains a level and quality of capital commensurate with the type, amount and concentration of risks to which the ADI is exposed from its activities.

Additionally under the requirements of APS330: Public Disclosure, all ADIs must disclose on their website information about the their risk profile, risk management, capital adequacy, capital instruments and remuneration practices. This public disclosure is to contribute to the transparency of financial markets and enhanced market discipline.

This disclosure information regarding the credit union’s capital instruments and remuneration practices is updated annually, around the same time the Annual report is released, whilst the risk exposures are updated each quarter as per each of the tabs below.


Capital Disclosure


Remuneration Disclosure

Remuneration Disclosures

As required under APRA’s prudential standard APS330 Public Disclosure all ADIs are required to publicly disclose on their websites information about remuneration practices. This further complements risk profile and capital disclosures that have been disclosed under this standard over recent years.

This disclosure is made in the interests of full transparency for our members and other stakeholders and is completed in accordance with the Remuneration Policy of the credit union as established in compliance with the APRA prudential standard CPS510 – Governance.

The period reported coincides with the financial year of the credit union, as at 30th June each year, and is updated accordingly.

Qualitative Disclosures

Remuneration Responsibility 

The Board of Directors has appointed the Assessment, Remuneration & Training (ART) Committee to assist the Board to oversee, implement & review the Remuneration Policy.

The ART Committee consists of 3 non-executive Directors, with one being the Chairman of the Board.

The objectives of this committee are:
• To attract and retain capable and motivated staff;
• To reward staff for their performance;
• To ensure that we have leaders who have strategic vision, able to drive growth while maintaining stability and the financial soundness of Summerland;
• To encourage behaviour that supports long term financial soundness and the risk management framework;
• To ensure the independence of Risk and Control staff in the performance of their functions is not compromised;
• To ensure remuneration arrangements are, and remain, compliant with corporate governance requirements, including requirements under CPS510.

To meet these objectives the key responsibilities of the committee are:
• Annual remuneration recommendations to the Board;
• Conduct regular reviews of the Remuneration Policy, ensuring its effectiveness and compliance with the requirements of CPS510;
• Implement the Remuneration Policy;
• Development, implementation and review of Board and CEO performance assessment process;
• Completion of Board, Directors and CEO performance assessment on an annual basis;
• Development of the Training Needs Analysis for Directors and the CEO;
• Succession planning process for the Board and CEO;
• Coordination of the activities of the Board Nomination Committee, with one member of the committee appointed to the Board Nomination Committee;
• Ensure the Committee has the necessary experience and expertise to undertake its responsibilities, including by supplementing its expertise with appropriate external advice.

In the last 12 months, the ART Committee has not utilised the services of any external consulting firms to assist with determining market rates for remuneration. This is generally completed periodically.


As per APS330, remuneration disclosures are to include executive managers and material risk-takers. These are defined in CPS510 as “persons whose primary role is risk management, compliance, internal audit, financial control or actuarial control’’ or “all other persons …whose activities, individually or collectively, may affect the financial soundness” of the credit union.

Accordingly this policy applies to seven (7) key management positions, being the four (4) Executive Managers and three (3) senior mangers within the credit union.

There are no other employees outside this group considered as material risk takers. 

Policy Review 

The Remuneration Policy was established when APS510 was originally released and is reviewed bi-annually, or as directed by the Board.

The ART Committee reviewed the credit union's remuneration policy during the last twelve months. No material changes were made. 

Remuneration Structure 

Remuneration consists of fixed and performance-based components:
• The fixed components consist of base salary, superannuation benefits and other fringe benefits offered to staff as outlined in their contract of employment.
• The performance-based component comprises:

- Short-term: performance bonuses based on the achievement of Key Performance Indicators and Behaviour ratings as outlined in the Summerland Performance management program. These bonuses are paid at the end of the 12 month period ending June or December.

- Deferred: performance bonuses based on the achievement of strategic plan objectives. These payments are deferred until results are realised.

Performance-based remuneration takes the form of cash payments. As a mutual institution, Summerland does not provide equity, or equity linked forms of remuneration.

The Board has the discretion to adjust the performance based components of the remuneration of a person covered by this Policy downwards, to zero if necessary, if such adjustment is necessary to protect the financial soundness of the credit union. 

Remuneration Assessment 

Remuneration is reviewed annually for all staff of the credit union, to take effect on 1 July. This process involves a number of external benchmarking exercises.

Firstly there is a survey done between a peer group of mutuals to share and compare remuneration components of specific classes of employee roles. Then through engagement of the Australian Institute of Management annual salary survey, each position is assessed based on turnover, industry and region.

Following the compilation of this information the salary levels of all staff are reviewed by the Executive Management for a final decision. This excludes the Executive Management and the 3 senior management positions noted as key risk management roles, which are drafted as recommendations to the ART Committee for their review and decision.

Remuneration for all staff are fixed salaries and a variable annual performance bonus or, where applicable a long-term incentive.  

Annual Performance 

The performance-based remuneration program in the credit union is based on the Summerland performance management program which applies to all staff, including Executive Management. At the beginning of each 12 month period, the Credit Union develops operational goals and budgets for the year which is cascaded down to each department. These are in turn developed into individual Key Performance Indicators (KPIs) and each employee and their team leader will review these goals at the beginning of the year.

At the end of the twelve month period, a formal review of KPIs is completed and an overall rating assigned to each employee from 1-4.

Clear indication is provided in each KPI category of how to achieve each result, with  each KPI having a quantitative scale which generally represents:

1 = Exceeds requirements by a large percentage

2 = Exceeds requirements

3 = Meets requirements

4 = Does not meet requirements            

The second part of the performance process covers the behavioural capabilities of employees. Whilst KPIs measure the outcome, the behaviours measure how the employee has achieved the outcomes.

Each position has 5 behaviours that they are measured on. At the end of the year a formal review of each employee’s performance is completed and they get a rating of A, B, C or D. Based on the overall rating a bonus, as a percentage of salary is paid.

The KPI rating coupled with the behaviour review form the basis of the annual performance appraisal.

There have not been any changes to the performance management or remuneration framework over the past 12 months. 

Focus on Risk Management 

As part of the annual performance incentive and long-term incentive paid to staff, the performance management structure includes a quality check that has the impact of reducing the KPI result and subsequently the incentive payment if breaches of policy occur. This is to ensure a focus by all staff on risk management and quality.

These breaches also cascade up to the team leader for their team, departmental manager, Executive Manager & ultimately the CEO for full accountability across the organisation. 

Long Term Performance 

Executive Managers, who are primarily responsible for the financial performance and soundness of the credit union, receive long term incentives (LTIs). These are in the form of cash payments based on achievement of the strategic plan objectives of the credit union over the period of these officers’ contracts. 

Quantitative Disclosures 

The quantitative disclosures below are aggregated as all positions identified are senior managers. 


During the financial year the ART Committee held three (3) meetings.

Apart from the Chairman of the ART Committee who receives a Chair allowance of $3,450, the other committee members receive no additional remuneration above their Board allowance for involvement on the ART committee. 

Remuneration Statistics 

Variable remuneration refers to the annual bonus, which applies to all seven (7) managers as part of this disclosure and long-term bonuses, as applicable to two (2) managers of this group.

No termination payments were made above and beyond the legal entitlements to annual or long service leave throughout the year. 

Fluctuation & Adjustments

There have been no implicit or explicit adjustments to remuneration packages for any staff.

Total Value of Remuneration Unrestricted Deferred
Fixed Remuneration
 - Cash based
Variable Remuneration
- Cash based
51,526 59,660
Remuneration includes all payments made and accrued during the last financial year, including superannuation paid by the credit union.





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