Corporate Information

Management

Chief Executive Officer

Vivien Allen

BA, DipMgmt, MAICD

Finance & Administration Manager

Stephen Allinson

BComm, CPA

Member Services & Compliance Manager Margaret Kinsey
Lending Operations & IT Manager Michelle Battye

Board of Directors

Chairman

Dominic Raimondo
Dip Eng

Dominic Raimondo joined the Board as an Associate Director in 2002, before becoming a full Director in 2007. He is the Chair of the Board and Chair of the Governance Committee. During his time with the Board he has served as Vice Chair of the Audit committee.

Dominic served as a loyal employee with the Ford Motor Company for over 40 years, the last 10 years as a Company Manager. He is also on the Board of Geelong Museum of Motoring and Industry and volunteers and supports the Christmas lunch for the homeless.

Vice Chairman

Tim J. Boyd
DegMgt, CAHRI, GAICD

Tim joined the Board as an Associate Director in 2013, before becoming a full Director in 2014. He is Vice Chair of the Board and the Governance Committee and Chair of the Risk Committee.

Tim’s most recent role is in the social services sector with genU Karingal St Laurance as the Executive General Manager People and Culture.

Tim has had a 25 year career in Human Resources across private health insurance with GMHBA and automotive development with Ford Australia in roles ranging from internal HR consultancy, learning and organisational development management and international experience in the Asia Pacific region.

Tim is a lifelong Cats fan, has volunteered with the local CFA for over 20 years and thinks Geelong is a great place, along with his wife Jo, to raise his two daughters.

Directors

Peter F. Bone

Peter joined the Board as an Associate Director in 1993, before becoming a full Director in 1995. He is Vice Chair of the Risk Committee and a member of the Governance Committee.

Peter worked in Finance and Management for over 50 years, primarily self employed and involved with small businesses.

Born and living in Geelong for his entire life, with a Father and two younger brothers retiring from Ford Motor Company, the interest in community and appreciation of history is strong.

Involvement in yachting and the Royal Geelong Yacht Club at all levels for nearly forty years helped with the appreciation of team work and influenced a decade of involvement with international shipping before Peter’s current semi-retired status.

 

Scott D. Randall
BEng, AssocDip Qual Tech

Scott joined the Board as an Associate Director in 2013, before becoming a full Director in 2014. He is Chair of the Audit Committee.

Scott’s most recent role is with Barwon Health Geelong, as Director - Support Services. Scott also assists in the Barwon Health Foundation’s fund raising activities through the year.

Scott worked at Ford Motor Company Australia for over 28 years in Production, Manufacturing, Quality Assurance and Purchasing.

Scott has been on a City of Greater Geelong council board ‘Future Proofing Geelong’ for 3 years and is on the Victorian Motor Cycle council for 2 years and the president of Otways Trail Riders (OTR - a local motorcycle club) for 10 years and one of (4) life members with OTR.

 

Christopher G. MacDonald
BCom

Chris joined the Board as an Associate Director in 1989, before becoming a full Director in 1992. He is a member of the Audit Committee.

Chris has held a long and extensive career within the Finance Office of Ford Australia.

Chris, together with wife Donna and their six children enjoy living locally in the Geelong area.

 

Terence A O’Brian - NMA
B.Mech. Eng. (Hons) MBA

Terry joined the Board as an Associate Director in 2002, before becoming a full Director in 2008. He is currently a member of the Risk Committee and was previously a member of the Audit Committee.

Terry retired from Ford Motor Company in mid 2006 after over 35 years in mid / upper management mainly in the Geelong Manufacturing complex and including nearly 2 years in Ford assignments overseas. Terry developed the Engine and Chassis ISO9000 procedural system and the real time Geelong Manufacturing IT system.

Terry is an active volunteer member of the CFA. He was awarded the National Medal of Australia in 2014 for diligent CFA service and was made a Life Member in 2017.

Terry and his wife Helen currently live near Colac, where he handles the registrations and finances for Marlene’s School of Dance Colac (family business). He is also a Board Member of Mercy Christian Children’s Mission International. He and Helen enjoy caravanning especially in far north-west Queensland. Their four children and 6 grand-children are Geelong / South West Victoria based.


Michael J Carroll
BBus, MBA, CPA, FGIA, GAICD

Michael joined the Board as an Associate Director in 2016, before becoming a full Director in 2017. He is a member of the Audit Committee and Risk Committee.

Prior to commencing his own consultancy business, Michael held a number of senior roles at GMHBA Limited and business, finance and administration roles with St John of God Health Care and Woodside Petroleum in Melbourne and Perth.

Michael is an experienced Finance and Compliance executive with diverse industry experience across the Private Health Insurance, Health, Resources, and Investment Management sectors. His depth of experience extends across multiple disciplines including Accounting, Treasury, Company Secretarial, Information Technology, Commercial, Legal and Administration. He also a Non-Executive Director of St Laurence Community Services and a Director at GenU.

Associate Director

Allison R Batten
GAICD

Allison joined the Board as an Associate Director in 2018.

Allison runs her own independent consulting business where she has worked with a broad range of Retail companies ranging from large ASX, privately owned SME’s, Private Equity and small independent start-ups.

Previously, Allison was a senior executive on both The Reject Shop and NQR Grocery Clearance Boards. Allison has enjoyed a 25 year corporate career within the Retail sector, having held General Management positions with Target Australia and The Reject Shop.

Allison’s experience includes strategic leadership, organisational capability, project management, process and system development, supply chain and logistics, marketing, international sourcing, contract development and negotiation. She has extensive international experience within the Asia Pacific Region.

A lifelong resident of Geelong, Allison also sits on the AICD Geelong Regional committee.

The Board of Directors is responsible for the corporate governance of Geelong Bank. The Board guides and monitors the business and affairs of Geelong Bank on behalf of the members by whom they are elected and to whom they are accountable. An important feature of the Board is to ensure compliance with the prudential and solvency requirements of the Australian Prudential Regulatory Authority (APRA) and the Australian Securities & Investments Commission (ASIC).

The key responsibilities of the Board include:

  • Approving the strategic direction and related objectives and monitoring management performance in the achievement of these objectives;
  • Adopting an annual budget and business plan and monitoring the financial performance of Geelong Bank;
  • Overseeing the establishment and maintenance of internal controls and effective monitoring systems;
  • Ensuring all major business risks are identified and effectively managed;
  • Ensuring Geelong Bank meets its legal and statutory obligations.

Directors of Geelong Bank are considered to be independent and free from any business or other relationship that could interfere with, or could be perceived to materially interfere with the exercise of their unfettered and independent judgement.

Geelong Bank - Board Structure

The Board has established the following committees which operate under a charter approved by the Board.

Governance Committee

The purpose of the Governance Committee is to assist the board in the exercise of effective corporate governance, including oversight of Geelong Bank's Governance and Fit & Proper Policies.

The purpose of the Governance Policy is to ensure strong Corporate Governance in the prudent management and financial soundness of Geelong Bank and in maintaining public confidence in the financial system.

The purpose of the Fit & Proper – Responsible Person Policy is to manage the risk to its business or financial standing that persons acting in Responsible Person positions are fit and proper.

The committee has also been appointed by the board to fulfil the role of the Nominations and Remuneration Committees incorporating board renewal, remuneration and nominations.

Audit Committee

The Audit Committee will assist the Board in fulfilling its oversight responsibilities and act as an interface between the board and the internal and external auditors. The Audit Committee will review:

  • The system of internal control;
  • The financial and regulatory/compliance reporting process; and
  • The audit process.

Risk Committee

The Committee will assist the board in fulfilling its oversight responsibilities and will be responsible for:

  • oversight of the risk profile and risk management of Geelong Bank within the context of the Board determined risk appetite (although ultimate responsibility for risk oversight and risk management rests with the Board, and the Committee will refer all matters of significant importance to the Board);
  • making recommendations to the Board concerning the risk appetite and particular risks or risk management practices;
  • reviewing management’s plans for mitigation of the material risks faced by Geelong Bank;
  • oversight of the implementation and review of risk management and internal compliance and control systems;
  • promotion of awareness of a risk based culture and the achievement of a balance between risk and reward for risks accepted.

Assets & Liabilities Committee (ALCO)

The ALCO is a committee responsible for managing the financial assets and liabilities of Geelong Bank. The committee recommends policy, sets strategy and monitors risks related to the management of Geelong Bank's assets and liabilities regarding:

  • Pricing of the financial assets and liabilities including interest rates and fees;
  • Interest margin;
  • Interest rate risk;
  • Funding and liquidity management;
  • Investment management;
  • Profitability and capital management.

Management Risk Committee

The Management Risk Committee is responsible for periodically reviewing Geelong Bank’s risk profile, fostering a risk-aware culture and reporting to the Board Risk Committee on the effectiveness of the risk management framework and of the company’s management of its material business risks.

The primary function of the Committee is:

  • the implementation and review of risk management and internal compliance and control systems;
  • reporting to the Board Risk Committee (BRC) on management’s plans for mitigation of the material risks faced by Geelong Bank;
  • making recommendations to the BRC concerning the risk appetite and particular risks or risk management practices; and
  • promotion of awareness of a risk based culture amongst staff and the achievement of a balance between risk and reward for risks accepted.

The Board of Directors has implemented a Risk Management Policy which establishes the overall Risk Management Framework for managing operational risk. Specifically, the Risk Management Policy aims to:

  • Contribute to profitable prudential performance by achieving an appropriate balance between realising opportunities while minimising losses.
  • Maintain a comprehensive and up-to-date Risk Appetite Statement that addresses all material risks and sets the risk limits acceptable to the Board.
  • Be concerned with risk as exposure to the consequences of uncertainty, or potential deviations from that which is planned or expected.
  • Address Capital Management.
  • Facilitate regular reporting to Senior Management, the Board and relevant committees.

Risk Management Framework

The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. The Board has established separate Audit and Risk Committees which are responsible for developing and monitoring risk management processes. The committee reports regularly to the Board of Directors on its activities.

Risk management policies and procedures are established to identify and analyse the risks faced by Geelong Bank, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management processes and systems are reviewed regularly to reflect changes in market conditions and Geelong Bank’s activities.

The Audit and Risk Committees oversee how management monitors compliance with Geelong Bank’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by Geelong Bank. The Audit and Risk Committees are assisted in its oversight role by Internal Audit. Internal Audit undertakes regular reviews of risk management controls and procedures, the results of which are reported to the Audit & Risk Committees.

Geelong Bank has undertaken the following strategies to minimise risks.

Market Risk

The Society is not exposed to currency risk, and does not trade in the financial instruments it holds on its books.

Credit Risk - Loans

The risk of losses from the loans undertaken is primarily reduced by the nature and quality of the security taken. The Board policy is to maintain at least 85% of loans in well secured residential mortgages which carry an 80% Loan to Valuation ratio or less.

The Society has a concentration in the retail lending for members who comprise employees and family in the Ford Motor Company. This concentration is considered acceptable on the basis that the Society was formed to service these members, and the employment concentration is not exclusive.

Should members leave the industry the loans continue and other employment opportunities are available to the members to facilitate the repayment of the loans.

Credit Risk - Liquid Investments

The risk of losses from the liquid investments undertaken is reduced by the nature and quality of the independent rating of the investee and the limits to concentration in one entity.

The Board policy is that investments shall be widespread to avoid any undue concentration of risk and all investments must be with financial institutions with a rating in excess of BBB- or higher.

Credit Risk - Equity Investments

All investments in equity instruments are solely for the benefit of service to Geelong Bank. Geelong Bank invests in entities set up for the provision of services such as IT solutions, treasury services etc where specialisation demands quality staff which is best secured by one entity.

Liquidity Risk

Geelong Bank has set out the maturity profile of the financial assets and financial liabilities, based on the contractual repayment terms.

Geelong Bank is required to maintain at least 9% of total adjusted liabilities as liquid assets capable of being converted to cash within 48 hours under the APRA Prudential standards. Geelong Bank's policy is to apply 15% of funds as liquid assets to maintain adequate funds for meeting member withdrawal requests. The ratio is checked daily. Should the liquidity ratio fall below this level the management and the Board are to address the matter and ensure that the liquid funds are obtained from new deposits and borrowing facilities available.

Operational Risk

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with Geelong Bank's processes, personnel, technology and infrastructure, and from external factors other than credit, market and liquidity risk such as those arising from legal and regulatory requirements and generally accepted standards of corporate behaviour.

Geelong Bank’s objective is to manage operational risk so as to balance the avoidance of financial losses and damage to Geelong Bank’s reputation with overall cost effectiveness.

Questions?

I'd like to know more about