corporate governance

ownership

Southland Building Society (trading as SBS Bank) is a mutual building society and is owned by its members by virtue of their membership interests in Southland Building Society. Membership entitlements and voting rights are set out in the Rules of Southland Building Society. Our Rules are available to members on request and free of charge by contacting us on 0800 727 2265

corporate governance

The board has overall responsibility for the governance of SBS Bank. The board are the elected representatives of the members of SBS Bank and have established the charter, which contains the guiding principles for carrying out their duties.

The board has responsibility for reviewing all aspects of risk management and receives comprehensive monthly reporting covering credit risk, interest rate risk, liquidity risk and operational risk. In addition, SBS Bank has specific policies in relation to liquidity and capital management which contain trigger points at which board involvement is required.

SBS Bank directors make up a majority of the directors on all SBS Bank subsidiary boards and are also involved in a number of board subcommittees. These appointments are outlined on our Leadership Team page.

Further detail on our risk management policies, procedures and practices is included within the notes to the financial statements. A copy of these can be viewed under Financial Information section on this website.

risk management policies

Please refer to our most recent Annual Financial Statements to view our Risk Management Policies.

board committees

Audit & Risk: The SBS Bank Audit and Risk Committee comprises four SBS Bank directors under the chair of Kathryn Ball. The committee meets at least four times a year to monitor the integrity of the group's financial statements and regulatory reports. It is also responsible for the appointment of the external auditors, KPMG, and our internal auditors, Deloitte, as well as approving and monitoring SBS Bank’s audit process. The committee is also tasked with reviewing controls and monitoring exposure to enterprise, market and operational risk.

Lending committee: The lending committee is made up of the full board and is responsible for reviewing and approving all lending proposals in excess of $5 million.

IT: The IT Committee comprises two SBS Bank directors and is chaired by Greg Mulvey. The committee meets quarterly to oversee and review the Group’s IT strategy and the risks associated with data security, disaster recovery and business continuity.

Remuneration: Three directors make up SBS Bank’s Remuneration Committee, which is chaired by Greg Mulvey. Meeting at least twice annually, the committee reviews the remuneration of the chairman and directors, which is undertaken in conjunction with an independent external report. The committee also assesses the chief executive’s performance and sets his remuneration package, as well as those of SBS Bank senior executives.

Subsidiaries: Our three main trading subsidiaries, Finance Now Limited (FNL), Funds Administration New Zealand Limited (FANZ) and Southsure Assurance Limited (Southsure) are each governed by active, independent boards. John Ward chairs FNL, Jeff Walker chairs FANZ and Frank Spencer chairs Southsure’s board.

Fraser Properties Limited is a wholly owned subsidiary that owns the SBS Bank head office building and undertakes limited trading. This subsidiary is governed by SBS Bank’s board.

SBS Bank
 
A copy of the current Southland Building Society (SBS Bank) Disclosure Statement along with our Term Investment Terms & Conditions and QFE Adviser Disclosure Statement are available on request and free of charge from any branch or agency of SBS Bank or on this website
© Southland Building Society, 2016