As detailed in the Corporate Governance Statement later in the Annual Report, the Board’s primary role is to oversee the strategic direction and operational performance of the Bank to enhance and protect long-term member value. To do this, it requires directors with the right mix of skills, experience and judgment combined with a commitment to ensuring members best interests are paramount to any decision. The complexity of the operating environment, expectations from regulators, greater time and training demands and the need for directors with specialist skills such as cyber risk, IT, project management and banking experience makes it imperative that the Board continues to evolve, as it has over the past 52 years. Part of this evolution involves the extension of the term of the Board appointed director Darren Gossling (who brings specialist cyber security and IT skills), for a further 3-year term. In addition, Joanne Masters was appointed to our Board to bolster our marketing, communications, and project management expertise. Welcome Joanne and we look forward to your contribution to our success. At the 2021 AGM, members approved an increase in the pool of funds available to remunerate directors. Director remuneration is benchmarked against the median level for similar sized mutual banks and credit unions. While we have been below the median level for the past decade, we anticipated modest increases over several years would bring us closer to the median. However it is apparent that gap is significantly growing, and the pool will be insufficient past 2023. Therefore, we will be assessing the situation further over the next 12 months with a probability that we will be asking members to approve an increase in the pool of funds at the 2023 AGM. Key Partnerships The partnerships and relationships we have developed over decades, as well as more
recently, are vital to our success today and into the future. No words can thank enough our long time industrial partners of the Maritime Union of Australia, the Mining and Energy Union and the ETU; our new and growing relationships with the AMIEU, CEPU and AMWU; our key industry super funds of Maritime Super/HostPlus and Mine Super; and local councils, small business groups and community organisations. You give us immeasurable and invaluable support and we are proud to be able to continue to work with you to support your members and communities. Our Staff During the year, our staff helped us define and express our Values outlined on the adjacent page of our Annual Report. Our Values are what we stand for and define the way we deliver better outcomes for our members. We are guided by them in everything we do and every decision we make. I am pleased to say that none of these Values are new to us, as we have lived and breathed them from the outset 52 years ago. Our staff are the best in the business and is what makes Unity so unique. There have been times during the year where we have been short staffed due to difficulty filling vacant positions, due to increased levels of sick leave through Covid and other ailments, and due to the higher volume of new business. However, our Staff’s focus on our members’ needs has been unwavering and is a testament to their professionalism, commitment and belief that our collective efforts can make a significant improvement to the lives of our members. Thank you and I know from feedback, that our members really appreciate and see the difference you make.
Mick Doleman Chair
4 | Unity Bank Annual Report 2022
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