ASG’s governance approach 

The Australian Scholarships Group Friendly Society Limited (ASG) is a member owned mutual organisation that strives to enhance the opportunity for children to gain a complete education.

Board policies and regulators

ASG takes a strong and proactive approach to governance. Our comprehensive Board policies cover matters such as responsibility to members, relations with suppliers, employment practices and responsibility to the community.

ASG’s business is regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). 

In New Zealand, ASG’s operations are regulated by the Financial Market Authority and the New Zealand Companies Office.

Board of Directors

Our Directors are responsible for promoting and protecting the interests of the company and its members. The ASG Board consists of seven Directors, each with specific expertise and experience. 

Our Board comprises directors who are non-executive, independent and free of material relationships that may influence their ability to act in the best interests of ASG and its members. The Board is assisted by one Participating Consultant.

Board role and responsibilities

The primary responsibilities of ASG’s Board include:

  • the approval of ASG’s annual financial statements
  • the establishment of ASG’s long term goals and strategic plans 
  • the review and adoption of annual budgets and monitoring ASG’s financial performance against those budgets
  • ensuring that ASG has implemented adequate systems of internal control and risk management together with appropriate monitoring of compliance activities.

Election of Directors

Directors are elected by ASG members at the annual general meeting (AGM) for a term of no more than three years. Directors can offer themselves for re-election at the end of each term. 

If a vacancy occurs during the year, ASG’s Board has the power to appoint an interim Director to fill the casual vacancy who must then stand for election at the next AGM.

Committees

ASG’s Board is assisted in its role by various Board approved committees. These are:

  • Audit Committee
  • Education Advisory Committee
  • Investment Committee
  • Nominations and Remuneration Committee
  • Risk Committee

Related links

Annual Report

Corporate Governance Rules

 

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