ASG supports individuals to fulfil their education and lifelong learning.
As part of the Board’s commitment to the highest standard of conduct, ASG has developed a charter to guide Board members, executives, management and employees in carrying out their duties and responsibilities. The charter covers such matters as:
In New Zealand, ASG’s business operations are regulated by the Financial Market Authority and New Zealand Companies Office.
ASG’s business operations are primarily and extensively regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).
ASG is required to comply with a wide range of regulations that apply across its business activities, including for example, APRA Prudential Standards such as CPS510 on Governance and LPS220 on Risk Management.
Board of directors
The directors are responsible for overseeing the corporate governance framework and practices of ASG. This statement sets out the main corporate governance practices that were in operation throughout the financial year, except where otherwise indicated.
As at 30 June 2015, the ASG Board consisted of seven members, each with specific expertise and experience relevant to ASG’s activities.
ASG’s Board comprises directors who are non-executive and assessed by the Board to be independent and free of material relationships that might influence their ability to act in the best interests of ASG and its members.
ASG’s Board values and supports diversity in all areas, including gender. The Board regularly reviews the skills represented by the directors and has an active Board renewal program, which ensures that the Board consists of directors with a broad range of skills and relevant experience.
Board role and responsibilities
The primary responsibilities of the ASG Board include:
- the approval of the annual financial statements
- the establishment of the long-term goals of ASG and strategic plans to achieve these goals
- the review and adoption of annual budgets for ASG and monitoring its financial performance against 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 not 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 a Director to fill the casual vacancy who must then stand for election at the next AGM.
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