The Annual General Meeting of Community First Credit Union Limited ACN 087 649 938 trading as Community First Bank (Community First) will be held on Thursday, 28 November 2024 at 2.00pm at 67-73 St Hilliers Road, Auburn NSW 2144.
Explanatory Notes in relation to the Annual General Meeting are included at the end of this Notice. Please read these notes carefully.
Agenda
- Minutes: To consider the minutes of the 64th Annual General Meeting held on 16 November 2023.
- Financial Statements and Reports: To receive Community First’s Financial Report, Directors’ Report and the Auditor’s Report for the period ended 30 June 2024.
- Director Appointments: To consider, and if thought fit, pass each of the following as separate resolutions:
Appointment of Stephen Nugent
3.1 That Stephen Nugent be reappointed as a Director of Community First Credit Union Limited.
Appointment of Nuria Kelly
3.2 That Nuria Kelly be reappointed as a Director of Community First Credit Union Limited.
- Directors’ Remuneration: To consider, and if thought fit, pass the following resolution:
4.1 That the maximum aggregate remuneration of Elected Directors be set at $688,670 for the financial year ending 30 June 2025.
Proxies
You can appoint a proxy to attend and vote at the meeting on your behalf. Your proxy does not have to be a member of Community First. An appointment of proxy form can be obtained by contacting Community First on 1300 13 22 77.
To be valid, your Appointment of Proxy form must reach Community First no later than 48 hours before the start of the Annual General Meeting.
By Order of the Board
Hung Truong
Company Secretary
24 October 2024
Explanatory Notes
The Explanatory Notes that follow provide important information regarding the terms of business to be considered at the Annual General Meeting.
Agenda Item 1: Minutes
Members will be given an opportunity to consider and note matters contained within the minutes of the 2023 Annual General Meeting held on 16 November 2023. The minutes will be available at the meeting or by contacting Community First on 1300 13 22 77.
Agenda Item 2: Financial Statements and Reports
Section 317 of the Corporations Act 2001 requires that the Financial Report, Directors’ Report and the Auditor’s Report be presented at the Annual General Meeting.
Members will have a reasonable opportunity at the meeting to ask questions and make comments on these reports and on the business and operations of Community First. A copy of the 2024 Annual Financial Report will be available on our website at www.communityfirst.com.au at least 21 days before the Annual General Meeting.
Agenda Item 3: Director Appointments
The Directors appointed at this Annual General Meeting will hold office for a term ending at the conclusion of the Annual General Meeting in 2027.
A postal ballot was not necessary this year because the number of eligible nominations received equalled the number of vacancies to be filled. Accordingly, the appointments may be made by separate resolutions at this Annual General Meeting.
3.1 Appointment of Stephen Nugent
In accordance with the Constitution, Mr. Nugent retires by rotation. Being eligible, he offers himself for appointment for a further term. Mr. Nugent has been interviewed by the Board Nomination Committee, and in the view of the Committee, has demonstrated his ability to meet the requirements to be a Director of Community First.
Mr Nugent joined the Board as a Director in May 2002. Stephen has more than 40 years experience in the banking, finance and insurance industries and was formally the Chief Customer Officer for The Hospital Contributions Fund of Australia Limited (HCF). Stephen is also a Director of the Customer Owned Banking Association and the Sydney Children’s Hospitals Network.
Stephen brings to the Board a wide range of experience in project and operations management, process improvement and reform programs focused on digital transformation, sales, marketing, customer service, retail banking, financial and property management, hospitality, retirement aged and home care, strategic planning and compliance.
3.2 Appointment of Nuria Kelly
In accordance with the Constitution, Ms. Kelly retires by rotation. Being eligible, she offers herself for appointment for a further term. She has been interviewed by the Board Nomination Committee, and in the view of the Committee, has demonstrated her ability to meet the requirements to be a Director of Community First.
Ms Kelly joined the Board as an Associate Director in May 2002 and was elected to the Board in 2003. Nuria has more than 20 years experience in financial planning and management, with qualifications from the Securities Institute of Australia and an Associate Diploma in Accounting and a Diploma of Law. Nuria has retired as principal of a Financial Planning and Stockbroking Practice with Bridges Financial Services (IOOF) and brings to the Board her experience of working closely with Community First Members through her financial planning and stockbroking role. Nuria was also previously Head of Financial Services Sydney with RSM Australia (RSM Bird Cameron).
Recently she has been working as a Governance and Risk Management Consultant, assignments have included senior manager executive positions such as Head of Legal and Compliance for financial services firms. She is a Fellow of the Governance Institute of Australia and a member of the Institute of Public Accountants.
Nuria was also a Director of Foot of the Mountains Pty Ltd which owned retail businesses in the Blue Mountains up to December 2019.
Agenda Item 4: Directors’ Remuneration
4.1 The Board is seeking approval of aggregate remuneration for Directors be set at $688,670 for the financial year ending 30 June 2025.
The Board has an established method for developing the recommended level of directors’ fees to be submitted for approval by members at the Annual General Meeting. The recommendation is based on the results of the independent annual Mutual Financial Board Remuneration Survey conducted by external Management Consultants and other market surveys.