As a mutually owned financial services organisation, bankmecu is committed to operating for the benefit of customer-owners while acknowledging others who have a ‘stake’ in the Company, which may not be financial. bankmecu’s mutual ownership means customers and shareholders are one and the same, an important distinction from many of bankmecu’s banking competitors.
bankmecu aims to align its values with those of its stakeholders, as well as ensure their expectations of bankmecu form a key part of organisational strategy, culture, operations and products. In addition, bankmecu is committed to transparency and disclosure of stakeholders' opinions and queries.
bankmecu’s Stakeholder Engagement Policy provides a framework for the management of the stakeholder engagement process. The policy provides a basis for identification and selection of stakeholders, identifies approaches to engagement and identifies the Company’s participation in external initiatives.
Stakeholder engagement actions are reported to the Sustainable Development Committee quarterly.
The Board and member involvement
Members are able to provide feedback, recommendations and direction to the Board in the following ways:
- writing to the Board;
- attending the Annual General Meeting (AGM) and Special General Meetings; or
- calling a Special General Meeting.
The Board receives a monthly report detailing information on compliments and complaints received from customers. It is also committed to engaging with members and stakeholders at events held for the purpose of learning about their needs and expectations of bankmecu, as well as identifying issues of material importance to them.
Annually, the Board receives a report on the results of the Customer Insight Survey.
Stakeholder engagement activities
The following information is a summary of bankmecu’s major stakeholder engagement activities during 2010/11. Some of the results of these stakeholder engagement activities are discussed throughout this report.
Members:
- Annual: Customer Insight Survey
- Ad hoc: Customer Feedback
- Ad hoc: Complaints and Compliments Register
- Ad hoc: Community Forums
Staff:
- Annual: Annual bankmecu Organisational Effectiveness (employee attitude) Survey
- Monthly: The CEO provides monthly Board meeting debriefs to senior and middle management
- Monthly: Footprints Sustainability Reference Group
- Monthly: Staff Occupational Health and Safety Committee
- Ad hoc: Intranet feedback (bankmecu’s internal website)
Key representatives of the Company’s strategic communities and non-Government community organisations
- Ad hoc: Community Banking Managers manage relationships within bankmecu’s strategic communities. Each month staff report on community activities and issues relevant to bankmecu’s operations. Relevant information is reported to the CEO and Board each month.
Suppliers and contractors
- Ad hoc: Regular meetings are held throughout the year with major suppliers and on an ad hoc basis with contractors.
Regulators and political leaders
- Ad hoc: bankmecu Directors and management engage in discussions with Government representatives in order to stay abreast of emerging relevant economic, social and environmental issues, and identify both risks and opportunities for the Company.
Mutual financial services industry representatives
- Ad hoc: Directors and executive management hold positions on a range of mutual financial services industry and community committees and Boards relevant to bankmecu’s operations including: CUSCAL, CUFSS, Data Action, CUFA, Victorian Consumer Credit Fund Advisory Committee and the Financial Ombudsman Service. Management’s sustainability expertise is shared among their respective affiliations.
All Stakeholders
- Weekly: website communication and weekly web polling on various topics
- Quarterly: Newsletter
- Annual: Sustainability Report and Sustainability Strategy Survey
- Ad hoc: Feedback on bankmecu’s Sustainability Report via sustainability@bankmecu.com.au
Spotlight: Stakeholder engagement
Championing sustainability
Again this year, bankmecu was recognised for its leadership in sustainable finance and invited to present at a range of industry and community forums. These events provide opportunities for bankmecu to champion sustainability among lesser informed groups. The key events bankmecu presented at this year included:
- Credit Union Insight Forum Ballarat
- PowerHousing National Conference
- Community Housing Federation of Australia Housing Exchance
- Wimmera Biodiversity Seminar
- Responsible Investment Association of Australasia Conference
- Department of Education and Early Childhood Development – Schools Financial Management Training Sessions
- Innovation Week Department of Agriculture Fisheries and Forestry Canberra
In addition, bankmecu hosted community forums to engage with stakeholders, champion sustainability and to provide the opportunity for groups to come together to address identified issues within society. Forums hosted in 2010/11 included:
- Options for school leavers with a disability in the ACT
- Issues relevant to the community sector – South Australia
- Housing – Welfare response or critical infrastructure
- Housing –Community LandTrusts
- Housing – Social Return on Investment
- Victorian Council of Social Service (VCOSS)/bankmecu Financial Managers network
- Housing – The Reserve Banks Role. Meeting with the Community Housing Sector and the Reserve Bank of Australia (RBA).
bankmecu representatives also attend forums throughout the year to support sustainable development and gain insights from other best practice organisations to help identify emerging trends and opportunities for sustainable development. Key forums, events and seminars bankmecu attended in 2010/11 included:
- Australian Conservation Foundation – What is the world worth, putting nature on the balance sheet
- VECCI Regional Summit- Ballarat
- Australian Environment Business Network (AEBN) Environment Obligations briefings
- Victoria Naturally: Biodiversity and Carbon
- Standard & Poor's (S&P) Carbon Seminar
- Business Guide Launch for Victorian business - Cashing in on Carbon
- Australian Environment Business Network (AEBN) Conference: Environmental legislation and policies
- Carbon market institute seminar
- National Environmental Law Association (NELA) Carbon Farming Forum
- Roundtable forum: Accounting for Carbon – more than hot air.