The Common Bond defines who is eligible to become a member
The power of your voice in a mutual bank
One of the benefits of being a member of Teachers Mutual Bank Limited is that each member has a voice.
Teachers Mutual Bank Limited and its various divisions - Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank - are governed by a Constitution. That Constitution talks about the Common Bond. The Common Bond defines who is eligible to become a member.
- What's being updated in the Common Bond?
- How to vote in favour of the proposed update to the Common Bond
- Get banking
Teachers Mutual Bank was founded as a credit union over 50 years ago to support employees in the education sector. But a lot has happened since then.
- 2012 (April) - Teachers Credit Union changes its name to Teachers Mutual Bank Limited (TMBL)
- 2015 - TMBL merges with The University Credit Society Limited (Unicredit) and establishes the UniBank brand to service the needs of Australians in the university sector.
- 2016 (November) - TMBL merges with the Fire Brigades Employees’ Credit Union Limited and establishes the Firefighters Mutual Bank brand to support the financial needs of Australians in the emergency services sector and those who volunteer in the fire service giving their time to support the communities where they live.
- 2019 (February) - TMBL launches Health Professionals Bank.
- 2019 Annual General Meeting to be held on 23 November 2019 – members will vote on the motion to update the Common Bond to reflect the Bank serving the needs of people working not only in education sector but emergency services and healthcare sectors as well. The Common Bond governs eligibility to join Teachers Mutual Bank Limited.
We started as a credit union serving people working in education. Then we grew into a bank serving people working in education. Nowadays, we serve the banking needs of people working in education as well as emergency services and healthcare.
Through a series of mergers and business decisions, we’ve delivered our message of ‘people before profit’ to more Australians. Currently we serve over 200,000 members in supporting their financial needs.
With four divisions serving our country’s key workers, our business has become more complex. The Common Bond within the Bank’s Constitution needs to reflect the evolution of our business and simplify eligibility for all our members and potential members.
As a member, you have a voice - an opportunity to express your viewpoint on tidying up the Common Bond.
We have grown to serve the financial needs of more groups of key workers within the Australian economy. Now we need to broaden our Common Bond to formally recognise them.
We want to help more people like just you. And that’s why we are tidying up our Common Bond (summary shown below). If you are interested in the exact wording of the Common Bond within the Constitution, visit Common Bond update.
Changes to the Employment category
As the Bank has evolved to serve the financial needs of more groups of key workers within the Australian economy, we need to broaden the scope of the Common Bond to include them.
We are proposing that membership eligibility be updated to include staff, graduates and students of universities, emergency services workers and healthcare workers as well as those employed in education provided they are also members of their relevant industrial associations.
Changes to the Family category
The traditional family unit has evolved over the past 10 years.
We are proposing that family members be expanded to align with Australian law.
Changes to the Approved Persons category
The 20% Approved Persons restriction remains but we wish to simplify this calculation for greater transparency and ease of measurement.
Why we need you to vote
We are asking all our members from all our divisions: Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank to support the motion around the Common Bond within the Constitution at the 2019 Annual General Meeting on November 23 2019.
We require 75% of votes to carry the motion.
All adult members of the Bank aged 18 years and older will have the opportunity to vote on the proposed update to the Common Bond at the Bank’s Annual General Meeting on 23 November 2019.
You can vote in person at the AGM or you can appoint a person to attend and vote as your proxy (including the Chair of the AGM).
The AGM Notice of Meeting papers will be mailed out in late October 2019 and will include a proxy form if you wish to vote but cannot attend the AGM.
The proxy form sets out important information about exercising your vote.
To vote using the Proxy form, follow these easy steps:
- Nominate your Proxy by placing a cross [X] in the relevant box. If not appointing the Chair, please also insert the proxy’s name.
- To vote in favour, place a cross [X] in the ‘For’ box alongside the motion to tidy up the Common Bond. If not in favour, you can select ‘Against’ or ‘Abstain’.
- Sign according to the instructions on the proxy form.
- Return your vote via one of the lodgement options on the proxy form.
If attending the AGM in person and you are eligible to vote, you can exercise your vote using the Voting Card provided to you.
How can you help us help more people just like you?
All our members from all our divisions share a common history, a common focus of doing good, and share a Common Bond.
Tidying up the Common Bond makes it reflective of the business we have evolved into, makes us inclusive of more Australians moving forward, while simplifying the Common Bond for all.
Your vote to support the motion about the Common Bond at the Annual General Meeting in November 2019 will help support the long term sustainability of the Bank. It will enable us to support more of Australia’s key workers and their family members - in education, emergency services and healthcare sectors.
You have the power to affect that change through your vote. We ask for your support.
Got a question?
Thanks for familiarising yourself with the proposed updates to the TMBL Common Bond. To continue banking, please return to your bank.