The role of the Members Committee
The role and duties of the Committee will be determined from time to time by the Board in consultation with the Committee and may amongst other functions:
(a) provide avenues for interested members to contribute to the improvement of services to members;
(b) act as a source of personnel for committees, taskforces and focus groups established by the board to provide advice to the board;
(c) act as a source of alternate directors;
(d) provide an avenue for Board succession through participation in professional development and by exposure to Board and company policies and procedures.
The structure and composition of the Members Committee
The structure and composition of our Members Committee is outlined in the company’s constitution. Currently, the Members Committee is comprised of eight elected members. Four of the positions fall vacant each year.
Applying for a position
Criteria for Nomination
Members of the Members Committee are neither Directors nor officers of the company but must meet the standards and propriety expected of a person who is a Director of the company.
Under the Constitution, an individual is eligible to be a member of the Members Committee if the person:
(a) is a Member; and
(b) is not a Director or employee of the company.
Additionally, the individual must:
(c) not be disqualified or prevented by law from being a director of or being involved in the management of a company;
(d) not be a disqualified person under s20 of the Banking Act 1959;
(e) not have had a personal representative or trustee appointed to administer the person’s estate or property because of their mental incapacity;
(f) provide the company with information as requested and consent to the company determining whether the person is of appropriate fitness and propriety as if the individual were seeking appointment as a Director of the company.
You cannot be a member of the Members Committee if you are a disqualified person under section 20 of the Banking Act 1959.
Please note that a member of the Members Committee is not a director of Teachers Mutual Bank Limited but is required to meet the standards required of a director of a company.
The electoral cycle and timeframes
The first step in the process is the annual call for nominations. This normally takes place on a specific date in August as determined by the Returning Officer. The call for nominations and other relevant information about the election is provided to each member by the Returning Officer.
If there are more than four candidates, the four vacant positions are filled by a ballot, which is sent out to all members. This process is managed by an independent Returning Officer.
The period of office for each position is two years. This commences at the end of the Annual General Meeting (AGM) at which the election is announced and ends at the close of the second subsequent AGM.
Nominating for a Members Committee position
In order to be nominated a Member must:
a. be eligible as per the criteria above;
b. be nominated by two (2) Members;
c. consent to the nomination and to an assessment of appropriate fitness in the terms required by the company; and
d.give the Returning Officer a notice of nomination and a declaration complying with the Constitution before nominations close.A candidate may submit for circulation to Members a statement not exceeding 120 words and a minimum passport size photo taken no more than 12 months prior to the date of closure of nominations.
Nominations Packs and requirements for eligible candidates
The nominations pack is available from the company once nominations have been called. It is a collection of essential background information, forms and declarations to be completed in order to nominate for a position on the Members Committee.
- Obtain a Nominations Pack from the company through the contact details included with the call for nominations information.
- Thoroughly read the nominations pack and material.
- Complete the necessary forms and declarations.
- Submit all required materials to the Returning Officer in ample time before the close of nominations.
Candidates are encouraged to consult other relevant resources to assist them in meeting the requirements for fitness and propriety expected of a candidate for a position on the Members Committee.