Page 54 - Annual Report 2018

Corporate governance statement (continued)
The Board meets monthly, together with management and Bendigo and Adelaide Bank’s regional management, to review the performance of the business, assess its involvement in and support for Community activities, review the activities of the Board Committees, monitor compliance with applicable legislation and other obligations, and discuss any other relevant matters. Additional meetings are convened as required to address speci c matters. The Board also conducts an annual planning workshop to review the Company’s strategy and objectives and put in place action plans to achieve these objectives. The Board Committees meet monthly, bi-monthly or as required to review their respective functions.
Appointment and removal of the management of the Company is a function of the Board as a whole. Certain powers have been delegated by the Board to management to allow the Company to carry on its business in the most ef cient manner. These delegated authorities are approved by the Board and include certain nancial and non- nancial matters. Management provides regular information to the Board in a concise and timely manner to enable the Board to review the operations of the Company and make informed decisions and discharge its duties. Where necessary, the Board will request more information.
The Board reviews the Company’s operations and performance with Bendigo and Adelaide Bank at a minimum monthly, or more frequently if required, to ensure the Company’s operations and practices align with those of Bendigo and Adelaide Bank and the Community Bank® network.
The responsibilities of the Board include:
• Preparing the Company’s strategy and objectives
• Supporting the interests of the local Community
• Promoting and developing the Company’s business interests
• Reviewing and approving the budgets and business plans prepared by management and Bendigo and Adelaide Bank
• Reviewing the performance of the Company against objectives
• Liaising with and reporting to Bendigo Bank and Adelaide Bank
• Ensuring that grants and sponsorships are appropriately managed
• Ensuring the effectiveness of the governance of the Company
• Ensuring the adequacy of the internal controls, procedures and policies of the Company
• Reporting to shareholders and other stakeholders.
52. 2018 Annual Report