BankVic Annual Report 2019
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Directors’ <strong>Report</strong><br />
Interests in the shares of the Company and related bodies corporate:<br />
POLICE FINANCIAL SERVICES LIMITED $1 WITHDRAWABLE SHARES<br />
Mr M Liu 10<br />
Mr S Coulson 10<br />
Mr A White 10<br />
Ms M Luttick 10<br />
Ms L Nolan 10<br />
Ms D Robertson 10<br />
Ms F Page 10<br />
Directors’ meetings<br />
During the financial year, 10 meetings of Directors, 5 Corporate Governance Committee, 4 Audit Committee, 1 Remuneration<br />
and Transformation Committee, 1 Remuneration, People and Culture Committee, 4 Risk Committee, and 2 Digital Transformation<br />
and Cyber Committee meetings were held. The number of meetings attended by each director was as follows: A = Meetings held<br />
during members’ tenure B = Meetings attended<br />
Director<br />
Board<br />
meetings<br />
Risk<br />
Committee<br />
meetings<br />
Audit<br />
Committee<br />
meetings<br />
Corporate<br />
Governance<br />
Committee<br />
meetings<br />
Rem and<br />
Transformation<br />
Committee<br />
meetings<br />
Remuneration,<br />
People and<br />
Culture<br />
Committee<br />
Digital<br />
Transformation<br />
and Cyber<br />
Committee<br />
A B A B A B A B A B A B A B<br />
Mr M Liu # 7 7 3 3 3 3 - - - - - - - -<br />
Mr D Boell* 3 3 1 1 - - 2 2 - - - - - -<br />
Mr S Coulson 10 10 - - 4 4 - - 1 1 - - 2 2<br />
Mr W Taylor* 3 2 1 1 - - - - 1 1 - - - -<br />
Mr A White 10 10 1 1 1 - 3 3 - - 1 1 - -<br />
Ms M Luttick 10 10 1 1 - - - - 1 1 1 1 2 2<br />
Ms L Nolan 10 10 1 1 3 3 5 5 - - - - - -<br />
Ms D Robertson 10 10 3 3 1 1 5 5 - - - - - -<br />
Ms F Page # 7 7 3 3 - - - - - - 1 1 2 2<br />
#<br />
Mr M Liu and Mrs F Page were Directors from 23 November 2018<br />
* Mr D Boell and Mr W Taylor ceased as Directors from 23 November 2018<br />
Principal activities<br />
During the year there were no significant changes to the<br />
principal activities of the Company, these being the provision<br />
of deposit taking facilities, credit facilities and related<br />
financial services.<br />
Results of operations<br />
Profit after tax of the Company for the financial year was<br />
$11.3 million (2018: $12.6 million).<br />
Review of operations<br />
Growth<br />
Over the past 12 months assets increased by 13.0%.<br />
Deposits increased by 16.0% reflecting continued member<br />
support. Loan demand continued in a historically low<br />
interest rate environment with gross loans increasing<br />
by 15.7%.<br />
During the year membership grew 2.3% reflecting<br />
continuing interest for the products and services<br />
offered by <strong>BankVic</strong> and the success of<br />
new member campaigns.<br />
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