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About Big Sky
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Big Sky is a Credit Union that provides members with a different kind of banking. Big Sky is regulated under the same rigorous legislation as all financial institutions and is run on co-operative principles for the benefit of its members. Profits are used to benefit members in many forms including: lower interest rates on loans, a low cost fee structure, higher rates on deposits and personalised service.
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Board of Directors
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Left to right: Nicole Duncan, Greg Willcock, Tony Ryan (CEO), Peter MacCuspie, Bev Excell, Lance Coburn, Helen Thornton, Colin Wirth (Chairman)
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C W Wirth, B.Comm, FCPA (Chairman)
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Chairman of the Board since June 2001. Board Member since December 2000. Member of the Nominations Committee, member of the Governance Committee and member of the Executive Committee. Ex-officio member of all Board Committees.
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L E Coburn, B.Comm (Hons) FCPA
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Board member since September 2002. Member of the Audit and Risk Committee.
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N A Duncan, BA (Hons)/LLB, MAICD
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Board member since December 2000. Member of the Audit and Risk Committee.
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B F Excell, B.Sc (Hons), GAICD
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Former Director of BP Credit Union, appointed to the Board in September 2003. Chairperson of the Audit and Risk Committee.
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P A MacCuspie, B.Sc (Hons), FAICD
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Former Chairman of BP Credit Union, appointed to the Board in September 2003. Member of the Nominations Committee, member of the Executive Committee and member of the Governance Committee.
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H L Thornton, B.Ec, ACA
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Board member since August 1999. Chairperson of the Governance Committee.
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G J Willcock, B.Comm, FCPA, F.Fin, GAICD, MAIM
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Board member since January 2006. Member of the Executive Committee.
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The names of the Company Secretaries in office at the end of the year are:
A P Ryan, B.Bus(Acc), FCPA, AFAIM, F.Fin, FdnDFP, FAMI
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Current Chief Executive Officer of Big Sky Credit Union.
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M R McCall, B.Ec, ASA, MAMI
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Current Chief Financial Officer of Big Sky Credit Union.
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Performance
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In the financial year 2007/2008 Big Sky enjoyed another year of strong growth during a period when the sub-prime crisis in the United States has had an impact on Australian financial markets.
Big Sky has a conservative business model that precludes participation in sub-prime lending, low doc lending and investing liquidity in anything other than Australian bank bills.
The robustness of our mutual structure was the platform for total assets growing by 16.8% to $407.8 million including the loan portfolio growing by an outstanding 23.6% to $345.7 million.
Big Sky’s capital increased by 12% to a solid $35 million. The minimum risk weighted capital required by Australian Prudential Regulation Authority's (APRA) prudential standard for credit unions, building societies and banks is 8%. Banks have capital of around 10% whilst Big Sky’s capital is 16.3%.
Profit after tax was $3.8 million representing a return on average assets is based on delivering the right balance between growing the credit union’s reserves to sustain future growth and delivering excellent value to members through a wide range of products and services at highly competitive prices.
This prudentially sound financial performance and exceptionally strong growth experienced by your credit union is an outcome of members increasingly using Big Sky for more of their financial banking needs including investments, loans, insurance, financial planning and everyday banking.
Cannex, an independent research organisation, is engaged to measure Big Sky’s pricing value proposition for its members to ensure members are receiving genuine benefit by banking with Big Sky. Cannex do this by comparing Big Sky’s interest rates and transaction pricing to the average interest rates and transaction pricing of the four major banks and St George bank.
Cannex has reported that on the basis of this comparison, Big Sky members have saved $5 million this year by banking with Big Sky rather than these comparative banks.
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Advance Notice of Annual General Meeting
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Notice is hereby given that the Thirty-seventh Annual General Meeting of Big Sky Credit Union Ltd. will be held at 12:15 pm Australian Eastern Daylight Saving Time (AEDST) on Thursday, 6th November 2008 at RACV Club, Level 2, Bayside Room 5, 501 Bourke Street, Melbourne, Victoria 3000.
All members are invited to attend.
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Election of Directors
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In accordance with the Constitution of the Credit Union, an election of Directors is to be held in conjunction with the Annual General Meeting on 6th November 2008 and nominations of candidates for the position of Director are now invited.
Ms. Nicole Duncan and Mr. Peter MacCuspie retire by rotation pursuant to the provisions of the Constitution of the Credit Union and offer themselves for re election.
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Nomination of Candidates
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In order to be nominated, a candidate must:
• Be eligible to be elected as a Director;
• Be nominated by ten (10) Members who hold Member Shares and who declare that the candidate is eligible to be appointed as a Director and state the candidate's age;
• Consent in writing to the nomination as a candidate;
• Declare that he or she has no conflict of interest such as would lead to disqualification as a Director; and
• Attend an interview with the Board Nominations Committee to determine the fitness and propriety of the candidate for election as a Director, in accordance with Australian Prudential Standard APS 510 Fit & Proper.
Nominations must be submitted on the prescribed form which can be obtained from the Secretary by calling 03 8635 2801.
Nominations must be lodged with the Secretary at the registered office of the Credit Union, Level 7, 607 Bourke St, Melbourne, 3000 by no later than 4 pm AEST on 4th September 2008.
If the number of nominations exceeds the number of vacancies, a ballot will be held at the Annual General Meeting in accordance with the Constitution of the Credit Union.
On behalf of the Board.
A. P. Ryan
Secretary
1 August 2008
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Board Charters & Policies
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 Board Renewal Policy
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Constitution
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Audit and Risk Committee - Terms of Reference
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Executive Committee - Terms of Reference
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Governance Committee - Terms of Reference
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Nominations Committee - Terms of Reference
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Related Information
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