Board Matters

Issue 3 - December 2005

News from the Board

This is my first opportunity to communicate with you since being appointed as Chairman of the Board on 28th November.

First of all I would pay tribute to the work undertaken by the retiring Chairman, Sally Darke. My opinion, which is also shared by our Board, is that Sally excelled as Chairman particularly in ensuring that B&E had an excellent profile in the Tasmanian community. She also improved the Board’s performance through establishing contemporary governance standards and in maintaining a positive working relationship between the Board and the Chief Executive Officer. Sally has set a very high standard of performance for future Chairs to emulate.

I would also like to pay tribute to Mike Ryan, who has recently resigned from the Board to pursue new business opportunities interstate. Mike brought a new business perspective to the Board and has left his legacy in improved financial reporting and a more robust system of measuring success through key performance indicators. Thank you Mike.

In regards to the future for B&E, I believe that the platform has been established for B&E to enter a new phase of extended growth in the next few years. The Board has been working very hard with the management in reviewing the priority areas for the company to focus on in the next three years and we will be monitoring progress closely to ensure that our strategic development priorities are implemented.

As B&E new Chairman I am really looking forward to working with the Board and our Chief Executive Officer, Paul Ranson, in maximising our potential as a Tasmanian financial institution of choice.

Nigel Harris
Chairman

Board Changes

Election of Chairman

At the Board’s first meeting since the Annual General Meeting, Nigel Harris was appointed as Chairman for the next two years.

Outgoing Chairman Sally Darke retired from the position of Chairman, after having served a 3 year term as part of the Chairman rotation policy of the B&E Board.

Election of Deputy Chairman

Bruce Walker has been elected as Deputy Chairman for the next year.

Bruce is a respected property valuer, having established his own practice in Launceston 31 years ago. He has been a director of B&E since 1983 and a former Chairman. Bruce is a Fellow of the Australian Property Institute and is also a director of a private investment company and Chairman of the Launceston Girls Home.

Resignation of Director

Mike Ryan has resigned from the Board, effective 29th November. Mike has recently resigned from his position as General Manager of the Hotel Grand Chancellor in Hobart to pursue new business interests and has decided that as it is likely he will soon be leaving the State that it would not be appropriate to continue as a Director.

The Board is well advanced with plans for replacing Mike.

Appointment of Board Advisor

The Directors have decided to change Sally Darke’s status on the Board from a Director to Advisor. While Sally will not be able to vote on Board matters she will continue to attend Board and Committee meetings.

Board Activities

Key activities during the past three months include:

Reviewing the Strategic Plan for the next 3 years (see detail in the CEO report)
Holding functions in Hobart, Launceston and Devonport for key stakeholders at which an update on performance for 2004/05 and future plans were unveiled.
Conducting the Annual General Meeting
Reviewing B&E’s Credit Risk Policy