We are committed to running RACQ ethically and in line with the appropriate standards of corporate governance.
Annual General Meeting (AGM)
On Tuesday 20 November 2018, we welcomed a full house of members, guests and senior leaders to Eight Mile Plains for the AGM.
Describing 2018 as ‘RACQ’s biggest ever year of change’, President and Chairman Bronwyn Morris told the audience RACQ needs to remain relevant for Queenslanders of all ages and backgrounds, with the past year seeing strong strides in that direction.
“Providing more for members is at the very core of everything we do as a Club. This year, RACQ returned $154 million in value to our members in savings, positive proof that the Club continues to grow in the right direction.”
Group CEO, Ian Gillespie was unable to attend in person due to medical leave but had filmed a special video to be played during the event.
Ian reported we are closer than ever to delivering upon our vision to create ‘One RACQ’ across all parts of the business - one purpose, one brand, one data base, one membership and one trusted relationship.
Ian called out RACQ Bank’s 14% increase to its membership base, the implementation of the Common Australian Roadside System (CARS), the development of our new ‘One RACQ’ full-service branches, the launch of RACQ Health Insurance and the introduction of the Puma fuel discount as some of the key deliverables for the year.
“I’ve taken great personal satisfaction in the past year from seeing how enthusiastically all RACQ staff from the ground up continue to take pride in working for an organisation with one fundamental mission - looking after and giving back to our members,” Ian said.
“There’s a famous story about the time the American President John F. Kennedy visited the NASA space centre. He saw a janitor carrying a broom and he walked over and asked what he was doing. The janitor responded: ‘Mr. President, I’m helping put a man on the moon’.”
Ian offered his sincere thanks to all employees for making such a challenging year a resounding success.
The meeting acknowledged some governance changes implemented in the past year including the adoption of a ‘directors in common’ model with all RACQ Limited Group board directors now also serving on the RACQ Insurance Board and the RACQ Bank Board.
“This will provide a clearer line of sight across the increasing scale and diversity of the RACQ organisation,” Bronwyn explained.
Bronwyn also took the time to thank departing director, and past President, Nigel Alexander, for his service and significant contribution to the growth and progress of our Club.
You can view a recording of the AGM, and a video shown in the meeting.
Results of resolution
We are pleased to announce that the resolution put to the Annual General Meeting on Tuesday, 20 November 2018 at 2pm was passed.
The resolution was that, for the purposes of section 327B(1)(b) of the Corporations Act 2001 (Cth) and all other purposes, Ernst & Young be appointed as the auditor of The Royal Automobile Club of Queensland Limited effective from the conclusion of the AGM and that the Directors are authorised to agree to Ernst & Young’s fees from time to time.
View the statistics in respect of the above resolution (PDF, 43KB).
Corporate Governance Statement
The RACQ Corporate Governance Statement (PDF, 54 KB) is current at 4 February 2019 and has been approved by the RACQ board.
The board of directors
The role of the board is to oversee and guide the management of RACQ with the aim of protecting and enhancing long-term member value. The board is responsible for ensuring effective governance practices and the overall performance and conduct of RACQ. A number of committees exist to assist this function.
- Group Audit Committee – assists the board fulfilling its objectives and oversight for financial and statutory reporting, external and internal audit, and the effectiveness of the Group’s financial reporting framework.
- Group Remuneration and Nomination Committee – provides advice in relation to remuneration and nomination policies and practices that accord with RACQ’s values and the relevant compliance obligations.
- Group Capital and Investments Committee – assists in the governance and stewardship of RACQ Group capital and investments.
- Risk and Compliance Committee – assists in fulfilling the board’s risk management and compliance responsibilities.
Codes of conduct
Employees at all levels are required to conduct themselves with the highest ethical standards of corporate behaviour. Our directors code of conduct requires directors to behave ethically, act within the law, avoid conflicts of interest and act honestly in all business activities. Our employee code of conduct sets out the principles and standards for all employees.
Constitution and bylaws
RACQ’s members have rights which are set out in RACQ’s Constitution (PDF, 300KB) and By-Laws (PDF, 134KB).
Remuneration, performance and assessment
Under the RACQ’s Constitution (PDF, 300KB), eligible members determine the aggregate remuneration payable to directors. The board then determines its individual allocation. Senior management remuneration is determined by market information provided by an independent expert.
We have a formal performance management system for all members of the senior management team. Management discuss their performance with the Group CEO every six months, and the board assesses the performance of the Group CEO.
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