We are a not-for-profit financial co-operative registered as a Credit Union under the Friendly Societies and Credit Unions Act 1982. This means all profits (after providing necessary reserves) are distributed back to its members and members own the Credit Union - 100% locally owned.
From 1 March 2010, the Reserve Bank of New Zealand Act 1989 required every deposit taker (unless otherwise exempted), including credit unions, to have a current rating of its creditworthiness given by an approved rating agency.
The Credit Union is not required to obtain a credit rating as it operates under the exemption contained in the Non-Bank Deposit Takers (Credit Ratings Minimum Thresholds) Exemption Notice 2016 (Exemption Notice). The creditworthiness of the Credit Union is therefore not rated by an approved rating agency under the above Act. The Exemption Notice will apply to the Credit Union because it has liabilities of $20 million or more but less than $40 million, would be unduly onerous and burdensome for the Credit Union to comply with the requirements to have a credit rating.
As a mutual financial organisation, NZCU Steelsands is democratically governed by its Board which is elected from and by its member-owners.
The Board is elected by, and is accountable to, our member-owners. The Directors are responsible for the overall corporate governance of NZCU Steelsands including its strategic direction, establishing goals for management and monitoring achievement of these goals. Their guidance is one of our secrets to success.