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.
Board Of Directors
Director & Chair
Appointed to the Board in 2000
Retired from New Zealand Steel Ltd and BlueScope Steel in 2012 after 32 years of service
When I read the Credit Union motto and philosophy of " People helping People', I joined the Credit Union movement. I have been a member for over 20 years and on the Board for a number of years. I have been impressed and proud that at Steelsands we follow that principle. It’s all about people. We give with an open heart and receive with humility.
Director & Secretary
Former GM from 2019-2020
Appointed to the Board in 2015
Director and Credit Committee Chair
Appointed to the Board in 2015
Employed at Refining NZ since 2008
I share the values of the Credit Union movement and hope to see it grow in New Zealand.
Director & Treasurer
Appointed to the Board in 2004
Prior Board Service: 1993 – 1999
Former Trustee NZ Credit Union Foundation & Collin Smith Memorial Fund Managers Retired from New Zealand Steel Ltd
"If I am to dream, I dream alone. If we all dream together then we shall achieve..." Princess Te Puea
Appointed to the Board in 2001
Held Chairperson role 2006 – 2010
Employed as IS Principal Engineer at New Zealand Steel Ltd since 1991, Retired in 2020
I strongly believe in the Credit Union philosophy and with Credit Unions owned by their members it means the benefits go back into the communities and that is something he is proud to be part of
Director & Marketing Committee Chair
Appointed to the Board in 2019
Employed as Group Manager Manufacturing Excellence at Alliance since 2017.
Previously Employed by NZ Steel Ltd