Co-op Money NZ Appoints Independent Director
AUCKLAND, 1 AUGUST 2018: Co-op Money NZ is pleased to announce the appointment of Richard Westlake as independent Director to Co-op Money NZ and Co-op Services NZ for a period of three years. Mr Westlake had previously worked as an independent adviser with the Co-op Money NZ Board for just over a year since July 2017.
Announcing Mr Westlake’s appointment, Co-op Money NZ Board Chair, Claire Matthews, says the Board is very pleased to confirm the appointment of Richard as Independent Director.
“We are very pleased to have someone of the calibre of Richard join the Co-op Money NZ Board. Richard’s knowledge of Co-op Money NZ having worked with us already for a year, together with his strong experience in governance, cooperatives and banking makes him the perfect choice to join our Board.”
Mr Westlake in turn says “I’m delighted to be joining Co-op Money NZ after working with the board and executive team over the last year. I’ve seen the depth of talent in the business and I’m excited about the opportunities for it, particularly with the recent enactment of new, more enabling, legislation for all credit unions.”
Mr Westlake has 25 years of corporate governance experience including being appointed by the World Bank’s private sector arm, the International Finance Corporation (IFC), onto the Board of RCBC Bank, one of the largest banks in the Philippines. He is also the founder and Managing Director of Westlake Governance Limited, a Wellington based, globally focused business, and one of New Zealand’s leading corporate governance firms.
In 2013, the IFC commissioned and published Mr Westlake’s book, Guidance for the Directors of Banks, written mainly for directors new to banking. Previous banking roles include being a founding independent director of Kiwibank for ten years and South Island Chief Executive for Trust Bank Canterbury, and then WestpacTrust, in the late 1990s.
Mr Westlake gained his Master of Arts at Oxford University. He is married and lives in Wellington.
Co-op Money NZ is the industry association for credit unions and mutual building societies (coopmoneynz.org.nz) and exists to represent, promote and support its Member credit unions and building societies around the country, and to provide cost-effective business services.
Co-op Money NZ and Member credit unions and mutual building societies are not registered banks.
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About Co-op Money NZ
Co-op Money NZ is the industry association for credit unions and mutual building societies (coopmoneynz.org.nz) and exists to represent, promote and support its Member credit unions and building societies around the country, and to provide cost-effective business services. Co-op Money NZ provides business-to-business services and is not a registered bank. Services include core banking systems and channels (internet, telephone, mobile banking etc.), EFTPOS and Mastercard card services, ATMs, agency banking, and treasury management services. Co-op Money NZ’s has the largest number of ATMs connected to its switch in the country with nearly 30% of all ATM’s in New Zealand connected to the banking system via the Co-op Money NZ switch.
In providing such services, Co-op Money NZ and users of these services are subject to anti-money laundering and countering the financing of terrorism (AML/CFT) legislation requiring AML/CFT processes to be in place. Co-op Money NZ works with regulators and undertakes audit processes to monitor compliance with this legislation.
Credit unions and mutual building societies are co-operatively owned financial service providers, providing their members with a similar range of services to a bank. Credit unions and mutual building societies are all independently owned and operated by their members for their members, and any profits are returned to the members in a combination of ways i.e. fairer fees, interest rates and community involvement. Our Member credit unions and mutual building societies are all licenced by the Reserve Bank under the Non-Bank Deposit Takers Act 2013.
Credit unions and mutual building societies in New Zealand employ over 520 staff, represent approximately 190,000 members, with around 70 branches, assets of over $2 billion.
Co-op Money NZ is a member of Cooperative Business NZ (nz.coop). Collectively, Co-op Money NZ and its Member credit unions and mutual building societies are ranked 30th on Cooperative Business New Zealand’s top 30 cooperatives by revenue.
Co-op Money NZ also wholly owns Co-op Insurance NZ (www.coopinsurancenz.co.nz), a fully licensed insurance provider under the Insurance (Prudential Supervision) Act 2010).