Corporate governance
Bupa Australia Group
The Bupa Australia Group (“Bupa”) operates three private health insurers registered under the Private Health Insurance Act 2007, each with its own health fund (each a “Bupa fund”). The three private health insurers are Bupa Australia Health Pty Ltd (trading as HBA and Mutual Community), MBF Australia Pty Ltd (“MBF”) and MBF Alliances Pty Ltd (the fund for SGIO1, SGIC2 and NRMA3). Bupa aims to provide customers with high quality health and care products and services. Our goal is to help more people lead longer, healthier and happier lives.
Bupa's primary concern is for its customers. In all cases, Bupa aims to treat and care for each customer as an individual.
Board of Directors
Each of the Bupa private health insurers has a Board of Directors, which is responsible for:- Determining corporate strategy on recommendation of management;
- Reviewing and guiding systems and processes of risk management, internal control and ethical and legal compliance;
- Monitoring corporate performance;
- Approving major capital expenditure, acquisitions and divestiture;
- Monitoring and reviewing management processes aimed at ensuring the integrity of financial and other reporting;
- Monitoring and reviewing policies and processes relating to occupational health and safety, compliance with laws and the maintenance of high ethical standards; and
- Performing such other functions as are prescribed by law or assigned to the Board.
The role and responsibilities of each Board are outlined in more detail in the Board Charter for Bupa Australia Health, MBF and MBF Alliances Pty Ltd.
Each Board delegates the day-to-day management responsibility to the Managing Director. The Board also uses a number of Committees, including the Bupa Australia Group Board Audit Committee, to assist directors in the execution of their responsibilities. In addition, Board Committees may be convened for special purposes if required.
Board Committees
All Board Committees include Non-executive Directors and membership is reviewed on an ongoing basis.Composition of the Board
The Board of Directors of each Bupa fund is comprised of directors with a broad range of skills, expertise and experience and consists of a number of independent directors.The composition of the Board is determined using the following principles:
- The Board determines the size and composition of the Board, subject to the terms of its constitution.
- The Board reviews the tenure of its directors every three years.
- The Board assesses the contribution and experience of directors and may extend the tenure of those directors who have been able to develop, over a period of time, increasing insight into the operations of their respective companies and, therefore, an increasing contribution to the Board and the efficient governance of the Company.
- The Board ensures that its Non-executive Directors, and executive Directors, possess an appropriate mix of skills to provide the knowledge and experience to meet the Board's responsibilities and objectives.
1 Insurance Australia Limited ABN 11 000 016 722 trading as SGIO distributes SGIO Health Insurance. SGIO Health Insurance is provided to you by the insurer MBF Alliances Pty Ltd ABN 89 075 799 236. As the insurer, MBF Alliances Pty Ltd is referred to as the ‘Fund'.
2 Insurance Australia Limited ABN 11 000 016 722 trading as SGIC distributes SGIC Health Insurance. SGIC Health Insurance is provided to you by the insurer MBF Alliances Pty Ltd ABN 89 075 799 236. As the insurer, MBF Alliances Pty Ltd is referred to as the ‘Fund'.
3 Insurance Australia Limited ABN 11 000 016 722 trading as NRMA Insurance distributes NRMA Health Insurance. NRMA Health Insurance is provided to you by the insurer MBF Alliances Pty Ltd ABN 89 075 799 236. As the insurer, MBF Alliances Pty Ltd is referred to as the ‘Fund'.