Michael Beard concerned for future of Queensland Country Bank as election of new directors looms

A former director of a bank started in the North is calling for members to have their say it prepares to elect new directors. Here’s why he’s concerned.

Townsville businessman Michael Beard, a former director of Queensland Country Bank for 35 years, is urging members to vote before the cut-off date of Friday and to make a difference in the member owned bank. Photo: Chris Burns.

Members of Queensland Country Bank are being urged by a former director to use their power to determine the company’s direction in an election to be held later this week.

Townsville businessman Michael Beard, who had been a director for 35 years, said he was concerned about the direction that Queensland Country Bank had been taking, including the sale of its health fund to Western Australian based HBF Health Limited last year.

Three experienced candidates are contesting in an election to take the space of two directors, which will close at midday on November 3.

The candidates are chairwoman Christine Flynn, current director Lewis Ramsay, and former chief executive Aileen Cull.

Mr Beard said the experience and decisions of directors were significant for its future, which is why he was urging members to consider the candidates carefully before the election closed on Friday.

Townsville businessman Michael Beard at the local Queensland Country Bank office in Ross River Road.

“It’s a huge business in Townsville with hundreds of employees,” Mr Beard said.

“It’s just an amazing organisation that started in Mount Isa and came to Townsville and is growing, and they have to keep the focus on Townsville, or it will be lost.

“It’s an important election and members really should vote and have their say.”

Queensland Country Bank chief executive Aaron Newman. Picture: Leighton Smith.

Queensland Country Bank chief executive Aaron Newman said there was good diversity in the skills that each current director brought to the board, and that the three current candidates would make a strong contribution to the association.

The outcome of the election would be announced at the annual general meeting to be held later in the month.

Mr Newman said the bank had experienced “amazing growth” in the past three years, and had taken 18 months to consider its options regarding the sale of the health fund.

“The health fund business was quite a small business and the bank is a larger organisation,” he said.

“And what we needed to considered is how we were going to continue to make the investment in both organisations that we need in the future to be successful, and as you might appreciate, banking is very much a digital business as much as a physical business these days.”

Mr Newman said the bank funded $650 million in new loans for members in the last financial year which helped them to buy houses and cars, and to make business investments.

“We’re looking at stronger growth,” he said.

“Having a stronger capital position as a result of the health fund sale means that we can grow more rapidly.

“That will include substantial digital investment that we can now make for the bank.”

The last annual financial report said that there had been a lengthy negotiation period before selling Queensland Country Health Fund to HBF, but that it had “ticked all of these boxes” that were required.

“It was important that the new Health Fund owner shared the same commitment to policyholders, was not-for-profit, and had a member-centric view of the business,” the report said.

“Equally important was ensuring the wellbeing of Queensland Country’s dedicated staff and providing the bank with the financial resources needed for sustained growth.”

Originally published as Michael Beard concerned for future of Queensland Country Bank as election of new directors looms