The Board of Directors of Police Health Limited ABN 86 135 221 519, is responsible for the corporate governance of the company.
Police Health Limited is a public company limited by guarantee and is registered under the Private Health Insurance Act 2007 as a restricted access not-for-profit private health insurer.
The constitution of Police Health Limited prohibits distribution of surpluses or assets to members of the company*. Police Health is restricted to selling health insurance primarily to current employees of a State, Territory or Federal police department, service or association.
Corporate governance is of high importance and is undertaken with due regard to all of Police Health's stakeholders. Good corporate governance is fundamental to the culture at Police Health and its business practices.
The Board has adopted a best practice approach to corporate governance based on the requirements of the Corporations Act 2001 and the Private Health Insurance Administration Council's Governance Standard. It also draws on the prudential standards of the Australian Prudential Regulation Authority (APRA) and the ASX Corporate Governance Council Corporate Governance Principles and Recommendations 2nd Edition.
The Board is supported by four committees: the Nominations Committee, the Risk Management and Compliance Committee, the Finance and Audit Committee and the Governance Committee. These Committees have terms of reference that are reviewed on a regular basis and amendments to terms of reference must be approved by the Board.
The performance of the Board, directors and committees is reviewed annually. The Company also has a robust nominations process to ensure that candidates are acceptable as directors and have appropriate expertise and experience.
*A person who is insured under a health insurance policy is separate from a member of the company.