About us

Corporate Governance

BOQ has designed its corporate governance framework, policies, and practices with the objective of delivering a high standard of corporate governance.

Our commitment

Directors and Management of BOQ are committed to delivering a high standard of corporate governance and support the Corporate Governance Principles and Recommendations (CGPR) developed by the Australian Securities Exchange’s Corporate Governance Council as the basis for enhancing the credibility and transparency of our capital markets.

BOQ’s approach to corporate governance is disclosed in the Corporate Governance chapter of its 2024 Annual Report.

For the reporting period ended 31 August 2024, BOQ followed the 4th edition of the CGPR.  BOQ’s 2024 Appendix 4G sets out compliance with the 4th edition of the CGPR.

Key documents and policies

• 2024 Appendix 4G
• Corporate Governance Statement (disclosed in the Corporate Governance chapter of BOQ’s 2024 Annual Report)
• Constitution of BOQ
• Board Charter
• Policy on Independence of Directors
• Board Performance Review and Renewal Policy
• Nomination and Governance Committee Charter
• Audit Committee Charter
• Risk Committee Charter
• People, Culture & Remuneration Committee Charter
• Transformation & Technology Committee Charter
• Auditor Independence Policy
• Diversity & Inclusion Policy
• Code of Conduct
• Securities Trading Policy
• Disclosure and Communication Policy
• Whistleblower Policy
• Whistleblower Standard
• Anti-Bribery and Corruption Policy

Mergers and acquisitions

Bank of Queensland is focused on its policy of strong organic growth, especially outside Queensland, and is continually looking for strategic mergers and acquisitions judged to be complementary to the Bank’s business.

• Members Equity Bank Limited

On 1 July 2021, BOQ completed the purchase of Members Equity Bank Limited (ME Bank) from 25 Australian industry superannuation funds. Consideration for the transaction was $1.325bn and was fully funded by an equity raising of $1.35bn.

The acquisition was strategically aligned to the transformation of the BOQ Group and a milestone in its multi-brand strategy to create a real alternative to the big banks. It will deliver material scale, portfolio diversification and enable the acceleration of the Retail Bank’s digital strategy.

ME Bank operates as a standalone brand within the BOQ Group.

ME Bank

• Investec Bank (Australia) Limited

On 31 July 2014 BOQ completed the acquisition of Investec Bank (Australia) Limited, including its Professional Finance and Asset Finance & Leasing businesses. Purchase consideration for the transaction was $440 million, including an estimated $230 million to capitalise the business.

The acquisition is a strong fit with BOQ’s four strategic pillars, giving BOQ a leading position in attractive specialist segments and materially increasing the size and footprint of our Business Bank, providing further diversification by geography and industry sector.

BOQ Specialist (previously Investec Professional Finance) operates as a separate division of BOQ’s Business Bank. The Asset Finance & Leasing business merged with the existing BOQ Finance business.

BOQ Specialist

• Virgin Money Australia

On 30 April 2013 BOQ completed the purchase of Virgin Money (Australia) Pty Ltd (VMA). Consideration for the transaction was approximately $40 million, including the payout of around $10 million in VMA obligations and the issue of around $30 million in fully-paid ordinary BOQ shares to a Virgin Group subsidiary.

The VMA acquisition gives BOQ increased geographic and income diversity and allows BOQ to expand its distribution footprint through a globally recognised brand and a business with proven capability in online customer acquisition and product distribution.

VMA will continue to operate as a standalone business within the BOQ Group.

Virgin Money Australia

• CIT Group (Australia) Limited and CIT Group (New Zealand) Limited

In July 2010, the Bank completed the purchase of CIT Group (Australia) Limited and CIT Group (New Zealand) Limited (collectively "CIT Australia and New Zealand"), paying a combined total for purchase consideration and refinance of debt of $475 million.

This vendor finance business works with manufacturers, dealers and resellers to provide leasing and financing packages to consumers, businesses, government agencies and education providers.

The CIT Australia and New Zealand business has been combined with BOQ's existing equipment and debtor finance businesses to form the business line, BOQ Finance.

• Home Building Society Limited

On Friday, 30 November 2007, Bank of Queensland Limited (BOQ) welcomed a decision by shareholders in Home Building Society Ltd (Home) to overwhelmingly support the $600 million merger between the two financial institutions, which has been implemented by way of a Scheme of Arrangement.

At the Scheme meeting held in Perth, the merger was supported by 94.39% of Home shareholders who voted on the Scheme of Arrangement.

The vote in support of the merger was substantially above the required 75% approval threshold.

Final Court approval for the Scheme of Arrangement was given at a Federal Court hearing held on Tuesday, December 4, 2007.

Home Chairman Tony Howarth joined the Board of BOQ following implementation of the merger.

Under the Scheme, Home Shareholders received 0.844 new BOQ shares plus $2.80 cash for each home share they owned. This represents a total consideration of $17.99 per Home Share based on BOQ’s closing share price of $18.00 on Thursday, 29 November 2007 and a substantial premium of 28% based on Home’s closing share price of $14.11 on the last trading day prior to announcement of the Merger.

Full integration of Home Building Society into Bank of Queensland is expected to be completed by the end of 2008.

The Australian Tax Office (ATO) has published a Class Ruling to assist former Home Shareholders in dealing with the tax implications of the merger.

• ATO Class Ruling cr2008-015c1
• Home Building Society - Scheme Booklet
• Share Sale Facility: ABN AMRO Equities Australia Limited - Financial Services Guide

• Pioneer Permanent Building Society

BOQ purchased Pioneer Permanent Building Society during the 2006 - 2007 financial year with full integration completed in November 2007.

• Mackay Permanent Building Society

In August 2007, Bank of Queensland announced a recommended proposal for all the shares in Mackay Permanent Building Society Limited which valued Mackay Permanent at $53.2 million.

On 14 November 2007, Wide Bay Australia Limited (WBB) increased the scrip consideration it had offered under a conditional takeover bid. On Friday November 16, 2007, the Mackay Permanent Board announced that it had withdrawn its recommendation that Mackay Permanent shareholders vote in favour of Bank of Queensland's merger proposal.

Bank of Queensland announced on 19 November 2007 that it does not intend to increase its offer for Mackay Permanent.

Discover BOQ’s corporate history

• 2024 Bank of Queensland celebrates turning 150 years on 1 September 2024.
• 2021 Acquired 100% of Members Equity Bank Limited, creating a compelling alternative to the big banks and broadly doubling the Retail bank and providing geographical diversification for the BOQ Group.
• 2014 Acquired Investec Bank (Australia) Limited (now BOQ Specialist Bank Limited), including the Professional Finance business (now BOQ Specialist) and the Asset Finance & Leasing business (now part of BOQ Finance).
• 2013 Acquired Virgin Money Australia, the Australian retail financial services arm of the Virgin Group, for approximately $40 million (including approximately $30 million in BOQ shares).
• 2010 Acquired Australian and New Zealand divisions of CIT Group Inc, a leading supplier of vendor finance to small business and middle market companies.
• 2010 Purchased St Andrew's Insurance, a leading Australian manufacturer of consumer credit insurance products.
• 2007 Members of Home Building Society in Western Australia endorsed $592 million merger proposal, increasing BOQ's national footprint.
• 2007 Made a successful bid for Mackay-based Pioneer Permanent Building Society.
• 2005 Acquired $78 million debtor finance division of ORIX Australia.
• 2003 Purchased equipment finance company UFJ Finance Australia giving BOQ its first significant interstate presence.
• 2001-2004 Accelerated branch opening program, opening 55 new branches throughout Queensland.
• 1985 Opened its first regional branches in Cairns and Townsville.
• 1982 Incorporated Bank of Queensland Savings Bank Ltd as a wholly owned subsidiary.
• 1971 Became a publicly traded company listed on ASX.
• 1970 Adopted the name Bank of Queensland and computerised operations.
• 1942 Following mergers with other Queensland-based financial institutions, became a trading bank.
• 1887 Converted from a building society to a bank.
• 1874 Established as The Brisbane Permanent Benefit Building and Investment Society, the first permanent building society formed in Queensland.