2026 Annual General Meeting

Calling all members to attend our 2026 Annual General Meeting

Under the Rules of the Police and Families Credit Union Inc, we give notice of our Annual General Meeting (AGM).

At the AGM there will be a vote on changes to our Rules. Proxy voting is available - please see below for more information and a link to the Proxy Voting Form.

Police Credit Union 2026 AGM

When: 9am on Wednesday 14th October 2026.

Where: James Cook Hotel Grand Chancellor,147 The Terrace, Wellington.

Proposed Rule Changes

The Deposit Takers Act 2023 (DTA) introduces a new regulatory framework for deposit takers in New Zealand.

As part of this framework, the Reserve Bank of New Zealand (RBNZ) is developing governance standards for licensed deposit takers. These include requirements relating to board composition, director suitability, and the responsibilities of directors and senior managers.

PCU is expected to submit its licence under the DTA by 29th October 2027.

These changes are relevant to PCU because they reinforce the need for our Rules to support a Board structure that is capable, appropriately skilled and experienced, and aligned with regulatory expectations.

Updating the Rules now will help ensure PCU is well placed to meet its future obligations as the new standards are implemented.

More information about the DTA is available on the RBNZ website here.

The proposed changes also include a minor amendment that would allow PCU members to obtain a home loan where the property offered as security is held in a family trust or look-through company.

The key proposed changes are for:

1. Director Elections: Fit and Proper Requirements

It is proposed that the Rules are amended to expressly incorporate Fit and Proper requirements into the director election process, including meeting suitability requirements under New Zealand law, and that any nominee is assessed in accordance with PCU’s Fit and Proper Policy.

2. Board Structure and Composition

It is proposed that the Rules be amended to provide greater flexibility in relation to the number, structure, and composition of the Board. The purpose of this change is to ensure the Board can maintain an appropriate mix of directors with the skills, experience, independence, and capability required to govern PCU effectively and meet its regulatory obligations. This is particularly important as the sector transitions to the Deposit Takers Act, under which boards will be expected to demonstrate strong governance, oversight, and suitability arrangements.

3. Lending to Other Entities

It is proposed that the Rules be amended to allow PCU to consider lending for members where the security structure includes a family trust or look-through company.

View the Proposed Rules


Voting on Proposed Rule Changes

If you wish to vote on the rule changes but are unable to attend the AGM in person, you can complete and return a Proxy Voting Form.