Appointment of directors
The MIPS Board is comprised of seven non-executive directors.
The board includes experienced medical and dental professionals who also possess various other insurance, business and governance qualifications, skills and experience. The other directors bring specialist business, accounting and governance skills and experience to the Board.
MIPS Board vacancies, when they occur, initiate an assessment of the current skills and experience of the remaining MIPS Board Directors to identify any potential gaps in or anticipated needs for skills and experience that a replacement director should have to compliment the MIPS Board.
There is an expectation that any candidates wishing to be considered for appointment will have skills and experience in addition to their professional qualifications. These might include completion of the AICD Company Directors course together with governance experience gained through involvement as a director or member of another company or perhaps a professional organisation.
Potential replacement directors can be identified by many processes including executive search, professional institute (AICD) advertising and personal referral from members of the Board or members of MIPS to MIPS Company Secretary.
Once identified, the candidates for director appointment undergo an interview/s assessment process to determine the most suitable. The successful candidate is then recommended for appointment by the MIPS Board.
The MIPS Board members are appointed by the Board of MIPS Holdings (MIPSH), which owns 100% of the issued ordinary shares of MIPS. As a shareholder, MIPSH is not entitled to a dividend or any surplus assets (except for the return of capital) in the event of a winding up.
MIPS Insurance (MIPSi) is a wholly owned subsidiary of MIPS and has a board appointed by the MIPS Board. The MIPSi Board consists of seven members and the vacancies and skills and experience assessment of the MIPSi Board are managed in the same way as that of the MIPS Board.