MRAC Rule Book (constitution)

MRAC is registered with the Office of the Registrar of Indigenous Corporations (ORIC), and our constitution is called a Rule Book. The MRAC Rule Book includes all the information and rules about how the Corporation operates and meets its legal, financial and governance obligations. The Rule Book outlines the responsibilities of Members, Directors and Staff and how they work together.

Board of Directors

A board of experienced community members oversees MRAC’s activities. Directors must be MRAC members.

Each year, elections are held to appoint half the Board. Any MRAC member can nominate for a position and vote for candidates. The successful candidates sit on the Board for two years before needing to be re-elected. This means the Corporation keeps experience, skills and knowledge while being accountable to the community. MRAC encourages all members to consider nominating for a Board position, as MRAC welcomes new ideas and different points of view.

Since 2019, members wishing to nominate for Mid West vacancies will speak to the members at the Annual General Meeting about what they can bring to the Board. Gascoyne members will use the members’ meeting in Carnarvon to elect a Director for the next two-year period.

To provide extra knowledge, there are two independent director positions appointed by the Board for a period of two years. The Chairperson and the Vice Chairperson are elected annually by the Board of Directors.

Our Board prides itself on its strong governance, conservative approach to risk, transparency and accountability to the community and other stakeholders. The Board meets face to face at least four times a year. Between meetings, urgent Corporation business is managed electronically through a Committee structure.

Committees

Directors also sit on committees. Six committees focus on specific matters, such as finance. The Committees meet separately and report to the Board. The committee structure allows MRAC Directors to focus on specific areas of the Corporation’s business and to build their skills and expertise in those areas. The work of the committees enables the MRAC Board to make timely and well-informed decisions.

Chief Executive Officer

The Chief Executive Officer oversees the day-to-day operations of the Corporation and reports directly to the Board via the Chairperson.

Financial Management

To ensure MRAC is transparent and accountable, an external accountant provides an independent review of MRAC’s financial statements and advice on financial management. MRAC is audited each year with the financial statements published in the Annual Report.

In 2018, MRAC expanded the scope of its audits. In addition to a full audit of the financial statements, MRAC’s auditors also review and report to Members and ORIC on MRAC’s governance, legal and financial compliance.

MRAC does not receive recurrent government funding. Rather, all income received is from rent paid by our tenants.

Rents are benchmarked in line with national standards. The Corporation manages rental income and operating costs conservatively, and surpluses are used to upgrade existing properties, improve business continuity, purchase new properties and secure the Corporation’s financial position.

The Corporation is conscious of the need to grow to house more people and secure its financial viability and sustainability going forward.

Legal Status

MRAC is a Corporation registered with ORIC and operates under the Commonwealth Aboriginal and Torres Strait Islander Act (CATSI). This act mirrors the requirements of the Australian Securities & Investment Commission (ASIC).