PROGRAM

The Capital Partners Project is hosting a series of expert-led webinars, designed to provide an in-depth appreciation of the issues outlined.

Whether you have already decided to issue mutual capital instruments (MCI), or co-operative capital units (CCUs) or are at the stage of considering your options, the program will provide valuable insights for your business:

Legal, constitutional & membership issues

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Constitutional and legal considerations for issuing MCI or CCU

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Making your mutual constitution MCI or CCU -ready

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Designing bespoke MCI

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Collective structures for issuing mutual capital 

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MCI and taxation

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Member engagement and management

Relating MCI to your business strategy

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How to decide whether to issue MCI or CCU

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Retail or wholesale? Which MCI is for you?

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Member engagement and communications

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MCI - International experience case studies – Mutual capital issuers

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MCI - International experience case studies – A Regulator’s perspective

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CCU - Australian experience case studies

CAPITAL FOR THE IMPACT INVESTMENT MARKET

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Designing Impact Investments: Environmental, Social and Governance (ESG) compliant MCI/CCU

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Leveraging the impact of your mutual status

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ESG and credit ratings

Market issues for MCI

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Making your co-operative or mutual investment-ready

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Presenting your business to wholesale investors

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Preparing to roadshow

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Approaching the retail market
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Insights into accessing international investment markets

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Managing liquidity through a listing

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Credit ratings for mutuals

2021 Program

Webinar with special guest Rohan Mead, CEO, Australian Unity

On 4 January, the first Mutual Capital Instruments (MCIs) began trading on the ASX. This marked the culmination of several years’ work by BCCM members who drove the advocacy for enabling legislation, as well as the pioneering efforts of Australian Unity to initiate this inaugural capital raise.

Our special guest at this exclusive event for BCCM Members is Rohan Mead is the Group Managing Director and CEO of Australian Unity. Joined by members of his team, he will provide first hand insights into the decisions and steps taken by Australian Unity to bring the first offer of mutual capital to market. Facilitated by Peter Hunt (Mutuo), the webinar will describe the challenges overcome in the process and offer tips for others considering issuing MCI and offer the opportunity for Q&A. We hope you can join this first Capital Partners Project Webinar for 2021.

Wednesday 3 February, 5pm AEST
Webinar via Zoom

Past Interviews

    Interview: Greg Hammond OAM

    Peter Hunt sat down with Greg Hammond OAM for our first interview in the Capital Partners’ series. In a wide-ranging conversation covering Greg’s Independent Review into reforms for co-ops and mutuals and his career as a senior lawyer, Peter and Greg discussed the potential for new capital to change the face of the mutual sector.

    Martin Stewart

    Interview: Martin Stewart, Ex Director, Bank of England

    Peter Hunt talks global economics with Martin Stewart. Following an executive career in mutual banking, Martin held senior positions at the Bank of England’s Prudential Regulation Authority and the UK’s Financial Services Authority. He was a key influencer on global financial services policy development post the financial crisis, with special responsibility for co-operatives and mutuals.

    Peter Burrows

    Interview: Peter Burrows, CEO, Cambridge Building Society, UK

    Peter Hunt speaks with Peter Burrows, CEO, Cambridge Building Society, UK about his experience of attracting a placement investment to his mutual.

    Colin Melvin

    Interview: Colin Melvin, Managing Director, Arkadiko Partners

    Colin is a pioneer of impact investing.  He has been at the forefront of global developments in corporate stewardship, sustainability and responsible asset management for over twenty years. We talk to him about his views on the potential for ESG investment.

      Peter Burrows

      INTERVIEW WITH HILDE VERNAILLEN, CEO OF GROUPE P&V, BELGIUM

      Hilde is a leading mutual business leader in Europe, and currently Chair of ICMIF, the global representative body for co-operative and mutual insurers.  In this interview, we discuss Covid, co-operation and capital raising, as well as collect some tips for a successful career for mutual leaders.

      Register

      BCCM members are entitled to access these interviews free of charge.
      Please contact BCCM to access the Members' Only resources.

      PAST WEBINARS

        CONSTITUTIONAL AND LEGAL ISSUES FOR MUTUAL CAPITAL INSTRUMENTS

        Tuesday 7 July 2020, 2 - 3.30pm

        Led by Jo Dodd, Partner at King & Wood Mallesons

        The first handful of mutuals have now amended their constitutions to give themselves the option to issue MCI in the future.  The 36-month window to complete this under the special ASIC procedure now has less than two years left.

        The webinar covered what constitutional amendments are needed to make your mutual ‘MCI-ready,’ what options you have to tailor the changes to suit your own circumstances and hear how to present these changes to your members, for the best chance of success.

        This seminar considered:

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          Constitutional requirements under the Act

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          Options to match your culture, history and likely use of MCI

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          Early ideas for designing instruments

          MCI, CCU AND BUSINESS STRATEGY: MARKETABILITY AND KEY ISSUANCE CONSIDERATIONS

          Wednesday 15 July 2020, 2 - 3.30pm

          Led by Matt A Price, Director, Financial Institutions Group, National Australia Bank

          The decision whether to issue Mutual Capital Instruments (MCI) or Co-operative Capital Units (CCUs) will be a key part of a mutual’s overall business strategy. Led by capital management and capital market experts from National Australia Bank, this seminar explored how MCI and CCU can be factored into your existing strategic decision making.

          It considered some of the practical questions related to the potential markets for new instruments.

          Relating MCIs/CCUs to business strategy – including:

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            Capital structuring 101 – overview of different capital types and structures

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            Capital planning and how MCI/CCUs can play a role

            An introduction to Mutual Capital Instruments

            Led by Peter Hunt, Managing Partner, Mutuo

            Friday 24 July 2020

            This briefing provides an opportunity to hear about Mutual Capital Instruments in a way that sets this development in context and gives you the information you need to understand what MCI are, and how they are likely to work.

            The presentation is set out in eight sections, which lead you through the story of MCI and how they can help to improve the business environment for mutuals. We examine how they actually work, and the sort of thought process that you might apply if you are considering issuing. We then look at some international examples of mutuals that have issued this type of capital already. We briefly describe what the legal changes mean for your mutual and talk about how best you might approach communicating these constitutional changes to your members. Then we will look at the options for different types of MCI and finally say a few things on the potential market for MCI.

            Credit ratings and capital markets

            Led by Daniel Yu, Vice President - Senior Analyst, Financial Institutions at Moody’s

            Thursday 20 August, 4:00 – 5:30pm AEST

            Access to capital is becoming increasingly important for Australian mutual banks, with the sector’s historically strong capitalisation under pressure from rising credit losses and risk-weighted densities. Meanwhile, technological developments are driving a structural shift in customer demand for digital services and products, with new entrants competing for market share. Intensifying competition will lead the mutuals to increase their spending on technology, and in turn pressure net interest margins and weaken their ability to generate sufficient capital organically.
            Join Daniel as he explains Moody’s approach to rating mutuals as well as credit consideration for mutual capital instruments (MCIs), and how the sector’s strengths and weakness are reflecting in ratings.

            Assessing Investment Options and the Suitability of MCIs and CCUs

            Led by Rade Musulin, Jon Tindall, Sen Nagarajan from Finity Consulting

            Thursday 27 August 4:00 – 5:30pm AEST

            Prior to undertaking an issue of Mutual Capital Instruments (MCIs) or Co-operative Capital Units (CCUs), mutual organisations need to assess their suitability relative to other funding options.

            In this webinar Rade Musulin, Jon Tindall, and Sen Nagarajan from Finity Consulting walk through factors organisations should consider such as valuing members’ benefit from investment opportunities, balancing member equity, risk management, and assessing/ranking available funding options.  In addition, Finity will outline the type of financial projections and scenario analysis that mutual organisations should consider as part of assessing whether MCIs and CCUs are suitable and to facilitate the engagement of all stakeholders.

            Mutual entities and fundraising - Understanding the regulatory framework

            Wednesday 30 September, 4 - 5:30 pm AEST

            Led by Claire LaBouchardiere,  Senior Executive Leader, Corporations and Fiona Laidlaw Senior Specialist, Corporations, from the Australian Securities and Investments Commission (ASIC) 

            Firms considering issuing mutual capital instruments will wish to weigh up the option of a retail offering to members and beyond, to the general public.

            This webinar, led by Claire LaBouchardiere and Fiona Laidlaw will describe the regulatory environment for retail share issues.

            They will outline ASIC’s rules for share offers and the expectations that firms will need to meet.

             The power of balance – retail vs wholesale markets

            Wednesday 7 October, 4:00–5:30pm AEST

            Led by Steven Wright, Executive Director, Fixed Interest and Philip Lee, Executive Director, Corporate Finance at Morgans Stockbrokers and Wealth Managers

            This webinar will examine how mutuals and co-ops can approach fundraising markets.

            Steven and Philip will consider a range of issues for firms considering issuing new capital:

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              Defining your potential investors

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              The Concept of Balance – Wholesale vs Retail

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              Investor Education

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              A Balanced Investor Register

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              Target Investors and examples

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              Aftermarket – support and success

              Project managing a share issuance

              Wednesday 28 October, 4:00 – 5:30pm AEST

              Led by Alison McGuire, Link Group

              This webinar will examine how to project manage a share issuance.  It will cover how to prepare a prospectus and communicate your offer, manage the transaction, maintain member communications and systems management before looking at ongoing registry management and investor relations.

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