Governance and compliance

FMG is comprised of Farmers’ Mutual Group and FMG Insurance Limited (collectively referred to as FMG). At FMG, we take our responsibility to be fair and transparent seriously.

Find out about how we meet our legal and regulatory requirements below.

FMG Membership

FMG is a mutual organisation, which means we’re owned by our rural clients, known as our ‘members’.

Members are defined as clients who have a rural risk insurance policy with FMG. Once you become a member, you’ll remain a member while you're an FMG client. Members can attend and vote at our annual AGM.

Farmers' Mutual Group Act 2007

FMG is governed by the Farmers' Mutual Group Act 2007.

Farmers' Mutual Group Act 2007 Farmers-Mutual-Group-Act-2007.pdf [PDF File 690.2 KB]

FMG Constitution and Governance Charters

FMG Constitution FMG-Constitution.pdf [PDF File 310.7 KB]

FMG Board Charter FMG_FMGIL-Board-Charter-Dec-2023.pdf [PDF File 169.1 KB]

FMG Risk and Audit Committee Charter FMG_FMGIL-Risk-and-Audit-Committee-Charter-Dec-2023.pdf [PDF File 121.4 KB]

FMG Remuneration Committee Charter FMG_FMGIL-Remuneration-Charter-Dec-2023.pdf [PDF File 105.0 KB]

FMG Conduct and Culture Committee Charter FMGIL-Conduct-and-Culture-Committee-Charter-Dec-2023.pdf [PDF File 109.3 KB]

Member Director Election & Appointed Director Policy

This Policy is governed by the Farmers’ Mutual Group Act 2007 and the FMG Constitution, and additional regulatory requirements.

This Policy provides information on governance processes to ensure transparency around the election / appointment process and sets out criteria around the evaluation of prospective new Directors as well as current Member Directors who are required to retire by rotation.

As required by the Reserve Bank of New Zealand, all existing and prospective Directors must meet the requirements set out in FMG’s Fit & Proper Policy, as included in this Policy.

FMG Member Director Election & Appointed Director Policy FMG-Director-Member-Election-and-Appointed-Director-Policy-December-2023-FINAL.pdf [PDF File 288.6 KB]

Code of Professional Conduct for Financial Advice Services Code-of-Professional-Conduct-for-Financial-Advice-Services.pdf [PDF File 98.5 KB]

Conduct and Culture Policy Conduct-and-Culture-Policy-Oct-2022-updated-Dec-2023.pdf [PDF File 161.9 KB]

FMG Privacy Policy

FMG places a great deal of importance on secure privacy of its clients, employees, and third parties. This Privacy Policy has been developed to help you understand what information FMG collects, why it collects it, how it is collected and what it is to be used for.

Privacy Policy 2023 Privacy-Policy-2023.pdf [PDF File 188.2 KB]

Solvency Margin

As an insurer licensed under the Insurance (Prudential Supervision) Act 2010 FMG Insurance Limited is required to disclose information with regards to the solvency position.  The solvency information from the Interim Solvency Return at 31 December 2023 is:

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