Redefining for the Future
Announcing a new, more inclusive membership community, improved governance, and independent directors
MEDIA RELEASE
Sydney: 4 July 2014
The changing face of payments: APCA redefines itself for the next generation of payment systems
The Australian Payments Clearing Association, the payments industry self-regulatory body, announced the commencement from 1 July of a new, more inclusive membership community and improved governance. These changes reflect APCA’s growing role in supporting the Australian payments system. Changes include the appointment of two additional independent directors.
Late last year, APCA’s members voted to adopt a new Constitution to recognise the growing diversity of interests in payments arising from structural and technological change. The transition to the new arrangements ended on 30 June 2014.
APCA CEO Chris Hamilton said, “The structure of the Australian payments system is changing fast, and APCA is changing with it. For many years, APCA’s focus was on the basic plumbing of Australian payments – non-competitive payment clearing arrangements. The key players have traditionally been financial institutions.
“But two long-term trends are changing the nature of Australian payments, and bringing new challenges for APCA, notably the growth of new, non-traditional payment providers and the rapid growth of competition amongst payment systems. In this new world, APCA has moved to redefine itself.
“The governance transition, completed on 30 June 2014, gives us the reach and inclusiveness to support the whole payments system and the ability to provide a venue for debate across the full diversity of interests.”
Key elements of the change are:
- Extension of membership eligibility to any participant in any recognised Australian
- payments system as defined under Commonwealth legislation, not just APCA-
- administered systems;
- Creation of a new category of operator membership for organisations that administer a
- payment network or scheme;
- Significantly revised voting and director election arrangements to promote fair
- representation of interests across the payments system; and
- The addition of two new independent directors to join the independent chair and the provision of substantial voting power to those independents, thereby broadening and deepening our policy formulation and decision-making.
“I look forward to welcoming a number of important newcomers to APCA membership in the near future,” said Mr Hamilton.
Elected directors
APCA held its first election for member directors. Long-serving Director, Mr Paul Apolony, and new Director, Mr David Carter, were elected as a result and join the six appointed directors representing the four major banks, credit unions and building societies, respectively.
Australian Payments Clearing Association Limited ABN 12 055 136 519
Level 6, 14 Martin Place, Sydney NSW 2000 Telephone +61 2 9216 4888 Facsimile +61 2 9221 8057 www.apca.com.au
Announcing two new independent directors
In addition to eight member directors and a nominee of the Reserve Bank of Australia, the new Constitution provides for three independent directors with substantial voting power. APCA’s independent Chair, Robert Craig, was appointed in February 2014. He is now joined by two new independent directors to the APCA Board, who attended their first meeting in June 2014.
• Jennifer Clark
Ms Clark has over 23 years’ experience as a Non-Executive Director and is currently a Member of the Boards of the National ICT Australia Ltd (NICTA) and the Australian Maritime Safety Authority (AMSA). Ms Clark is also an independent member of a number of Audit and Risk Committees.
Ms Clark has an extensive background in business, finance and governance through a career as a Non-Executive Director since 1991 and as a Banker for over 20 years. In her banking career she specialised in financing major companies and infrastructure projects, as well as undertaking advisory roles to the Commonwealth Government.
• Kate Mulligan
Ms Mulligan has more than 28 years’ experience in Financial Services business and the law, including senior roles at Allens, St George Bank and ANZ. She has been Managing Director and sat on the boards of several funds management businesses, including Advance Asset Management and Ventura Investment Management, for over ten years.
Ms Mulligan is currently a Non-Executive Director of Netwealth and its subsidiaries, and is the Chair of Netwealth's Group Audit Committee. She is also Managing Director of King Irving Consulting Group which specialises in financial services, and is a practicing solicitor. Ms Mulligan chaired the Disclosure and the Retirement Incomes Committees for the Financial Services Council.
“I am delighted to welcome Jennifer and Kate to the Board,” said Mr Craig. “I look forward to the experience, diversity and depth of perspective they will bring to our deliberations. Their contribution should be critical in helping APCA fulfil its mission of aligning the interests of members and of the public in improving the Australian payments system. Lastly, I would like to pay tribute to the continuing APCA members and their Directors. They have fostered change with a spirit of openness and collaboration.”
ENDS
Media:
Brad Pragnell, APCA Industry Policy
Tel. (02) 9216 4837 Mobile: 0408 438 618
Australian Payments Clearing Association Limited ABN 12 055 136 519
Level 6, 14 Martin Place, Sydney NSW 2000 Telephone +61 2 9216 4888 Facsimile +61 2 9221 8057 www.apca.com.au
