About

eftpos is a company limited by guarantee and wholly owned by its 19 Members

• Adyen
• Australia and New Zealand Banking Group Limited
• Australian Settlements Limited
• Bank of Queensland Limited
• Bendigo and Adelaide Bank Limited
• Citigroup Pty Limited
• Commonwealth Bank of Australia
• Coles Group Limited
• Cuscal Limited
• EFTEX
• Fiserv
• Indue Limited
• ING DIRECT
• National Australia Bank Limited
• Windcave Pty Ltd
• Suncorp Bank
• Tyro Payments
• Westpac Banking Corporation
• Woolworths Group Limited

eftpos CEO and Managing Director Stephen Benton talks about eftpos.

eftpos Payments Australia Limited is unlisted.  As an unlisted public company, eftpos follows many, but not all, of the Corporate Governance Principles and Recommendations (4th edition) published by the ASX Corporate Governance Council February 2019 (CGPRs). 

Documents and information which reflect eftpos’ adoption of the remainder CGPRs are accessible through the “About Us” and “Annual Report” landing pages of the website.  eftpos otherwise confirms that:

• it has a process for periodically evaluating the performance of the board, its committees and individual directors as well as Management Team, which was done during the reporting period;
• the risk management framework for eftpos has been reviewed at least once during the reporting period;
• the Company has engaged Grant Thornton to perform the internal audit function and the Risk & Internal Audit Committee receives regular reports about the outcomes of each audit performed according to a plan approved by that Committee for the reporting period.

Those CGPRs that eftpos does not follow are set out below.  Specifically, eftpos does not adopt CGPRs:

• 2(a), 1.5 and 2.6 as the eftpos Constitution permits Members to nominate directors to the eftpos Board which precludes eftpos performing checks before appointment, maintenance of gender diversity at the eftpos Board the Company having a majority of independent directors,
• 5 – while eftpos has a Diversity Policy, it has elected not to publish the policy (as eftpos is not a listed entity and has fewer than 100 employees), although as at the date of publication:
  • the gender composition of the Board changes according to the nominee directors nominated by Members in accordance with the eftpos Constitution;
  • the Management Team has 50/50 gender representation;
  • eftpos has roughly even gender numbers on staff; and
  • eftpos prides itself on the cultural, marital or family status, age, ethnicity, religious beliefs, cultural background and socio-economic background diversity.
• 2, 3.4 – while eftpos has a Board Code of Conduct and staff Code of Conduct (containing matters similar to those set out in box 3.2 of CGPR) and an Anti-bribery Policy, it has elected not to publish them as eftpos is not a listed entity ,
• 3 – as eftpos does not disclose periodic corporate reports to the market and is unlisted
• 1, 5.3, 6.2, 6.3, 6.4, 6.5 and 8.2 as eftpos is not a listed entity, does not have securities that are traded, and does not give new and substantive investor or analyst presentations.  eftpos’ Constitution sets out voting arrangements at member meetings the results of which are captured and available to members on request in accordance with the Constitution.  However, eftpos does communicate with its Members at regular Member meetings and at its Member Class Meetings and Annual General Meeting, about matters impacting the eftpos business.  In addition, the majority of eftpos’ directors are nominated by its membership and receive no remuneration from the Company.  The remuneration of the non-executive directors are disclosed, together with other remuneration packages in aggregate in the audited financial statements. The remuneration is reflective of the time commitment and responsibilities of the roles of non-executive directors which chair the Board and all committees.  The remuneration of the Management Team are an appropriate balance of fixed and performance based remuneration.  eftpos does not have an equity-based remuneration program.  CGPR 8.3 does not apply as eftpos does not have an equity-based remuneration scheme. 
• 1 as all eftpos directors speak English, 9.2 and 9.3 as eftpos was established in Australia.

The eftpos values are: