The eftpos Board consists of three Independent Directors, the Managing Director and seven Directors nominated by our Members in accordance with the eftpos Constitution. Additional Directors can be nominated by Members in accordance with the eftpos Constitution. The Board represents a broad cross section of experience from within the payments industry, retail, banking and finance. Our Chairman, Ms Vickki McFadden, brings to the Board important skills and experience that will help guide eftpos through our transition from a single-product company, to a multi-product/multi-channel and services payments company.
The composition of the Board is determined using the following principles:
- The Chairman of the Board is an independent non-executive Director;
- No Director can be a director or officer of another card payment scheme;
- The roles of the Chair and CEO are not exercised by the same person; and
- The Board has adopted a definition of Independent Director for the three current Independent Directors which is consistent with that set out in Recommendation 2.3 of the Corporate Governance Principles and Recommendations with 2014 Amendments (3rd Edition) and is assessed on an ongoing basis.
Details of Directors skills, experience and expertise relevant to their position are set out in the Board of Directors Section.
The Independent Directors are paid by the Company for their services as Directors.