Payments System Board Annual Report – 2014 Payments System Board – September 2014
Glenn Stevens
BEc (Hons) (Sydney), MA (Western)
Governor and Chair
Governor since 18 September 2006
Reappointed from 18 September 2013 until 17 September 2016
Glenn Stevens has held various senior positions at the Reserve Bank, including Head of Economic Analysis and International Departments and Assistant Governor (Economic), where he was responsible for overseeing economic and policy advice to the then Governor and Reserve Bank Board. He was Deputy Governor from 2001 to 2006. In June 2014, Mr Stevens was awarded a Doctor of Laws honoris causa (LLD) by Western University in Ontario, Canada.
Other Roles
Chair – Reserve Bank Board
Chair – Council of Financial Regulators
Chair – Financial
Markets Foundation for Children
Member – Financial Stability Board
Director – The Anika Foundation
Malcolm Edey
BEc (Sydney), PhD (London)
Assistant Governor (Financial System) and Deputy Chair
Deputy Chair since 14 April 2009
Malcolm Edey has held various senior positions at the Reserve Bank, including in the Economic and Financial Markets Groups. Prior to his current role, Dr Edey was Assistant Governor (Economic). In his current position as Assistant Governor (Financial System), he is responsible for the Bank's work on financial stability and oversight of the payments system.
Other Roles
Chair – OECD Committee on Financial Markets
Member – Basel Committee on Banking Supervision
Member –
Council of Financial Regulators
Wayne Byres
BEc (Hons) (Macquarie), MAppFin (Macquarie)
Ex Officio Member
Chairman, Australian Prudential Regulation Authority
Member since 9 July 2014
Present term ends 30 June 2019
Wayne Byres was appointed as a Member and Chairman of the Australian Prudential Regulation Authority from 1 July 2014 for a five-year term. His early career was in the Reserve Bank, which he joined in 1984. He transferred to APRA on its establishment in 1998 and held a number of senior executive positions in the policy and supervisory divisions. In 2004, Mr Byres was appointed Executive General Manager, Diversified Institutions Division, with responsibility for the supervision of Australia's largest and most complex financial groups. He held this role until the end of 2011, when he was appointed as Secretary General of the Basel Committee on Banking Supervision, based at the Bank for International Settlements in Basel. Mr Byres is a Fellow of the Financial Services Institute of Australia.
Other Roles
Member – Basel Committee on Banking Supervision
Director – Centre for International Finance and Regulation
Member – BIS Group of Governors and Heads of Supervision
Member –
Council of Financial Regulators
Member – Trans-Tasman Council on
Banking Supervision
Gina Cass-Gottlieb
BEc (Hons), LLB (Hons) (Sydney), LLM (Berkeley)
Non-Executive Member
Member since 15 July 2013
Present term ends 14 July 2018
Gina Cass-Gottlieb is a senior partner in Gilbert + Tobin's competition and regulation practice, advising and representing corporations, industry associations, government and government agencies. She has over 25 years' experience, including advising in relation to access arrangements in a range of sectors across the economy. Ms Cass-Gottlieb attended the University of California, Berkeley, as a Fulbright Scholar.
Directorships
Director – Sydney Children's Hospital Foundation
Paul Costello
BA (Canterbury), Dip. Bus Admin (Massey)
Non-Executive Member
Member since 15 July 2013
Present term ends 14 July 2018
Paul Costello has held a number of roles in the Australasian financial services sector. Most recently he served as the inaugural general manager at the Australian Government's Future Fund and also as the chief executive of the New Zealand Government's Superannuation Fund. Prior to these roles, he spent 15 years in the Australian wealth management industry. The Australian Government has previously appointed him in advisory roles to assist with the Stronger Super regulatory reforms and the Productivity Commission review of the sector. Mr Costello is a Fellow of the Financial Services Institute of Australia.
Directorships
Director – AIA Australia Limited
Director – Qantas Superannuation Limited
Member –
International Advisory Council of the China Investment Corporation
Robert McLean AM
BEc (Stats) (Hons) (UNE), MBA (Columbia)
Non-Executive Member
Member since 29 November 2006
Present term ends 28 November 2016
Robert McLean is a company director and private equity investor. He had a 25-year career at McKinsey & Company, where he remains a Senior Advisor to the firm, and previously served on the boards of CSR Ltd, Pacific Dunlop Ltd and Elders Rural Services. He was Dean and Director of the Australian Graduate School of Management at the University of New South Wales from 2003 to 2006. Mr McLean attended Columbia University in New York as a Fulbright Scholar.
Directorships
Chair – Australia Program Advisory Board, The Nature Conservancy (Australia)
Director – LJ Hooker Pty Ltd
Director – The Centre
for Independent Studies
Senior Advisor – McKinsey & Company
Catherine Walter AM
LLB (Hons), LLM, MBA (Melbourne)
Non-Executive Member
Member since 3 September 2007
Present term ends 2 September 2017
Catherine Walter is a solicitor and company director, who practised banking and corporate law for 20 years in major city law firms, culminating in a term as Managing Partner of Clayton Utz, Melbourne. She was a Commissioner of the City of Melbourne and for more than 20 years has been a non-executive director of a range of listed companies, government entities and not-for-profit organisations spanning the arts, education, insurance, investment, banking and financial services, consumer goods, resources, telecommunications and scientific and medical research. Mrs Walter is a Fellow of the Australian Institute of Company Directors.
Directorships
Chair – Fed Square Pty Ltd
Director – Australian Foundation Investment Company
Director
– Victorian Funds Management Corporation
Director – Victorian
Opera
Brian Wilson
MCom (Hons) (Auckland)
Non-Executive Member
Member since 15 November 2010
Present term ends 14 November 2015
Brian Wilson was a Managing Director of the global investment bank Lazard until 2009, after co-founding the firm in Australia in 2004, and was previously a Vice-Chairman of Citigroup Australia and its predecessor companies. Mr Wilson was a member of the Commonwealth Government Review of Australia's Superannuation System, the ATO Superannuation Reform Steering Committee and the Specialist Reference Group on the Taxation of Multinational Enterprises in Australia.
Directorships
Chairman – Foreign Investment Review Board
Deputy Chancellor – University of Technology, Sydney
Director
– Bell Financial Group Ltd
Retirement from the Board
John Laker AO retired from the Board on 30 June 2014.
John Laker AO
BEc (Hons) (Sydney), MSc (Econ), PhD (london)
ex officio Member
Appointed 24 July 1998
Retired 30 June 2014
John Laker was appointed as a Member and Chairman of the Australian Prudential Regulation Authority on 1 July 2003 and completed his appointment on 30 June 2014. He worked in the Commonwealth Treasury and International Monetary Fund before joining the Reserve Bank in 1982, where he held senior positions in the economic, bank supervision and international areas. From 1998 to 2003, Dr Laker was Assistant Governor (Financial System) and Deputy Chair of the Payments System Board.
Other Roles
Member – Basel Committee on Banking Supervision
Member – BIS Group of Governors and Heads of Supervision
Director – Centre for International Finance and Regulation
Member –
Council of Financial Regulators
Member – Trans-Tasman Council on
Banking Supervision
Resolution of the Board – 23 May 2014
Members noted that this was the final meeting for John Laker, after 16 years on the Board. Dr Laker, who was a founding member of the Board, served initially as a representative of the Bank and since 2003 as a representative of APRA. Members paid tribute to Dr Laker's professionalism and dedication and his active and probing role as a Board member throughout his term. They recorded their appreciation of Dr Laker's valuable contribution to payments policy in Australia, including as a member of the Reserve Bank staff and through his contribution to the Board's deliberations from the perspective of a regulator in the financial sector. Members wished him well in the future.