There were a number of changes to the board of directors during the year. Mr Ian Warner resigned from the board in August 2007 and was replaced by Mr Colin Grainger. The tenure of Mr Bob Challis as chairman concluded on 21 December 2007. Mr Russell Rechner was appointed as the new chairman with effect from 1 January 2008.

The names of the directors in office as at 30 June 2008 are set out below, together with particulars of their qualifications, experience and special responsibilities.

Mr R J Rechner
Over 16 years’ banking experience with the Australia and New Zealand Banking Group Limited and National Mutual Royal Bank Limited. Retired as Director of Major Projects, ANZ in 2002 and was previously Senior General Manager, ANZ. Held senior management positions at Myer and Coles Myer prior to moving into the banking industry. Chairman of the Trustee of the ANZ Australian Staff Super Scheme. Served as a member of the Code Compliance Monitoring Committee immediately prior to appointment as chairman. Appointed a director and chairman of the company in January 2008. Chairman of the Remuneration Committee.

Mr P J Apolony
Division Director, Head of Macquarie Payment Services, Macquarie Bank Limited. Over 26 years’ experience in the banking industry including roles in operations, product development and strategy, specialising in payments. Appointed by the OB Owner Member Electoral Group as a director in June 2007. Chairman, Management Committee of the High Value Clearing System (HVCS). Member of the Finance and Audit Committee and the Remuneration Committee.

Mr G L Bebbington
Head of Payments Policy & Support, Working Capital Services, National Australia Bank Limited. Over 27 years’ experience in financial services in business and technology related roles as both a senior executive and internal/external consultant. Director and chairman of BPAY Pty Ltd and a director of Cardlink Services Limited and EFTPOS Access Australia Limited. Appointed by National Australia Bank as a director in May 2002. Chairman, Management Committee of the Bulk Electronic Clearing System (BECS).

Mr C G Campbell
Head of Payments Policy and Implementation, Westpac Banking Corporation. Over 16 years’ experience in banking and economics, including payments policy, finance, product management and related areas. Director of EFTPOS Access Australia Limited and a director of BPAY Pty Ltd. Appointed by Westpac Banking Corporation as a director in April 2003. Chairman of the Finance and Audit Committee and member of the Remuneration Committee.

Mr G P Devlin
Head of Access and Payment Systems, Bendigo Bank Limited. Over 31 years’ experience in cards based payments systems in Australia and the Asia/Pacific region, including roles in operations, business development, strategic marketing and general management. Appointed by the RB Owner Member Electoral Group as a director in October 2005.

Mr C R Grainger
Product Manager, St.George Bank Limited. Over 20 years experience in the Australian banking industry including retail bank product management, project execution and change management. Appointed by St.George Bank Limited as a director in August 2007.

Mr C J Hamilton
15 years' experience in financial services, particularly financial markets infrastructure, and six years' experience in securities law. Appointed Chief Executive Officer and executive director in January 2006. Member of the Finance and Audit Committee and the Remuneration Committee.

Mr D Heine
General Manager, Product and Operations, Cuscal Limited. Over 16 years' experience in the financial services industry including management and production of commercial products and services and risk management. Director of Credit Union Financial Support System (CUFSS) since 2004. Appointed by the Credit Unions Owner Member Electoral Group as a director in January 2007. Member of the Finance and Audit Committee and the Remuneration Committee.

Mr P A Inglis
Head, Payments Risk & Industry, Australia and New Zealand Banking Group Limited. Over 21 years’ experience in the banking industry in payments and economics; five years in government service, including Federal Treasury. Director and chairman of EFTPOS Access Australia Limited and a director of CLS Services Limited. Member of the global Payments Market Practice Group. Appointed by the Australia and New Zealand Banking Group Limited as a director in July 1998. Chairman, Management Committee of the Consumer Electronic Clearing System (CECS). Member of the Management Committee of the Bulk Electronic Clearing System (BECS).

Mr J N Toms
Chief Executive Officer, Australian Settlements Limited. Over 20 years’ experience in areas of industry policy, particularly payments systems. Appointed by the Building Societies Owner Member Electoral Group as a director in December 1992. Chairman of the Fraud Committee. Member of the Finance and Audit Committee and the Remuneration Committee.

Mr S A Woodward
General Manager, Representation, Payments and Business Technology, Premium Business Services, Commonwealth Bank of Australia. Over 30 years’ experience within the Commonwealth Bank Group, including retail and corporate banking, payment systems and merchant acquiring. Director and chairman of Cardlink Services Ltd. Director of Charge Card Services Ltd, EFTPOS Access Australia Ltd and BPAY Pty Ltd. Appointed by the Commonwealth Bank of Australia as a director in February 2005. Chairman, Management Committee of the Australian Paper Clearing System (APCS).