I am pleased to announce the reappointment of Mr Robert McLean AM as a member of the Payments System Board for a further five-year period.
Mr McLean has been a highly effective member of the Payments System Board since 29 November 2006, and will continue to make a valuable contribution given his experience and strong background in the financial sector.
Mr McLean is currently a Senior Advisor to McKinsey and Co where he previously ran the firm's Australian and New Zealand business, as well as a director of the Centre for Independent Studies. Mr McLean was formerly the Dean of the Australian Graduate School of Management, and has also served on the boards of CSR Limited, Pacific Dunlop Limited and Elders Rural Services.
The Payments System Board was established on 1 July 1998 as a board of the Reserve Bank of Australia. It determines the Reserve Bank's payments system policy and is responsible for the stability of, and competition and efficiency within, the payments system.
The Reserve Bank Act 1959 provides for up to eight members of the Payments System Board including the Governor and one other representative of the Reserve Bank, one representative from the Australian Prudential Regulation Authority and up to five independent members.
I take this opportunity to congratulate Mr McLean on his reappointment.
The other members of the Payments System Board are: Glenn Stevens (Chairman), Malcolm Edey (Deputy Chairman), John Laker AO (APRA Member), Joseph Gersh AM, Catherine Walter AM and Brian Wilson.