Payments Council Board
The Payments Council Board is made up of:
- 15 voting directors
- A voting independent chairman
- An observer from the Bank of England
Click here to see details of our current Board members. Only full members of the Payments Council are eligible for a seat on the Board. Of the 15 directors on the Board, 11 are industry-appointed directors who represent a cross section of our membership, and 4 independent directors.
Each independent director holds one voting seat and is appointed for a period of three years, which can be extended once for a further three years. Any two independent directors have the power of veto and produce an annual report each year which is published as part of the Payments Council Annual Review.
In the recruitment of the Independent Directors we use an open recruitment process which includes advertising vacancies in national newspapers.
The Board operates in a manner that promotes openness and transparency. The Board agendas and minutes are published on the website, alongside the rules that govern the Payments Council.
The Payments Council holds an annual general meeting (or AGM) each year and other general meetings as required. These are chaired by the independent chairman. All full members have voting rights at general meetings determined by their qualifying UK payment volumes. No single full member will have more than 24.99% of the voting rights at a meeting.
- First full-year results published for new Current Account Switch Service (15 Oct 2014)
- More banks join Paym (14 Oct 2014)