PASA’s Council, or board, is the governing body of PASA and is composed of Councillors drawn from PASA’s Members. Although appointed by Members, Councillors have a fiduciary responsibility (i.e. they act independently and objectively, in the best interest of the NPS and with a holistic and inclusive mind-set). PASA Council therefore bears the responsibility of ensuring an efficient, reliable and stable payments environment to serve the South African economy and people as a whole.
PASA Council is comprised of an Independent Chairperson who holds a casting vote, as well as nine Councillors appointed by:
- Any Member with a throughput representing more than 10 % of the total, value and volume cleared through the interbank systems during the previous year. In practice, this currently adds up to four voting Members;
- Three Members elected by the rest of the members (commonly referred to as the “lower volume and value banks”) as voting Members;
- The Chief Executive Officer of PASA as a voting Member; and
- The SARB as a non-voting Member
Councillors and the Deputy Chairperson are appointed on a biannual basis from amongst PASA Members
In summary, PASA Council is:
- The Governing body of PASA;
- Appointed by Members
- But not to represent Members
PASA Council has power and authority to, inter alia:
- Govern PASA
- Amend the Constitution
- Direct PASA to withdraw or to reinstate a Member’s status of good standing
- Dissolve PASA (subject to the approval of the Reserve Bank)
- Constitute, establish, maintain or dissolve any PASA Structure
At present PASA Council is constituted of the following Councillors –