Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

PSIS’s New Constitution Put Into Practice

Media Release
Friday 1 July

PSIS’s New Constitution Put Into Practice

PSIS has held its first elections under a new revised constitution. Chair of PSIS, David Gascoigne, said today: “The previous system harked back to PSIS’s foundations as a financial services provider for public servants, and was considered no longer appropriate now that all New Zealanders can become a customer with PSIS.”

As a customer-owned co-operative its 127,000 customers, who each hold one non-transferable share in the company, own the financial services provider.

“Under the new system, all our customers have the opportunity to nominate a candidate, and therefore provide a wider pool of talent for the Board. What was particularly encouraging from this first election was the quality of the candidates presented to shareholders and the number of customers who took the time and effort to cast a vote.

“The new constitution has been embraced by our customers and provides for a more transparent and democratic process,” Mr Gascoigne said.

Previously the board appointed half of the Directors, and the other half nominated for a shareholder vote by a number of service organisations such as the New Zealand Nurses Association.

Shareholders voted serving Directors Rob Crozier and Tina Symmans back on to the Board at the Annual Meeting held earlier this week.

Rob Crozier has been a PSIS Director since 1988, and a customer since 1975. An experienced director, he comes from an academic background and is the former General Secretary of the Association of University staff.

Tina Symmans has an extensive background in marketing, communications and strategic planning, and has previously led Contact Energy’s human resources, legal and communications teams as Director Corporate Services. She has been a PSIS Director since 1997.

At the meeting, PSIS also presented the company’s solid financial results for the year ending March 2005, including a 13% increase in net profit after tax.

ENDS


PSIS at a glance


What is PSIS?
PSIS was formed in 1928 to help New Zealanders in the public service access low-cost financial services. It now offers its products and services to all New Zealanders. While not a registered bank, it delivers personal banking services, including daily transactional banking, deposits, lending and insurance products. Its focus is on personal rather than business banking.

Ownership and governance
PSIS is New Zealand-owned. It is a co-operative in structure, owned by its 127,000 customers, who each have one non-transferable share. There are no outside shareholders.
PSIS is a limited co-operative company, governed by a Board of Directors. Current Board members are David Gascoigne CBE (Chairman), Rob Crozier, Peter Harris, Colin Hicks, John Isles and Tina Symmans.
A values-based organisation
PSIS exists to benefit its customers –its shareholders - and is governed by a statement of values. Its business focus is to meet the changing financial needs of New Zealanders and their families at all stages of their lives. PSIS operates profitably, but not at the expense of any sector of its customer base and not excessively so. This ethos is central to the way PSIS conducts all its business.
Branch network
PSIS has 31 branches from Whangarei to Invercargill. Two new branches were opened in Papanui, Christchurch and Botany Downs, Auckland in 2004. An emphasis is placed on face-to-face banking and personal service. PSIS also offers 24 hour, 7 day a week access through Internet, telephone and text banking.

Financial performance
For the year ending March 2005:
Net profit after tax $8.6m, a 13%increase on the previous year
Total assets increased 13% to $860 million
Deposits increased 11% to $725m
Loans increased 18% to $693m
Total reserves up 12% to $79 million
Capital adequacy (using Reserve Bank formula) 18%, well above the 8% minimum required for registered banks.


PSIS People

Chief Executive: Dr Girol Karacaoglu

Senior Management:
Simon White Chief Financial Officer
David Murray GM Marketing and Products
Annette Natta GM Information Technology
Kerry De La Haye GM Human Resources and People Development
Peter Mayne Head of Credit Policy and Special Projects
Russell Syme GM Customer Channels

Staff: PSIS has around 240 staff, in 31 branches around New Zealand and in the Wellington head office.

Auditors: Deloitte

Legal Status
PSIS is registered under both the Companies Act 1993 and Co-operative Companies Act 1996. PSIS is a member of the New Zealand Financial Services Federation and the New Zealand Co-operatives Association. PSIS is not a registered bank.

Prudent Management
There are two levels of protection for customers’ deposits. Firstly, a Trust Deed is supervised by New Zealand Guardian Trust, independent trustees who ensure PSIS operates within specified financial ratios. Further to this, the PSIS Board sets higher levels of liquidity and capital requirements.

Products and Services
PSIS offers a full range of personal banking services to meet the changing needs of its customers throughout life. It offers savings accounts, current accounts, call accounts, Internet Banking, Telephone Banking, TXT banking, access to all ATMs (apart from TSB) and EFTPOS, cheque facilities, overdrafts, Creditline accounts, Term Deposits, Bonds, home loans, vehicle loans and personal loans. It also provides a wide range of insurance products.

PSIS is committed to the highest levels of service. This is reflected in an independent banking survey where, for three years in a row, customers of PSIS have been more satisfied than those with any other bank.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>