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Thursday, 13 August 2009
Page: 4898

Senator SHERRY (Assistant Treasurer) (3:02 PM) —On 15 June 2009 I took on notice an undertaking to provide Senator Bob Brown information on the board structure—

Senator Bob Brown —Mr Deputy President, I rise on a point of order. I cannot hear what the minister is saying.

The DEPUTY PRESIDENT —Would senators who are leaving the chamber please do so quietly.

Senator SHERRY —On 15 June 2009 I took on notice an undertaking to provide Senator Bob Brown information on the board structure of Securency and whether there was any common membership between the Reserve Bank of Australia and Securency. I seek leave to have the response incorporated in Hansard.

Leave granted.

The response read as follows—

Senator BOB BROWN—Mr President, I have a further supplementary question. Is it true that the Deputy Governor of the Reserve Bank is also the chair of the board of Securency, which has now been accused of having agents putting multimillion dollar funds into offshore tax havens as a result of the pursuit

of contractual arrangements, including with countries like Sudan, which have been proscribed by the United States because of their terrorist status? I also ask the minister, does it not trouble the government enough to ask the Reserve Bank about its subsidiary’s dealing with the regime of Saddam Hussein in the 1990s? If it has information about those particular dealings, what is that particular information?

To which you responded:

Senator SHERRY—Securency was established in 1996 and it is half-owned by the Reserve Bank. I do not have the board membership before me but I am happy to take that on notice and examine whether there is any common board membership between the RBA and Securency. I do understand that the board of Securency have referred all matters to the Australian Federal Police. As I have said on two occasions in response to your questions, it would be inappropriate for me to comment further until the police have carried out whatever investigations they believe are appropriate in this matter.


The board of Securency comprises nine members.  Four members are appointed by the Reserve Bank of Australia (RBA), including the Chairman, four members are appointed by the joint-venture partner Innovia Films, and the remaining board member is a non-voting Managing Director.

Directors of Securency appointed by the RBA as at 13 August 2009 are:

  • Bob Rankin, Chairman (Assistant Governor, RBA);
  • Les Austin (former Assistant Governor, RBA);
  • John Akehurst (current member of the RBA Board); and
  • Daryl Ross (Chief Financial Officer, RBA).

Directors of Securency appointed by Innovia Films as at 13 August 2009 are:

  • David Beeby (Chief Executive, Innovia Films);
  • John Wales (Operations Director, Innovia Films);
  • Bill Lowther (Deputy Chairman, Innovia Films); and
  • Jim Graham (Partner in Candover and Director, Innovia Films).

Securency’s Managing Director is Myles Curtis.

John Akehurst is the only RBA Board member who also serves on the Securency Board.

Candover is the private equity firm which owns the majority of shares in Innovia Films.