CHAPS Clearing Company (CHAPS Co), the UK operator of a scheme that processes and settles systemically important and time-dependent payments, has appointed Herta von Stiegel as its first independent chair, thereby ensuring that CHAPS continues to meet the latest governance standards concerning the aging payment scheme, which has been overtaken somewhat by the UK Faster Payment Service (FPS) for all but high-volume paid-for and international financial market payments.
Chaps will also appoint two additional independent directors later this month, added the payments processing body, while announcing that Mrs Herta von Stiegel will join as the new chair. She formally took up the position at CHAPS Co on 25 May, and has over 25 years of international management, finance and board level experience, having held senior positions at Citibank, Rabobank, JP Morgan and AIG in London and New York. Until 2005, von Stiegel was managing director at AIG Financial products, where she had a leading position in the investment banking division.
Von Stiegel joins CHAPS Co from Ariya Capital Group, which she founded in 2008, acting as chief executive officer (CEO). Ariya Capital focuses on clean energy, infrastructure and agricultural investments, particularly in Africa.
Previously, von Stiegel served on the board of Camco International, a publically-listed global clean energy developer, with significant operations in China, the US and Africa, where she chaired the audit committee for four years and also served on the remuneration, audit and nominations committees. While at Citibank, she transferred from the US to London as senior tax counsel to concentrate on the bank’s operations in Europe.
“I am delighted to have taken on the role of CHAPS Co’s first independent chairman,” said Von Stiegel. “The scheme plays a critical role in the UK’s economy and on the global financial stage, processing over £280bn every day. I look forward to leading its board and adding value to the organisation and its stakeholders.”
CHAPS currently has 19 full settlement members.