NO.052

APPOINTMENT OF CHAIRMAN OF THE FINANCIAL REPORTING COUNCIL

I am pleased to announce the appointment of Mr Charles Macek as part-time

Chairman of the Financial Reporting Council (FRC) for a three year term.

The FRC is the peak body responsible for the broad oversight of the accounting

standard setting process for the private, public and not-for-profit sectors.

The Government has proposed under its Corporate Law Economic Reform Program

(CLERP 9) that the FRC’s role be expanded to include oversight of auditor independence,

oversight of the setting of auditing standards, monitoring of the disciplinary

procedures of the professional accounting bodies, and promoting and advising

on the teaching of professional and business ethics.

Appointments to the FRC are made by the Treasurer under the Australian Securities

and Investments Commission Act 2001.

The FRC includes members appointed from nominations provided by stakeholders

from the business and investing communities, the professional accounting bodies,

governments and regulatory agencies, as well as members appointed independently

of stakeholder interests.

Mr Macek has been a member of the FRC since its formal inception in 2000.

He replaces Mr Jeffrey Lucy, AM, who resigned as FRC Chairman in February to

take up the position of Deputy Chairman of the Australian Securities and Investments

Commission. Mr Macek has acted as Chairman since that time.

Mr Macek is widely respected for his experience and judgement. He has more

than 30 years’ experience in financial services including insurance, stock-broking,

investment management, investment and commercial banking in Australia, New Zealand,

the United Kingdom, the United States and Japan. He is a company director and

Chairman of the Sustainable Investment Research Institute Pty Ltd.

I am also pleased to announce the appointment of Mr Brian Scullin as a part-time

member of the FRC and Ms Jenifer Wells as his alternate member, both for three

year terms and both on the nomination of the Investment & Financial Services

Association (IFSA). Mr Scullin replaces Mr Leigh Hall, AM who retired from the

FRC on 31 December 2002.

Mr Scullin is part-time Adviser to the Head of Deutsche Asset Management in

the Asia-Pacific and a director of a number of Deutsche Asset Management companies

in Australia, Japan, India and Singapore, having held senior full-time positions

with Deutsche and Bankers Trust over many years. He is also Deputy Chairman

of IFSA. Ms Wells is Senior Policy Manager at IFSA and a member of the Australian

Stock Exchange Corporate Governance Council.

CANBERRA

13 June 2003

Contact: David Alexander

02 6277 7340