27 May, NY Stock Exchange
June 27, 1998Address on the Launch of the New Corporate and Financial Regulatory Framework
July 1, 1998
NO. 061
EMBARGO
APPOINTMENTS TO THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
A key element of the changes to the regulatory structure provided for in the Governments financial sector reform program is the creation of a new organisation, the Australian Prudential Regulation Authority (APRA). APRA will have responsibility for the prudential regulation of authorised deposit-taking institutions, insurance companies and superannuation funds. APRA will commence operations on 1 July 1998, to coincide with the commencement of the Australian Securities and Investments Commission (ASIC).
Today, I am pleased to announce that the Government has decided to appoint Mr Donald Mercer, Dr Robert Austin and Professor David Knox to the APRA Board as independent members, each for a term of five years. Curricula vitae for the new members are attached.
Two previously announced appointments to APRA: Dr Jeffrey Carmichael AO as Chairman-designate and Mr Graeme Thompson as the Chief Executive Officer-designate are now confirmed.
The APRA Board will also comprise two representatives of the Reserve Bank of Australia (Mr Ian Macfarlane and Dr John Laker) and a representative of ASIC (Mr Alan Cameron AM).
One vacancy remains on the APRA Board. An appointment to this position will be considered in the context of the transfer from the States to the Commonwealth of responsibility for Credit Unions, Building Societies and Friendly Societies.
Contact:
Niki Savva
(02) 6277 7340
29 June 1998
CANBERRA
CURRICULUM VITAE
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Name: |
Donald Penn Mercer |
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Date of Birth: |
18 April 1941 |
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Nationality: |
Australian |
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Academic Qualifications |
Bachelor of Science (Honours) St Andrews Diploma of Public Administration Master of Arts (Economics) Manchester University |
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Current Position: |
Company Director |
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Employment History: |
Australia and New Zealand Banking Group 1992-97 Chief Executive Officer 1988-92 Chief General Manager Retail Services |
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Board Appointments: |
Director, Australia Pacific Airports Chairman, Orica (ICI) Director, Fujitsu President, Australian Coalition of Service Industries Chairman, Graduate School of Management |
CURRICULUM VITAE
|
Name: |
Robert Peter Austin |
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Date of Birth: |
15 June 1946 |
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Nationality: |
Australian |
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Academic Qualifications |
BA, LLB, LLM Sydney University DPhil Oxford |
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Current Position: |
Partner, Minter Ellison Solicitors |
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Employment History: |
Dept. of Law, University of Sydney 1984-89 Professor 1983-84 Associate Professor 1974-82 Senior Lecturer 1970-73 Lecturer Duke Law School 1989-90 Visiting Professor Corpus Christi College Oxford 1986 Visiting Fellow Osgoode Hall Law School, Canada 1985 Visiting Professor |
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Board Appointments: |
Member, Companies and Securities Advisory Committee |
CURRICULUM VITAE
|
Name: |
David Montgomery Knox |
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Date of Birth: |
28 December 1953 |
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Nationality: |
Australian |
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Academic Qualifications |
BA, PhD Macquarie University FIA, FIAA |
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Current Position: |
Chair and Director, Centre for Actuarial Studies, University of Melbourne |
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Employment History: |
Macquarie University 1979-92 Lecturer to Associate Professor National Mutual Life 1975-78 |
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Board Appointments: |
Vice President, Institute of Actuaries Australia since 1994 Board Member, BT Life |
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Awards: |
Actuary of the Year, Institute of Actuaries Australia, 1996 |