NO.079

Appointments to the Companies and Securities Advisory Committee

I today announced a number of appointments to the Companies and Securities Advisory Committee (CASAC) and its Legal Sub-Committee.

CASAC is established under the Australian Securities and Investments Commission Act 2001 to advise the Government on matters relating to the amendment, administration or reform of the Corporations Law, companies, and the securities and futures industries. Among the issues considered by CASAC to date are corporate financial transactions, enhanced statutory disclosure, prospectus law reform, statutory derivative actions, collective investments, compulsory acquisitions, directors’ duties, insider trading, and the regulation of derivatives.

Members of CASAC are selected from panels of names put forward by the States and the Northern Territory.

Mr Richard St John, Legal Consultant, Sydney, and currently Secretary to the HIH Royal Commission, has been re-appointed as Convenor of CASAC for a term of three years.

The following new appointments have been made to CASAC, also for terms of three years:

· Ms Susan Doyle, Chief General Manager Investments, NRMA, Sydney;

· Ms Louise McBride, Partner, Deloitte Touche Tohmatsu, Sydney;

· Mr Robert Seidler, The Seidler Law Firm, Sydney; and

· Ms Nerolie Withnall, Consultant, Minter Ellison, Brisbane and currently a member of CASAC’s Legal Sub-Committee.

CASAC’s Legal Sub-Committee, which mainly comprises senior corporate lawyers, provides advice on all matters coming before CASAC.

The following new appointments have been made to the Legal Sub-Committee for terms of three years:

· Ms Nerolie Withnall, Consultant, Minter Ellison, Brisbane, and a member of the Sub-Committee since 1994, has been appointed Convenor of the Legal Sub-Committee. Ms Withnall’s dual appointment as a member of CASAC will ensure continued effective liaison between the two bodies;

· Ms Elspeth Arnold, Partner, Blake Dawson Waldron, Melbourne; and

· Professor Elizabeth Boros, Monash University, Melbourne.

The following re-appointments to the Legal Sub-Committee have been made for terms of two years:

· Mr Damian Egan, Partner, Murdoch Clarke, Hobart;

· Mr Brett Heading, Partner, McCullough Robertson, Brisbane;

· Mr Francis Landels, Chief Legal Counsel, Wesfarmers Ltd, Perth;

· Mr Laurence Shervington, Partner, Minter Ellison, Perth;

· Ms Anne Trimmer, Partner, Deacons, Canberra; and

· Mr Gary Watts, Partner, Fisher Jeffries, Adelaide.

Members of CASAC are appointed on a part-time basis for terms of up to three years based on their knowledge of or experience in business, the administration of companies, the financial markets, law, economics or accounting. When the Financial Services Reform Bill comes into effect in March 2002, CASAC’s name will change to the Corporations and Markets Advisory Committee and the qualifications for appointment of members will be extended to include knowledge of or experience in financial products and financial services. The appointments announced today also have regard to the broader expertise the Advisory Committee will need under its extended mandate.

CANBERRA

8 October 2001