NO.121

Mr Peter Day, Deputy Chairman of the Australian Securities and Investments

Commission (ASIC) has advised me that he will be stepping down from his position early in

the New Year.

Mr Day was previously a Melbourne company executive and chartered accountant who became

Deputy Chairman in October 1997. He intends to take up a senior management appointment

with Bonlac Foods Ltd.

“Mr Day has contributed to a number of initiatives at ASIC including the

establishment of an Office of Chief Accountant, the refocus of the Information Division

and its readiness to deliver CLERP 7, and internally refocusing the Commission’s own

management and governance structures. He will be a loss to the Commission.”

The three Commissioners Alan Cameron, Peter Day and Jillian Segal have worked

constructively with the Government to ensure ASIC is an effective, vigilant corporate

regulator. ASIC has assumed its new responsibilities for market integrity and consumer

protection across the finance sector very effectively since it was launched under its new

name on 1 July 1998.

I appreciate Mr Day’s contribution and wish him well. The Government will be

taking steps to appoint a replacement in the near future.

CANBERRA

4 December 1998