NO.105

EXTENSION OF MR STEPHEN SEDGWICK’S APPOINTMENT AS DIRECTOR TO

THE ASIAN DEVELOPMENT BANK, MANILA

The Treasurer, the Hon Peter Costello MP, today announced that the Government

will extend Mr Stephen Sedgwick’s appointment as Director of the Asian

Development Bank (ADB) in Manila for a further two years.

Mr Sedgwick is responsible for representing a constituency of countries within

the ADB, the members of which are: Australia; Azerbaijan; Cambodia; Hong Kong,

China; Kiribati; the Federated States of Micronesia; Nauru; Palau; Solomon Islands;

and Tuvalu.

His main duties are to examine and make decisions on the wide range of policy

issues considered by the ADB Board of Directors, including ADB loan and budgetary

proposals. Mr Sedgwick’s salary and allowances are paid by the ADB.

Since his appointment on 1 April 2002, Mr Sedgwick has made a valuable contribution

at the Bank, working closely with senior management and his fellow directors

to enhance the effectiveness of Bank operations. Mr Sedgwick currently serves

as Dean of the Board of Directors.

Following a formal election of directors due to be held in May 2005, Mr Sedgwick’s

term will be extended until 31 March 2007.

Australia has been a member of the ADB since it was established in 1966 to

assist the economic and social development of countries of the Asia and Pacific

region. Australia looks to the Bank as a key regional institution, with a critical

role to play in supporting member governments to achieve our shared goal of

an Asia and Pacific region free of poverty.

SYDNEY

14 December 2004

Contact: Amanda Kennedy

03 9650 0244