Peter Costello

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Appointments to the Australian Prudential Regulation Authority

Treasurer's Press Release NO. 061

EMBARGO

APPOINTMENTS TO THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

A key element of the changes to the regulatory structure provided for in the Government’s 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

Name:

Donald Penn Mercer

Date of Birth:

18 April 1941

Nationality:

Australian

Academic Qualifications

Bachelor of Science (Honours)
St Andrews
Diploma of Public Administration
Master of Arts (Economics)
Manchester University

Current Position:

Company Director

Employment History:

Australia and New Zealand Banking Group
1992-97 Chief Executive Officer
1988-92 Chief General Manager Retail Services

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

Date of Birth:

15 June 1946

Nationality:

Australian

Academic Qualifications

BA, LLB, LLM Sydney University
DPhil Oxford

Current Position:

Partner, Minter Ellison Solicitors

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

Board Appointments:

Member, Companies and Securities Advisory Committee

   

CURRICULUM VITAE

Name:

David Montgomery Knox

Date of Birth:

28 December 1953

Nationality:

Australian

Academic Qualifications

BA, PhD Macquarie University
FIA, FIAA

Current Position:

Chair and Director, Centre for Actuarial Studies, University of Melbourne

Employment History:

Macquarie University
1979-92 Lecturer to Associate Professor
National Mutual Life 1975-78

Board Appointments:

Vice President, Institute of Actuaries Australia since 1994
Board Member, BT Life

Awards:

Actuary of the Year, Institute of Actuaries Australia, 1996

29 Jun 1998

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