Peter Costello

Media Releases

Australian Securities and Investments Commission Appointments

NO.110

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION APPOINTMENTS

The outgoing Chairman, Mr David Knott, is taking leave prior to his resignation at the end of the year.

Under Mr Knott's leadership, ASIC has proven to be a highly effective regulator. He was appointed as ASIC Deputy Chair in July 1999 and as ASIC Chairman in November 2000, and his tenure has been characterised by a strong focus on enforcement. In the 2002-03 financial year, ASIC concluded 222 cases of litigation involving major criminal offences. This is the highest number since its inception. Yesterday Mr Knott announced a major breakthrough in ASIC's investigation into the collapse of HIH.

Mr Knott's commitment to the timely and vigorous enforcement of the Corporations Act has succeeded in better protecting Australian consumers and promoting best corporate practice amongst Australian business. On behalf of the Government I wish David Knott well for the future.

I have appointed Mr Jeffrey Lucy AM, currently Deputy Chairman of the Australian Securities and Investments Commission (ASIC) as Acting Chairman of ASIC with effect from 22 December 2003. Mr Lucy has been Deputy Chairman of ASIC since 24 February 2003 and was previously Chairman of the Financial Reporting Council.

The Commonwealth is required to consult State and Territory members of the Ministerial Council for Corporations regarding the long-term successor as Chairman of ASIC. The Commonwealth will recommend Mr Lucy for this position.

I have also appointed Mr Carlos Iglesias, currently ASIC's Executive Director of Infrastructure and Strategic Planning, as an acting member of the Commission.

MELBOURNE
17 December 2003

Contact: David Alexander
(02) 6277 7340

 

17 Dec 2003

View more media releases …

Latest News

Paris Diary

Peter Costello Paris Diary

Read more …

PPI - Rising Role of Sovereign Wealth Funds

Peter Costello Rising Role of Sovereign Funds Speech

Read more …

The Hole Truth

Peter Costello in the Daily Telegraph

Read more …

Videos

Video Screenshot

Watch videos …