Peter Costello

Media Releases

Retirement of ASIC Chairman

NO.068

RETIREMENT OF ASIC CHAIRMAN

The Chairman of the Australian Securities and Investments Commission (ASIC), Mr David Knott, has informed me that he will step down from the position at the end of 2003.

Mr Knott has been a highly successful member of ASIC over the past four years. He was appointed as ASIC Deputy Chair in July 1999 and was appointed as ASIC Chairman in November 2000.

Under David Knott's leadership, ASIC has proven to be highly effective. Action taken by ASIC over the last 3 years has resulted in the jailing of 70 people, the removal of 40 company directors from office and over $1 billion of funds protected, recovered or ordered in compensation.

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.

ASIC has also been effective in encouraging the provision of higher quality financial advice, promoting better corporate disclosure and managing the transition to the new uniform financial services licensing regime. ASIC has worked closely with my Parliamentary Secretary, Senator the Hon. Ian Campbell, on these important issues.

Together with Senator Campbell, on behalf of the Government, I would like to place on record my thanks to Mr Knott for his distinguished public service and important contribution to the Australian community. I wish him well for the future.

The Government will consult with the States and Territories prior to making an announcement regarding Mr Knott's successor.

CANBERRA
12 August 2003

Contact: Niki Savva
02 6277 7340

12 Aug 2003

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