Peter Costello

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New Deputy Chairman of the Australian Securities and Investments Commission

NO.008

NEW DEPUTY CHAIRMAN OF THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

I am pleased to announce that Mr Jeffrey Lucy AM has been appointed by the Governor-General in Council as the new Deputy Chairman of the Australian Securities and Investments Commission.

Mr Lucy will join Mr David Knott and Professor Berna Collier on the Commission. Mr Lucy replaces Ms Jillian Segal who resigned in June 2002 to take up a position on the Trade Practices Act Review Committee.

Mr Lucy is currently Chairman of the Financial Reporting Council. He brings a strong mix of skills to the Commission. He is a Chartered Accountant and experienced financial consultant. He is a Fellow of the Institute of Chartered Accountants in Australia, CPA Australia, the National Institute of Accountants, and the Australian Institute of Company Directors. Mr Lucy was made a Member of the Order of Australia for his contribution to corporate and taxation reform.

He is a former member of the Business Regulation Advisory Group, a former National President of the Institute of Chartered Accountants in Australia, and a former Managing Partner of PricewaterhouseCoopers, Adelaide.

Mr Lucy's mix of skills and experience will be of particular benefit to ASIC in the context of the proposed reforms to the accounting and auditing regulatory framework in CLERP 9.

Mr Lucy will take up his position on 24 February and be based in Sydney. Additional biographical information is attached.

MELBOURNE
21 February 2003

Contact: Niki Savva
Ph: (02) 6277 7340

    Mr Jeffrey Lucy AM

    Residence:

    Adelaide, SA

    Date of birth:

    6 November 1946

    Nationality:

    Australian

    Awards

    Member of the Order of Australia for service to the accounting profession, particularly through the ICAA, and to the business sector as an adviser on corporate and taxation reform.

    Qualifications:

    Chartered Accountant, FCA, FCPA, FNIA, and FAICD

    Present position:

    Head, Lucy Consulting

    Chairman, Financial Reporting Council July 2001-present

    Government appointments:

    Member, Financial Reporting Council 1999-2001

    Member, Business Regulation Advisory Group 1997-2001.

    Member, SA Legal Practitioners Conduct Board 1990-1999

    Professional appointments:

    President, Institute of Chartered Accountants (ICAA), 1994-5

    Member, ICAA/CPA Joint Standing Committee 1992-5

    Employment experience:

    Lucy Consulting, 2001-present

    PricewaterhouseCoopers, Managing Partner of Adelaide office, 1994-2000

    Lucy Noske & Lewis, Managing Partner, 1986-1994

    21 Feb 2003

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