Peter Costello

Media Releases

Takeovers Panel Appointments

NO.011

TAKEOVERS PANEL APPOINTMENTS

The Treasurer today announced the reappointment of nine part-time members of the Takeovers Panel and the appointment of seven new part-time members of the Takeovers Panel.

The purpose of the Takeovers Panel (formerly the Corporations and Securities Panel) is to provide a mechanism for peer reviews of takeover activity, with the aim of being more efficient, less formal and more expeditious than the courts. The functions and powers of the Panel are those conferred on it by the Australian Securities and Investments Commission Act 2001 (the ASIC Act).

Mr Simon McKeon was reappointed as President of the Takeovers Panel until March 2008.

The following eight members were reappointed as part-time members of the Panel until March 2008: Mr Michael Ashforth, Ms Meredith Hellicar, Mr John King, Mr Andrew Lumsden, Ms Alice McCleary, Mr Simon Mordant, Mr Peter Scott and Ms Nerolie Withnall.

In addition to the reappointments, the following seven new part-time members were appointed until March 2008:

  • Mr Stephen Creese, General Counsel, Rio Tinto Limited
  • Mr Hamish Douglass, Co-Head of Global Corporate Finance, Head of Mergers and Acquisitions (Australia and New Zealand), Deutsche Bank AG
  • Ms Susan Doyle, Chairman of the Public Sector Superannuation Scheme and Commonwealth Superannuation Scheme
  • Mr John Fast, Chief Legal Counsel, BHP Billiton Limited and BHP Billiton Plc
  • Mr Alastair Lucas, Co-Chairman, Australian Investment Banking Division, Goldman Sachs JB Were, Co-Vice Chairman, Goldman Sachs JB Were
  • Mr Peter Mason, Chairman, JP Morgan Chase Bank NA, and
  • Mr John O‚ÄôSullivan, General Counsel, Commonwealth Bank.

I would like to express my appreciation to these members for their commitment to the Panel. Their skills and experience will help ensure that the Panel continues to provide an efficient and expeditious means of peer review of takeover activity.

I would also like to thank Mr Michael Tilley who has recently resigned from the Panel, and all members who have previously served on the Panel.

CANBERRA
10 March 2005

10 Mar 2005

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