Peter Costello

Media Releases

Membership of the Financial Sector Advisory Council

NO.018

MEMBERSHIP OF THE FINANCIAL SECTOR ADVISORY COUNCIL

I am pleased to announce today the appointments of Mr David Liddy, Managing Director and Chief Executive Officer, Bank of Queensland and Mr Robert Elstone, Managing Director and Chief Executive Officer, Australian Securities Exchange, to the Financial Sector Advisory Council (FSAC).  I am also pleased to announce the appointment of Mr Robert Elstone to the position of Chairman of FSAC.

I am also pleased to announce the reappointments of Mr Charles Curran AO, Chairman, Capital Investment Group; Mr Chris Mackay, Chairman, Magellan Financial Group; Mr Richard Sheppard, Deputy Managing Director, Macquarie Bank; and Mr Michael Hawker, Chief Executive Officer, Insurance Australia Group. 

The Council is a non-statutory body established in March 1998. It brings together a range of financial market participants to provide advice to the Government on policies to facilitate the growth of a strong and competitive financial sector. Members are appointed for two years in a personal capacity subject to their continued direct involvement in the financial sector.

Mr Elstone brings considerable knowledge to the Council through his positions at the Sydney Futures Exchange and more recently the Australian Securities Exchange.  Mr Elstone was appointed Managing Director and CEO of the Australian Securities Exchange in July 2006, having previously been Managing Director and CEO of SFE Corporation, the holding company for the Sydney Futures Exchange, for six years prior to its merger with the ASX.  Mr Elstone’s career has spanned investment banking in the 1980s, public company CFO roles in the 1990s in the aviation and resource materials sectors, and wholesale financial markets and risk management in the current decade.

Mr Liddy brings considerable experience to the Council from 37 years in the banking industry including the last five as Managing Director of the Bank of Queensland. Mr Liddy is also a Fellow of the Australian Institute of Banking and Finance and a member of the Australian Bankers’ Association Council.

I look forward to the new and continuing members providing valuable contributions to the future work of the Council.

I would like to personally thank and extend my appreciation to Mr Maurice Newman AC, Chairman, Australian Stock Exchange, for his service to, and Chairmanship of, the Council since its inception in 1998.  He has made a significant contribution to FSAC over the last nine years, which has been highly valued by the Government.  Mr Newman is stepping down from FSAC to pursue other commitments.

I would also like to thank Mr Barry Fitzpatrick, Chief Executive Officer, Adelaide Bank and Ms Linda Nicholls, former Chairman of Australia Post, for their valuable contributions to FSAC since their appointments in 2004.  I greatly appreciate the time and effort that they committed to the Council and its advice to me.  I have chosen not to reappoint Mr Fitzpatrick and Ms Nicholls for further terms on the Council as they will no longer be employed in the areas of the financial sector for which they were originally appointed.

Following these changes, the full membership of FSAC will be:

Chairman — Mr Robert Elstone, Managing Director and Chief Executive Officer, Australian Securities Exchange;

  • Mr Charles Curran AO, Chairman, Capital Investment Group Pty Limited;
  • Mr Richard Sheppard, Deputy Managing Director, Macquarie Bank;
  • Mr Chris Mackay, Chairman, Magellan Financial Group;
  • Mr Jeremy Duffield, Managing Director, Vanguard Investments Australia;
  • Mr Michael Hawker, Chief Executive Officer, Insurance Australia Group;
  • Ms Gail Kelly, Chief Executive Officer, St George Bank;
  • Mr David Liddy, Chief Executive Officer and Managing Director, Bank of Queensland;
  • Mr Les Owen, Non-Executive Director, AXA UK; and
  • Mr Alastair Walton, Vice‑Chairman and Managing Director, Goldman Sachs JBWere.

CANBERRA
28 March 2007

Contact:
David Gazard - 02 6277 7340            

28 Mar 2007

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