The Parliamentary Secretary to the Treasurer, the Hon David Bradbury MP, today announced the appointment of Ms Lynn Wood as a part-time Chair of the Financial Reporting Council (FRC) for a three-year period from 11 March 2011.
The FRC is the oversight body for the accounting and audit standard setting arrangements in Australia and is responsible for monitoring the effectiveness of the auditor independence requirements in Australia.
Mr Bradbury thanked the outgoing Chair, Mr Jeffrey Lucy AM, for his outstanding contribution to the FRC and the wider financial reporting landscape during his two terms as Chair ‑ from 2007 to 2011, and previously from 2001 to 2003.
"Mr Lucy's hard work, leadership and dedication to the Council were pivotal in ensuring Australia's financial reporting framework has remained strong and among the world's best," Mr Bradbury said. "Mr Lucy continues to serve as Trustee of the International Financial Reporting Standards Foundation and we look forward to continuing to work with him as he represents Australia on this body."
Mr Bradbury welcomed Ms Wood, a highly experienced company director, to the FRC. "On behalf of the Government, I am very pleased to appoint her as Chair. I am sure she will bring a wealth of corporate and financial experience to the role, and provide effective leadership to the important work of the FRC."
Ms Wood is the current chair of Noni B Ltd, where she was previously chair of its Audit Committee. She is also a non‑executive director of GPT Funds Management and director of the Committee for Economic Development in Australia.
Ms Wood's previous board positions have included HSBC Bank Australia, Macquarie Goodman Group and NSW Lotteries Corporation, as well as numerous positions on audit and compliance committees. Her executive experience has included senior positions in the retail, property and finance sectors. She was also a member of the Foreign Investment Review Board for 15 years to 2010.
Ms Wood has also contributed to the not for profit sector through leadership positions, including as a non-executive Director of MS Australia Ltd, MS NSW and Women Chiefs of Enterprises International. She was awarded the Centenary Medal in 2003 for services to Australian society through business and finance.
3 March 2011