The Minister for Financial Services & Regulation, Joe Hockey today announced the appointment of Mr Simon McKeon as President of the Corporations and Securities Panel. The Minister also announced that the major reforms contained in the legislation will commence on 13 March 2000.
"Following the passage of the Corporate Law Economic Reform Program Bill 1998, the panel will have a reinvigorated role in resolving takeover disputes," the Minister said.
"The panel will be the primary forum for the resolution of takeover disputes and will be able to review the takeovers exemption and modification orders made by the Australian Securities and Investments Commission."
Mr McKeon was previously appointed on 1 April 1999 as the panel's acting president for a period of 6 months. Mr McKeonÂ’s permanent appointment will run until 30 March 2002.
"The appointment of Simon McKeon as president will facilitate the panel's ongoing operation. It will also help with the preparations required to ready the panel for its significantly enhanced role under the Corporate Law Economic Reform Program Bill.
"The Government is also seeking to identify suitable additional members for the panel and I anticipate that further appointments will be made before the end of this year."
"The CLERP legislation is the most significant reform of Australia's corporate regulation. It is another part of this Government's commitment to ongoing reform and it sends a massively positive signal to the international community that Australia is serious about becoming a leading financial centre."
Existing panel members comprise some of Australia's leading business people from a range of backgrounds, including management, accountancy, law, banking, transport and resources. Panel members are drawn from across Australia's States and Territories.