The Parliamentary Secretary to the Treasurer, Bernie Ripoll, today announced the appointments of a new President and three new members, and the reappointment of 15 existing members, to the Takeovers Panel, all for a three-year period from 8 March 2013 to 7 March 2016.
Ms Vickki McFadden has been appointed President of the Panel, replacing Justice Kathleen Farrell, who stepped down following her appointment to the Federal Court late last year.
Ms Fiona Gardiner-Hill, Ms Denise McComish and Ms Elizabeth Hallett have been appointed as new members of the Panel.
In addition, the following 15 existing members have been reappointed: Mesdames Sarah Dulhunty, Jane Sheridan, Alison Watkins and Dr Nora Scheinkestel; and Messrs Garry Besson, Geoff Brunsdon, Ewen Crouch AM, Peter Day, James Dickson, David Friedlander, Rod Halstead, Rodd Levy, Laurie Shervington, Robert Sultan, Anthony Sweetman.
New Panel President Ms McFadden is non-executive Chair of Skilled Group Limited and brings to the role broad experience in finance, law and merger and acquisition transactions.
She is a former Managing Director of investment banking at Merrill Lynch Australia and was a Director/Principal at Centaurus Corporate Finance. She is also on the Advisory Board and Executive Committee of the Australian School of Business at the University of New South Wales.
Ms Gardiner-Hill is a highly regarded takeovers lawyer and possesses excellent commercial skills highly suited to the important role that the Panel plays.
Ms McComish is a highly respected Perth-based accountant and auditor. It is important to have members from Western Australia on the Panel given the level of mergers and acquisitions activity in the state. Her knowledge and expertise will be very useful to the Panel.
Ms Hallett has had an extensive 29-year career in mergers and acquisitions, corporate advisory and private equity, including broad experience in Indonesia. Her valuable expertise brings a high level of Asia literacy to the Panel.
Mr Ripoll said the Government was pleased to have appointed three high calibre women to the Panel and is committed to increasing the representation of women on boards.
"Improving the gender balance in Australian boardrooms, whether in the corporate world, on a Government board or in the not-for-profit sector, will see significant benefits, not only for organisations financially, but will inspire a next generation of young women to aspire to positions of leadership," he said.
Mr Ripoll also noted Ms Hallett's experience in Asia and noted that in the Asian Century White Paper, the Government committed to ensuring that more government board members had a deep knowledge of Asia. Ms Hallett was identified through BoardLinks, a government network established to provide more opportunities for women to be appointed to Australian Government boards.
Since the Takeovers Panel was restructured in 2000, it has played a key role in the regulation of capital markets in Australia by providing a fair, speedy and cost-effective mechanism to resolve disputes during takeover transactions.
The Panel's work has also ensured that takeovers regulation in Australia is at the forefront of international best practice.
"The Panel ensures takeover transactions are not unnecessarily delayed by protracted and costly court action, which would adversely impact upon shareholders and market efficiency," Mr Ripoll said.
"I appreciate the market experience and understanding that the Panel members and staff have brought to the Panel over the years, and the practical guidance it has given to the market.
"The fact that it has earned and maintained the respect of market participants and the business community is a testament to the effectiveness and professionalism of the Panel.
"I would like to congratulate Ms McFadden and all new and reappointed members, and express my appreciation to all current and former members for their commitment to the Panel," he said.
Mr Ripoll thanked outgoing President Ms Kathleen Farrell for her outstanding contribution as a Panel member between 2001 and 2012 and for her leadership from 2010 to 2012, and wished her well in her new role as a Federal Court judge.
Mr Ripoll also acknowledged outgoing Panel members Messrs Graham Bradley AM (acting President), Guy Alexander, Byron Koster, Norman O'Bryan AM SC and Justin Gleeson SC, and Ms Catherine Brenner, and thanked them for their services to the Panel.
Further information on Ms McFadden and the new panel members can be found in the attachment.
6 MARCH 2013
Attachment
Biographical information
Ms Vickki McFadden has been a member of the Panel since March 2008. She has broad experience in finance and law and brings to the position considerable experience in merger and acquisition transactions. Previously, she was employed as a Director/Principal of Centaurus Corporate Finance and Managing Director, Investment Banking, Merrill Lynch, Australia. She is a Member of the Advisory Board and Executive Committee of the Australian School of Business, University of New South Wales since August 2000. Vickki is the non-executive Chair of Skilled Group Limited and formerly the chair of that company's audit committee. She is also a director of The Myer Family Company Holdings Pty Ltd, The Myer Family Investments Pty Ltd, Sidney Myer Custodian Pty Ltd and The Myer Family Company Ltd.
Ms Elizabeth Hallett was a partner of Norton Rose Australia (and its predecessor firms) since 1990, including positions as the senior Australian partner at Norton Rose Australia's Jakarta office and served on the Global Executive Committee. She has over 20 years' experience in mergers and acquisitions, corporate advisory and private equity including having been the Australian Practice Group Leader for Norton Rose Australia's corporate practice and banking practice teams. She has been on the board of the Australia-Indonesia Institute and the Children's Medical Research Institute.
Ms Fiona Gardiner-Hill is a partner at Herbert Smith Freehills, practising mergers and acquisitions, corporate and securities law, and specialising in public takeover matters. Her experience includes working for ASX in relation to its proposed merger with SGX (Singapore Exchange), BHP Billiton Limited in relation to its A$5 billion 2011 tender buy-back, Perpetual Limited in relation to its A$70 million tender buy-back, Seven Group Holdings Limited in relation to its transaction with West Australian Newspapers Holdings Limited to create combined media group Seven West Media and the Seven Group Holdings Limited group in relation to Seven (National) Pty Limited's takeover bid for National Hire Group Limited.
Ms Denise McComish has been a Partner at KPMG, Perth for over 20 years. She is a Member of the Corporations and Markets Advisory Committee (CAMAC). She has extensive experience providing audit and assurance services to major companies operating in Western Australia, nationally and globally, particularly in the financial services infrastructure and mining sectors. She served for six years on the Australian Accounting Standards Board. She is a Council Member and Chair of the Audit Committee of Edith Cowan University, and a director of other not-for-profit organisations.