The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has today announced the appointment of Ms Joanne Rees as the part-time Convenor of the Corporations and Markets Advisory Committee (CAMAC).
Ms Rees has worked as both a barrister and solicitor specialising in commercial litigation and, over the past 15 years, has focused on advising both federal and state governments, including the Australian Securities and Investments Commission (ASIC).
As part of her work leading the practice of Phillips Fox (now DLA Phillips Fox), Ms Rees has managed key government accounts, including with the Department of Health and Aged Services, Comcare, Defence, Comsuper, Health Insurance Commission, AusAID, Department of Finance and Administration, Centrelink, the Public Service Commission and the Department of Social Security. Ms Rees also project managed ASIC's high-profile HIH case.
Mr Bowen thanked outgoing Convenor, Mr Richard St John, for his leadership of CAMAC and its predecessor, the Companies and Securities Advisory Committee, over the past 12 years.
"The depth and breadth of Richard's experience in corporate governance, legal affairs, business regulation and public administration has informed over two dozen reports submitted to Government," Mr Bowen said.
"I am pleased that Mr St John has indicated to me that he is available to assist the Government in an advisory capacity in the future."
Mr St John will complete his term as CAMAC Convenor on 30 April 2010, when CAMAC is due to hand its current report to the Government on the provision of guidance to company directors.
Ms Rees will take over as Convenor of CAMAC on 1 May 2010.
The Government has indicated in its response to the Productivity Commission's (PC's) report on executive remuneration that it would refer to CAMAC responsibility for reviewing the architecture of section 300A of the Corporations Act 2001, which relates to remuneration reports and the disclosure of the remuneration details of key management personnel.
"The PC recommended the establishment of an expert panel to review section 300A but, in CAMAC, the Government already has a panel of first-class individuals who have the knowledge and expertise to consider these sorts of matters," Mr Bowen said.
Mr Bowen also announced a range of other appointments and reappointments to CAMAC and its Legal Subcommittee, including the appointment of Mr Greg Vickery AM as the part-time Convenor of the Legal Subcommittee.
Ms Marian Micalizzi and Mr Robert Seidler were both reappointed as part-time members of CAMAC, while Professors Elizabeth Boros, Professor Jennifer Hill, Mr James Marshall and Mr David Proudman were reappointed as part-time members of the Legal Subcommittee of CAMAC.
Mr Vickery has been appointed until 22 May 2011 to coincide with the expiry of his appointment on CAMAC. All other appointments are for a three-year period.
CAMAC is established under Part 9 of the Australian Securities and Investments Commission Act 2001 (ASIC Act) to advise the Minister on matters concerning companies, financial products and services, the efficiency of financial markets and the making, amendment, operation, administration or reform of the Corporations Act 2001 and the ASIC Act.
21 April 2010
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Additional Information
Mr Greg Vickery has been a member of CAMAC since 2005. He has been practising law for over 35 years, primarily in the corporate and commercial areas. He is an Adjunct Professor of Law at the University of Queensland and regularly speaks on aspects of company law. He is a member of the Regional ASIC Committee in Queensland and of several Boards, and is National Chairman of Australian Red Cross and a member of the Governing Board of the International Red Cross and Red Crescent Movement.
Ms Marian Micalizzi has been a member of CAMAC since 1999. She is a chartered accountant and director, with extensive expertise in corporate and financial advisory areas. Ms Micalizzi has considerable expertise and knowledge of specialist corporate financial and advisory services, regulation of financial institutions and prudential supervision, and valuation related assessments.
Mr Robert Seidler has been a member of CAMAC since 2001. He has been practising law for nearly 30 years, including nearly 10 years as a partner of an international firm based in Sydney and Tokyo. He has been a director of various Australian subsidiaries of international banks and is currently a director of a large institutional property trust and on the board of two listed Australian companies.
Professor Elizabeth Boros has been a member of the Legal Subcommittee of CAMAC since 2001. She holds the Sir Keith Aickin Chair of Company Law at Monash University and is the author of Minority Shareholders' Remedies. She is also a director of ASX Supervisory Review Pty Limited, former national chairperson of the E-commerce Committee of the Business Law Section of the Law Council of Australia, and a member of that Section's Corporations Committee.
Professor Jennifer Hill has been a member of the Legal Subcommittee of CAMAC since 1995. She is a Professor of Law at the University of Sydney. She teaches, and has written widely, in corporate law and corporate governance, and has been a Visiting Professor at a number of US law schools, including the University of Virginia, the University of Texas at Austin and Vanderbilt University.
Mr James Marshall has been a member of the Legal Subcommittee of CAMAC since 2007. He is a partner of Blake Dawson and is the Head of the Restructuring and Insolvency Group of that firm. He practises in the areas of business turnaround and restructuring and has been active in the distressed debt markets. He has a longstanding interest in insolvency law reform and was a member of the Insolvency Law Advisory Group, which was commissioned by Treasury to advise it in relation to the proposed amendments to the corporate insolvency legislation. He lectures on insolvency topics at the Law School of the University of Sydney. James is also a member of the Financial Services Institute of Australasia and the Insolvency Practitioners of Australia.
Mr David Proudman has been a member of the Legal Subcommittee of CAMAC since 2007. He is a partner of Johnson Winter & Slattery and was admitted as a practitioner in South Australia in 1986. He is currently the National Chair of the Insolvency & Reconstruction Committee of the Law Council of Australia. He is a member of the Insolvency Law Advisory Group appointed by the Parliamentary Secretary to the Treasurer to advise on the Corporations Amendment (Insolvency) Bill 2007 and a member of the Consultative Group on Personal Property Security Reform having been appointed by the Attorney-General. David advises banks, financial institutions, corporations and insolvency practitioners in all aspects of corporate insolvency, workouts, reconstructions and recoveries.