3 August 2010

Kathleen Farrell Appointed Takeovers Panel President

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, tonight announced the appointment of Kathleen Farrell as President of the Takeovers Panel from 1 September 2010.

Speaking to a dinner marking the 10th anniversary of the Takeovers Panel, Mr Bowen thanked outgoing President Simon McKeon for his leadership throughout the Panel's first decade and wished him well in his new role as Chair of the CSIRO.

"Simon has often been the public face of the Panel.  He has led the Panel from its first fledgling days to where it is today," Mr Bowen said.

"I would like to thank Simon for his decade of first-class service as President of the Takeovers Panel and I congratulate him on his appointment to the Chair of Australia's peak scientific research organisation, the CSIRO."

Mr Bowen congratulated Ms Farrell on her appointment, which was formalised by the Federal Executive Council last month, prior to the Government entering caretaker mode.

"Kathy is well-acquainted with the Panel, its members and procedures, having served as a member of the Panel between 2001 and 2010," Mr Bowen said.

"I congratulate her on her appointment and I am pleased she has agreed to take on the important job of leading the Panel into its second decade."

Ms Farrell has been a consultant to Freehills in the firm's Sydney office since July 2000.  Prior to that, she spent 17 years as a partner at the firm, specialising in mergers and acquisitions and securities offerings.

Ms Farrell is the immediate past Chair of the Business Law Section of the Law Council of Australia and has represented the Law Council on the ASX Corporate Governance Council.

Ms Farrell is also a director of the Australian Institute of Management (NSW and ACT) Limited.  She was formerly a director of Colorado Group Limited, Standard Chartered Grindlays Bank Limited and Pacific Power and a council member of the Securities Institute of Australia.

In 1992-93, Ms Farrell was the National Co-ordinator for Enforcement at the Australian Securities Commission (now known as ASIC).

The purpose of the Takeovers Panel is to provide a mechanism for peer review of takeovers activity, with the aim of being more efficient, less formal and less costly than court action.  The functions and powers of the Panel are conferred on by the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001.