The Federal Minister for Financial Services and Regulation, Joe Hockey, today unveiled a key part of the Governments Corporate Law Economic Reform Program with the announcement of the new composition of the Takeovers Panel.
The Takeovers Panel comprises the reappointment of Ross Adler, Elizabeth Alexander, Denis Byrne, Brett Heading. New appointments are Meredith Hellicar, Graham Kelly, Alice McCleary, Simon Mordant, John ONeill, Fiona Roche, and Nerolie Withnall.
Simon McKeon has been appointed acting chairman for a six-month period.
"The Panel comprises some of Australias leading business people from right across Australias states and territories," the Minister said.
"The Panel members have a range of outstanding skills including experience in management, accountancy, law, banking, transport and resources.
"When enacted as part of the current CLERP package, the Panel will mean a wholesale rethink of how takeover disputes in Australia are administered."
Under the CLERP bill now before Parliament, the Takeovers Panel will be the primary adjudicator on takeover disputes and will be able to make a wide range of orders, including stopping a takeover bid, directing a person to dispose of securities and awarding costs.
"Todays announcement precedes further initiatives contained in the current CLERP package which will be unveiled when the bills pass through the Senate.
"The CLERP package aims to modernise business regulation. It aims to adopt a more flexible and efficient regulatory framework that can respond to market changes. It provides key reforms in fundraising, directors duties, accounting standards and takeovers".