2 June 2009

Appointments and Reappointments to the Companies, Auditors and Liquidators Disciplinary Board

Senator Nick Sherry, Minister for Superannuation and Corporate Law, today announced the reappointment of the Chairman and appointment of a new Deputy Chairman to the Companies, Auditors and Liquidators Disciplinary Board (CALDB).

Mr Donald Magarey has been reappointed as part-time CALDB Chairman and Mr Howard Insall SC has been appointed part-time Deputy Chairman.

CALDB is a disciplinary body which receives and reviews applications made to it by the Australian Securities and Investments Commission or the Australian Prudential Regulation Authority regarding the conduct of company auditors or liquidators.

“These appointments will continue the high level of skills and experience available to CALDB, and ensure it has suitably qualified members to deal with issues that arise,” Minister Sherry said.

Both appointments are for an 18-month period from 1 June 2009.

Mr Howard Insall SC replaced Mr David Castle who has held the position of Deputy Chairman since 2003.

“I would like to express my appreciation for the significant contribution of Mr David Castle, the outgoing Deputy Chairman of CALDB,” Minister Sherry said.

The CALDB Chairperson and Deputy Chairperson must be enrolled as a barrister, solicitor or legal practitioner of the High Court, any Federal Court or the Supreme Court of a State or Territory, and must have been enrolled for at least five years.

2 June 2009

Further Background on the Chairman and Deputy Chairman

Mr Donald Magarey was appointed Acting CALDB Chairman in 1999 and then Chairman in 2003. He is a solicitor and was a partner of the law firm now known as Blake Dawson for 36 years specialising in corporate law and commercial transactions. He has previously been Chairperson of the Corporations Committee of the Law Council of Australia, a member of the Corporations and Securities Panel, a member of the Companies and Securities Law Review Committee and Chairperson of the Social Security Appeals Tribunal.

Mr Howard Insall SC was admitted as a Barrister of the Supreme Court of NSW in September 1981. He has been working in full-time practice at the NSW Bar, practising in commercial/equity matters since 1982. In September 2001, he was appointed Senior Counsel in NSW.