4 June 2009

Appointments and Reappointments To The Financial Reporting Council

Senator Nick Sherry, Minister for Superannuation and Corporate Law, today announced the appointment of four new members and the reappointment of six existing members to the Financial Reporting Council (FRC).

Ms Noelle Kelleher, Mr Kevin Stevenson, Mr Kevin Simpkins and Mr Michael Dwyer were appointed as new members of the FRC.

Mr Jim Murphy, Mr John Stanhope, Mr Eric Mayne, Mr Klaus Zimmerman, Mr Bruce Brook and Mr John Gethin-Jones were reappointed to the FRC for a further three-year term:

The FRC is the oversight body for the accounting and audit standard setting arrangements in Australia and is also responsible for monitoring the effectiveness of the auditor independence requirements in Australia. Members are, in the first instance, nominated by their organisations.

"The FRC plays an important role in maintaining the robustness of the financial reporting framework in Australia and in engagement with regional and global stakeholders."

"The need for effective and robust accounting and auditing standards has been highlighted by the global financial crisis," Minister Sherry said.

These appointments ensure that the FRC maintains a broad representative base in which to draw highly experienced and qualified members to meet its statutory responsibilities in relation to the oversight of accounting and auditing standard setting in Australia.

At the Minister's request, for the first time, a representative from Australia's superannuation industry will sit on the FRC.

"This new superannuation presence recognises the economic significance of Australia's superannuation industry and the reliance placed by the industry on accurate financial information about the entities in which funds have invested."

"The appointment of Ms Noelle Kelleher, nominated by the Association of Superannuation Funds of Australia, will be a valuable addition to the FRC," said Minister Sherry.

4 June 2009

Further Background on the New Members

Ms Noelle Kelleher is a Partner and Director of Deloitte Touche Tohmatsu in superannuation tax services. Her extensive tax and industry expertise includes assurance, actuarial, regulatory compliance, risk, tax, forensic and consulting. She is a former director of a superannuation fund and a regular presenter on superannuation topics at various forums and conferences. She has been extensively involved in consultations with government on various superannuation topics. She has been appointed as a member of the FRC for a three-year period.

Mr Kevin Stevenson has been appointed Chairman of the Australian Accounting Standards Board (AASB) for a term of five years commencing on 1 July 2009. In conjunction with the introduction of revised governance arrangements for the AASB and Auditing and Assurance Standards Board (AUASB), the Chair of each Board is appointed as a member of the FRC. As such, Mr Stevenson has been appointed as a member of the FRC for a five-year period from 1 July 2009.

Mr Kevin Simpkins was appointed as Chairman of the New Zealand Accounting Standards Review Board (ASRB) on 1 March 2009 for a five year term. Mr Simpkins is a Senior Fellow at Victoria University of Wellington's School of Accounting and Commercial Law. He has substantial knowledge of the public sector through his work as former Deputy Controller and Auditor General and as a technical adviser, member and committee Chair for the now International Public Sector Accounting Standards Board. He was also Technical Director of the New Zealand Institute of Chartered Accountants for many years. He has been appointed as a member of the FRC until 28 February 2014. The appointment of Mr Simpkins is a cross-appointment between the accounting standard setting oversight bodies of Australia and New Zealand and is part of promoting trans-Tasman business integration. Mr Jeffrey Lucy, AM, Chairman of the FRC, is a cross-appointment on the ASRB.

Mr Michael Dwyer was recently appointed as a full-time Commissioner of the Australian Securities and Investments Commission (ASIC) for a three-year term. He has extensive experience as a chartered accountant and insolvency practitioner and has served as President of the Insolvency Practitioners' Association of Australia. He has been an official liquidator of the State Supreme Courts and Federal Court of Australia since 1992. He has extensive international knowledge of financial and operational restructuring. He has been appointed as a member of the FRC until 11 December 2011.