Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, is pleased to announce the appointments of five new members and reappointment of 14 members to the Takeovers Panel.
The Panel, established under Part 10 of the Australian Securities and Investments Commission Act 2001, provides a valuable mechanism for peer review of company takeovers, with the aim of being more efficient but less formal than the courts.
A recent High Court decision, Australian Pipeline Limited v Alinta Limited (2008), upheld the valuable role the Panel plays as the principal forum for takeovers disputes in Australia.
"The panel is based on peer review, so it's vital that members have knowledge and experience in business, financial markets, law, economics or accounting,'' said Minister Sherry.
"It is also important that members have experience in mergers and acquisitions practice and a special ability to bring a more commercially oriented approach to the table.''
"I believe these appointments and reappointments will ensure the Panel has the necessary expertise to deliver speedy and effective resolution of takeover disputes and in doing so maintain Australia's international reputation in takeovers regulation.''
The following new members have been appointed:
- Mr Mike Roche – Managing Director - Head of Mergers & Acquisitions, Deutsche Bank AG:
Mr Roche has more than 20 years experience in major mergers and acquisitions and capital raisings with a particular interest in special funding situations.
- Mr Andrew Sisson – Managing Director, Balanced Equity Management Pty Limited:
Mr Sisson is a valuable addition to the Panel and brings considerable knowledge of funds management and financial services.
- Ms Diana Chang – Partner, Chang, Pistilli and Simmons:
Ms Chang brings valuable experience in dispute resolution and mergers and acquisitions.
- Ms Paula Dwyer – Director Tabcorp Holdings Limited, Suncorp Metway Limited, Babcock and Brown Japan Property Management Limited and Alpha Investment Management Pty Limited:
Ms Dwyer brings extensive experience in investment banking and funds management.
- Ms Vickki McFadden – Non Executive Director and Chair, Audit and Risk Committee, Skilled Group Limited;
Ms McFadden has broad experience in investment banking and corporate finance.
The following 14 members were reappointed to the Panel:
Mr Michael Ashforth, Managing Director, Gresham Advisory Partners Limited;
Mr Stephen Creese, Managing Director, Rio Tinto Australia;
Mr Hamish Douglass, Chairman Magellan Financial Group;
Mr John Fast, Lawyer and Company Director;
Mr Alastair Lucas, Vice-Chairman, Goldman Sachs JB Were;
Andrew Lumsden, Senior Partner, Corrs Chambers Westgarth lawyers;
Mr John O'Sullivan, Chairman, Australian Investment Banking, Credit Suisse;
Mr Peter Mason AM, Chairman, AMP Limited;
Mr Simon Mordant, Joint Chief Executive, Caliburn Partnership Pty Ltd;
Mr Peter Scott, Vice Chairman, Investment Banking Australia, UBS;
Mr Simon McKeon, Executive Chairman, Macquarie Capital Advisers Limited;
Ms Susan Doyle, Chairman ARIA – Commonwealth Sector Superannuation Scheme and Public Sector Superannuation Scheme;
Ms Alice McCleary, Company Director; and
Mrs Nerolie Withnall, Company Director.
Mr McKeon has been reappointed as the President of the Panel.
"I would like to express my appreciation to all members and retiring members of the Panel for their commitment to it and to public service in general,'' Minister Sherry said.
"It should be noted that the Panel also has a special role in raising the standard of disclosure and treatment of shareholders in Australia.''
The Panel now has 52 members, all of whom are appointed on a part-time basis.