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13 May 2004

Appointment of Chairman of the Australian Securities and Investment Commission

I am pleased to announce the appointment of Mr Jeffrey Lucy AM as the Chairman of the Australian Securities and Investments Commission (ASIC) for a three-year term.

Mr Lucy has been Deputy Chairman of ASIC since 24 February 2003. Prior to that, he was Chairman of the Financial Reporting Council. He has been Acting Chairman since December 2003.

Mr Lucy is a chartered accountant and experienced financial consultant. He is a Fellow of the Institute of Chartered Accountants in Australia, CPA Australia, the National Institute of Accountants, and the Australian Institute of Company Directors. He is a former member of the Business Regulation Advisory Group, a former National President of the Institute of Chartered Accountants in Australia, and a former Managing Partner of PricewaterhouseCoopers, Adelaide.

In 2001, Mr Lucy was made a Member of the Order of Australia for service to the accounting profession, particularly through the ICAA, and to the business sector as an adviser on corporate and taxation reform.

I have recently written to the States and Territories to seek nominations for persons to be considered for appointment as Deputy Chairman of ASIC.