I am pleased to announce the appointment of Mr Jeffrey Lucy as the part-time Chairman of the Financial Reporting Council (FRC) for a term of three years commencing from 11 December 2007.
The FRC is the oversight body for the accounting and auditing standard setting arrangements in Australia and is also responsible for monitoring the effectiveness of the auditor independence requirements.
Mr Lucy is highly respected in the financial reporting and corporate regulation environment. He is currently a Commissioner of the Australian Securities and Investments Commission (ASIC) having previously held positions as Chairman and Deputy Chairman. Mr Lucy also served as Chairman of the FRC from 2001 to 2003.
Mr Lucy is a Fellow of the Institute of Chartered Accountants in Australia (ICAA), the National Institute of Accountants and the Australian Institute of Company Directors. He was made a Member of the Order of Australia for his contribution to the accounting profession, particularly through the ICAA, and to the business sector as an adviser on corporate and taxation reform. I look forward to the FRC continuing its important work under the leadership of Mr Lucy.
I would also like to take this opportunity to thank the outgoing Chairman of the FRC, Mr Charles Macek, for his contribution to enhancing Australia’s financial reporting framework during his time on the FRC. He successfully guided the FRC through the expansion of its functions as part of the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 as well as Australia’s successful adoption of International Financial Reporting Standards.