I have appointed Mr Ian Mackintosh and Mr Phillip Prior as members of the Financial Reporting Council (FRC) for terms of three years.
I have also appointed Mr James Kerwin as Alternate member to Mr Prior for three years.
These appointments follow resignations from the FRC over recent months as nominees of various stakeholder groups have moved on to other roles.
The FRC is the peak body responsible for the broad oversight of the accounting standard setting process for the private and public sectors. It comprises key stakeholders from the business community, the professional accounting bodies, governments and regulatory agencies.
Mr Mackintosh, the Chief Accountant of the Australian Securities and Investments Commission (ASIC), replaces Ms Jan McCahey as ASIC's nominee on the FRC. Mr Mackintosh brings to the FRC a comprehensive knowledge of the accounting standard setting process, having been Chairman of the previous Public Sector Accounting Standards Board and a member of the Australian Accounting Standards Board. In addition to his ASIC role, he holds the position of Chairman of the Public Sector Committee of the International Federation of Accountants and in that capacity is a member of the Standards Advisory Council of the International Accounting Standards Board.
Mr Phillip Prior, First Assistant Secretary, Property Group, Department of Finance and Administration, replaces Dr Diana Wright on the FRC. Mr Prior has a strong background in public and private sector accounting, having held a number of senior positions in the Department of Finance and Administration, Arthur Andersen, KPMG and Pannell Kerr Forster.
In announcing these appointments I thank Ms McCahey and Dr Wright for their valuable contributions to the FRC's work.
Mr James Kerwin, First Assistant Secretary, Agency Advice Unit, Department of Finance and Administration, becomes Alternate member to Mr Prior.
Outgoing Alternate members are Ms Anne Morant of the Department of Finance and Administration, and Mr David Edwards, AO who was nominated by CPA Australia. I thank these members for their contributions to the FRC.
The current membership of the FRC, reflecting these new appointments, is set out in an attachment.
Members and alternate members of the Financial Reporting Council
Members and alternate members of the FRC, who serve on a part-time basis, have been appointed by the Treasurer from nominations put forward by key stakeholders in the accounting standard setting process.
|
Name |
Position |
Nominated by |
| Mr Jeffrey Lucy, AM*, Chairman | Financial Consultant, Adelaide | |
| Mr Stephen Harrison, AO appointed as Alternate to Mr Lucy | Chief Executive Officer, The Institute of Chartered Accountants in Australia, Sydney | The Institute of Chartered Accountants in Australia |
| Mr Michael Ullmer, Deputy Chairman | Group General Manager, Financial and Risk Management, Commonwealth Bank, Sydney | Business Council of Australia |
| Mr Tom Pockett as Alternate to Mr Ullmer | Deputy Chief Financial Officer, Commonwealth Bank, Sydney | Business Council of Australia |
| Ms Elizabeth Alexander, AM | Partner, PricewaterhouseCoopers, Melbourne | Australian Institute of Company Directors |
| Mr Don Challen | Secretary, Tasmanian Department of Treasury and Finance, Hobart | Heads of State and Territory Treasuries |
| Mr Leigh Hall, AM | Company Director, Sydney | Investment and Financial Services Association |
| Mr Mark Armour as Alternate to Mr Hall | Chief Investment Officer, ANZ Funds Management, Melbourne | Investment and Financial Services Association |
| Mr David Jackson | Director, Australian Shareholders' Association, Sydney | Australian Shareholders' Association |
| Mr Charles Macek | Company Director, Melbourne | Securities Institute of Australia |
| Mr Graeme McGregor, AO | Company Director, Melbourne | CPA Australia |
| Mr Ian Mackintosh | Chief Accountant, Australian Securities and Investments Commission, Sydney | Australian Securities and Investments Commission |
| Mr Robert Nottle, CBE | Director, ASX Supervisory Review Pty Ltd, Australian Stock Exchange, Melbourne | Australian Stock Exchange |
| Mr Gary Potts | Executive Director, Markets Group, Department of the Treasury, Canberra | Commonwealth |
| Ms Veronique Ingram as Alternate to Mr Potts | General Manager, Corporate Governance and Accounting Policy Division, Treasury, Canberra | Commonwealth |
| Mr Phillip Prior | First Assistant Secretary, Property Group, Department of Finance and Administration, Canberra | Commonwealth |
| Mr James Kerwin as Alternate to Mr Prior | First Assistant Secretary, Agency Advice Unit, Department of Finance and Administration, Canberra | Commonwealth |
* Mr Lucy was initially appointed to the FRC on the nomination of The Institute
of Chartered Accountants in Australia. He was appointed by the Treasurer as
FRC Chairman for three years from 17 July 2001. The Institute has since nominated
a replacement for Mr Lucy as its nominee on the FRC and this name is currently
under consideration.