08-191 ASIC announces executive appointments

Friday 22 August 2008

ASIC today announced senior executive appointments following completion of its recent strategic review announced on 8 May 2008.

The new appointments and the new structure will become effective, as announced, on 1 September 2008*.

The objective of the strategic review is to better position ASIC to respond to changes in the market now and over the next three to five years.

Tony D’Aloisio, Chairman of ASIC said, ‘These appointments involve internal promotions and external recruiting. Together these leaders will provide the quality and depth and breadth of experience and industry knowledge to implement the initiatives that have come out of our strategic review’.

* Not all externally recruited executives will formally start on 1 September. They will start as they complete their existing commitments

Senior Executive Leader positions: financial economy

ASIC’s new financial economy structure is made up of 12 stakeholder teams, and eight deterrence (enforcement) teams. Each team will be headed by a Senior Executive Leader. The introduction of Senior Executive Leaders replaces two previous layers of senior management by combining Executive Directors and Directors into a new single level. As part of the restructure, ASIC has maintained the same overall staff numbers (approx. 1600).

See below for brief profiles

New deterrence teams have been formed to bring sharper focus to the investigation and prosecution of serious misconduct. These new teams will focus on particular aspects of the financial markets.

See below for brief profiles

Senior Executive Leader Positions: real economy

The real economy team positions have been filled through internal promotion. Carlos Iglesias has been appointed Senior Executive Leader. Kathrine Morgan-Wicks will lead teams managing applications, misconduct/breach reporting and enquiries. Rosanne Bell will manage teams responsible for registry services and licensing.

Recently, Mr John Bligh was recruited externally as CEO and will oversight the real economy work and the Shared Services of ASIC. Those Shared Services will support all of ASIC’s work.

See below for brief profiles

Senior Executive Leader position: Chief Legal Officer

As part of the restructure, ASIC has created a new role of Chief Legal Officer (CLO). This is akin to Corporate General Counsel of large companies. The role will report directly to the Commission.

ASIC has appointed Victorian barrister Michael Kingston to the position of CLO. Mr Kingston’s areas of practice include Banking and Finance, Commercial Law and Companies and Securities. Mr Kingston was a partner in the Mergers and Acquisitions group of Mallesons until July 2003 and has worked on numerous large transactions.

The CLO will also lead ASIC’s new team of Special Counsel and contribute to legal professional development for the whole of ASIC. These Special Counsel have been recruited through internal promotion and external recruitment. They will provide strategic, legal and other input into major cases and assist the deterrence teams.

Increased market skills

The Senior Executive Leader appointments announced today are a blend of internal experience and external credentials.

	Financial Economy (Stakeholder Teams)	Financial Economy (Deterrence Teams)	Real Economy	Chief Legal Officer	Total
Recruited from the market	3*	4	1	1	9 (36%)
Internal Promotion	9	4	3	0	16 (64%)

* includes one subject to offer

ASIC recruited for these positions Australia wide. In terms of geographic spread, the 25 positions set out above are:

ASIC will soon announce (additional) senior executives for Adelaide, Brisbane and Perth.

Senior managers

On 20 August 2008, the senior managers for the new teams were finalised together with the allocation of existing staff into the new structure. The appointment of the second layer of management (i.e. below the new senior layer) and the groupings have been completed and, as with the leadership changes, these will be effective from 1 September.

Mr D’Aloisio said, ‘The way ASIC has responded to the changes and reinvigoration has been extremely encouraging. The Commission is pleased with the support received from staff who have embraced the changes in ASIC and with the external response through the calibre of external candidates who put their names forward’.

Regional Commissioners

ASIC has also completed the appointment of Regional Commissioners in each of its eight regions. These appointments require consultation with state and territory attorneys-general and will be announced as soon as possible.

New Commissioners

The Government has announced two new Commissioners for ASIC. Recruitment for these is proceeding and the Government will make an announcement in due course.

BACKGROUND

Brief Profiles of Senior Executive Leaders for the financial economy

Lee White:

Chief Accountant, ASIC. Member of the Financial Reporting Council. Former Assistant Auditor-General, New South Wales. In the role of Chief Accountant, Lee oversaw the transition by all Australian companies to the International Financial Reporting Standards (IFRS) as well as the introduction and development of an internationally recognised independent audit inspection program in Australia.

Stefan Dopking:

Director, National Audit and Insolvency Group, ASIC. Former Director, Coopers & Lybrand (now PwC) in Sydney and Brisbane. Stefan leads ASIC’s national team of 40 insolvency and audit specialists. The team’s responsibilities include influencing the behaviour of registered liquidators so they maintain high standards of competence and integrity. Prior to joining ASIC, Stefan developed specialist skills in the area of insolvency and business recovery.

John Price:

Acting Executive Director, Regulation, ASIC. Former Director, Applications and Licensing, ASIC. John has been closely involved in major transactions including the Telstra 3 capital raising, the proposed Allco bid for Qantas, the Coles/Wesfarmers scheme of arrangement, the proposed BHP bid for Rio Tinto and the Zinifex/Oxianna scheme of arrangement. John was also closely involved with the development of ASIC policy on compensation arrangements applying to Australian financial services licence holders. Prior to joining ASIC, John worked in the Gold Coast and Brisbane offices of a national law firm. He has also previously held senior positions in the Regulatory Policy and Financial Services areas of ASIC.

Mark Adams:

Director, Office of International Relations, ASIC. Former Director, Regulatory Policy and Research, ASIC. Mark has led negotiations with a number of foreign regulators to progress a range of regulatory recognition arrangements, in particular with the Securities & Exchange Commission in the USA and the Hong Kong Securities & Futures Commission. In his previous role, Mark led ASIC’s policy build for the implementation of the Financial Services Reform Act 2001 and the Managed Investments Act 1998. Prior to joining ASIC, Mark was a solicitor at Blake Dawson Waldron, Sydney.

Greg Yanco:

Chief Executive Officer, AXE ECN Pty Limited and former Manager Institutional and Wholesale Markets, during his career at the Australian Stock Exchange (1986-2006). Greg has extensive experience and knowledge in financial market development, regulation and supervision. At the ASX, Greg implemented equity market structure changes and managed the operations of the market surveillance and investigations units.

Camille Blackburn:

Acting Director, Applications, Advice and Licensing, ASIC. Former Assistant Director Applications and Advice, ASIC. In her most recent position, Camille led a team of 85 lawyers and analysts working on a broad spectrum of issues including M&A, managed investment, insurance and stock lending. Prior to joining ASIC, Camille held the positions of Head of Regulatory Risk – Equities at Citigroup Global Markets Australia and Associate Director – Regulatory Risk, Treasury and Commodities Group and Equity Markets Group, Macquarie Bank Limited.

Pamela Hanrahan:

Associate Professor of Law and Deputy Director, Centre for Corporate Law and Securities Regulation, The University of Melbourne. Pamela is the author of Managed Investments Law and Practice and of Funds Management In Australia: Officers’ Duties and Liabilities, the first integrated scholarly treatment of the various sources of law governing commercial funds management. Prior to joining The University of Melbourne in 2004, Pamela was Special Counsel to Australian law firm Allens Arthur Robinson.

Louise du Pre-Alba:

Special Counsel, ASIC. Former Assistant Director, Superannuation, Insurance and PDS Disclosure, ASIC. Louise has managed a number of ASIC Superannuation Choice projects on issues such as superannuation switching, anti-kickback prohibitions, periodic statement and PDS reviews, fee data collection and General PDS review projects. Louise is a member of the Government’s Financial Services working group and has previously worked on recommendations leading to the Safety in Superannuation legislation, including Superannuation Trustee licensing by APRA. Louise is the primary ASIC contact for superannuation industry associations.

Greg Kirk:

Director, Compliance and Campaigns, Consumer Protection, ASIC. Former Principal Solicitor, Public Interest Advocacy Centre. Greg has led the Compliance and Campaign team on work on problems within the mortgage broking industry and home underinsurance. Greg also led ASIC’s focus on false and misleading advertising, including targeted enforcement action.

Deborah Koromilas:

Assistant Director, Financial Services Compliance, ASIC. Former Head of Regulatory Affairs and Legal, BT Financial Group. Deborah has had extensive involvement in the financial planning industry through various legal roles at BT and also AMP, and has worked closely with industry bodies such as IFSA and the FPA. Deborah also led ASIC’s consultation with the FPA on their recent release of the Sample SoA.

Delia Rickard:

Acting Executive Director, Consumer Protection and International, ASIC. Former Head of Consumer Protection Branch, Australian Competition and Consumer Commission and member of the Secretariat to the Wallis Inquiry. Delia has led ASIC’s consumer protection work covering areas such as financial literacy and education, vulnerable and disadvantaged consumers, stakeholder relations and industry self-regulation. Delia led ASIC’s role in the implementation of the Government’s Super Choice policy and was the founding chair of ASIC’s Corporate Social Responsibility program.

Kathleen Harris:

Extensive international experience; while Deputy Bureau Chief of the New York Antitrust Bureau, Kathleen worked on the Microsoft antitrust case and was lead counsel in numerous multi-state cases including the international vitamins cartel litigation. As Special Counsel at Mallesons Stephen Jaques, she has specialised in litigation, antitrust and securities law. Kathleen has represented some of Australia’s largest corporations in investigating allegations of corporate misconduct and fraud, dealing with regulators, enforcement actions and complex civil litigation.

George Stogdale:

Senior Partner, Middleton Commercial Litigation Group. Team leader – commercial dispute, professional indemnity and media practice. George has broad experience in commercial law, including risk management, disputes, mediation, court proceedings and compliance. During four years as a board member at Middletons, George was intimately involved in assessing merger/takeover proposals when the firm merged with KPMG Solicitor Corporation and Acuiti Legal in NSW.

Glen Unicomb:

Chief Investigator, Enforcement, ASIC. Former Assistant Director, Major Cases Enforcement, ASIC. Glen has had over 28 years corporate investigation experience at both ASIC and its predecessors. High-profile investigations that Glen has had operational and strategic responsibility for include the Spedley Group of Companies and the HIH Group. Glen also headed ASIC’s investigation relating to James Hardie arising from the Special Commission of Inquiry into the Medical Research and Compensation Fund

Sean Hughes:

Head of Legal for National Australia Bank Limited’s Australian banking operations and former Group General Manager, Compliance at Australia and New Zealand Banking Group Limited (ANZ). At ANZ he oversaw the design and implementation of a new global compliance framework into day-to-day business processes. Prior to joining NAB and ANZ, Sean was Director, Financial Services Regulation at ASIC, where he was responsible for implementing the compliance supervision program for all new financial services licensees.

David McGuinness:

Director, NSW and ACT Enforcement, ASIC. In his current role, David has site and operational management of the staff and enforcement investigations undertaken by ASIC in Sydney and Canberra. Prior to joining ASIC, David was a senior partner of Blake Dawson Waldron in its Litigation & Dispute Resolution practice and held a number of leadership positions in that firm.

Tim Mullay:

Director, Licensed Enforcement, ASIC. Former Assistant Director (Vic & Tas) Enforcement, ASIC.

Tim is responsible for the leadership, management and strategic direction of ASIC’s complex and publicly sensitive enforcement projects in relation to licensed entities. Tim has also led teams comprising 80 staff in delivering high-quality and responsive enforcement results. Tim has also worked as a Senior Accountant in private practice.

Tim Castle:

General Counsel and General Manager Business Development, Competitive Foods Australia Pty Ltd. Tim was formerly a barrister at Seven Wentworth Chambers in Sydney and has played a significant role as counsel in major commercial litigation over the last 15 years, including representing Telstra in the C7 case, acting for Hungry Jacks in proceedings against Burger King and acting for News Limited in the Superleague Case. Tim has frequently appeared for ASIC in a range of matters, from banning orders to schemes of arrangements. He has a detailed knowledge of, and experience in, all aspects of corporate and commercial litigation, and has appeared for a wide range of listed companies and banks across a broad spectrum of industries.

Julie Read:

Director, Criminal Practice Enforcement, ASIC. Former Acting General Counsel, South West Enforcement, ASIC. As ASIC’s Director of Criminal Practice, Julie provides advice and leadership on criminal law issues and sponsors high-profile investigations. Prior to joining ASIC, Julie was an Assistant Director with the Commonwealth Director of Public Prosecutions (CDPP) responsible for the Hobart office. She has prosecuted a wide range of Commonwealth criminal offences, including major fraud.

Brief Profiles of Senior Executives Leaders for the real economy

John Bligh:

Chief Executive Officer, ASIC. John has responsibility for information technology, finance, human resources and customer service delivery, including the Public Information Processing Centre in Traralgon, Victoria. Prior to joining ASIC, John ran his own consultancy and was previously Executive of Services for Accenture Asia Pacific and Vice president, IBM Asia Pacific Business Transformation Services.

Carlos Iglesias:

Executive Director, Finance, ASIC. Carlos is responsible for funding, budget management, capital adequacy and management as well as financial and management accounting matters. He is also responsible for knowledge management. Before joining ASIC in 1992, he worked at the Australian Taxation Office, CPA Australia and Deloittes in a range of management, accounting and consulting roles.

Kathrine Morgan-Wicks:

Director Assessment, National Assessment & Action, ASIC. In her most recent role, Kathrine led a team of 80 lawyers, accountants, investigators and analysts to assess and action the 20,000 reports of corporate misconduct ASIC receives each year. Prior to joining ASIC, Kathrine worked as a Corporate Advisory and M&A lawyer in the Brisbane office of Mallesons Stephen Jaques.

Rosanne Bell:

Director, Public Information Program, ASIC. In this role, Rosanne’s responsibilities have included: administration of Australia’s public registers of companies and professionals, including information lodgment and searching functions; responding to enquiries through ASIC’s national call centre and the provision of on-line and over the counter services. In 2003, Rosanne led ASIC’s implementation of Government policy reforms known as CLERP 7 to simplify compliance and lodgement obligations of small businesses interacting with ASIC.

Key milestones for ASIC strategic review:

• 30 May 2007: Strategic review (to be conducted over 12 months) announced by ASIC Chairman, Tony D’Aloisio.

• 8 May 2008: Results of Review announced.

• Mid June 2008: First round Senior Executive Leader internal appointments confirmed.

• End July 2008: Second round Senior Executive Leader internal appointments confirmed.

• 20 August 2008: Team managers and allocations confirmed.

• 1 September 2008: New financial and real economy structures operational. Implementation of the review completed.