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What we do

ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.

ASIC's governance and accountability

ASIC’s governance and accountability structures are consistent with ASIC being an independent Commonwealth agency that is a statutory body corporate. They reflect the legislative framework within which ASIC operates.

ASIC’s governance and accountability framework

ASIC’s governance and accountability framework (the Framework) sets out a clear, transparent and common understanding of ASIC’s governance and accountability structures and processes. The objective of the Framework is to promote effective, efficient and impartial decision making at ASIC and articulate clear accountabilities. The Framework seeks to ensure ASIC acts strategically, with integrity and effectively delivers on its statutory objectives.

The Framework sets out how the Commission will collectively exercise its functions and powers, as well as delegate to others. It helps ASIC to achieve its strategic priorities, manage risks and use resources responsibly.

ASIC is a body corporate established under the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act). ASIC is made up of Commissioners who are appointed by the Governor General on nomination of the Minister.

Under the ASIC Act, Parliament has conferred functions and powers on the Commission and Chair of ASIC. ASIC’s functions and powers are also drawn from the laws we administer.

ASIC’s governance and accountability structures are consistent with ASIC being an independent Commonwealth agency that is a statutory body corporate and reflects the legislative framework within which ASIC operates. The Framework separately identifies decision-making in relation to governance matters and regulatory functions. It supports the Commission to exercise its functions and powers and oversee delegated matters.

The current Framework was introduced in December 2019 as part of ASIC’s strategic change program and to reflect ASIC’s revised leadership structure. It is regularly reviewed and updated.

A key purpose of the Framework is to enable the Commission to spend more time focusing on and setting ASIC’s strategy.

Commission and Accountable Authority

The Commission is ASIC’s governing body and is responsible for achieving ASIC’s statutory objectives set out in the ASIC Act. It acts as a strategic non-executive body focusing on high-level regulatory and statutory decision-making and stakeholder management and provides support to the Chair on organisational oversight.

It makes important regulatory decisions, sets ASIC’s strategy and oversees ASIC’s delivery and performance against the strategy. In addition, the Chair is ultimately responsible for the duties of the Accountable Authority contained in the Public Governance Performance and Accountability Act 2013 (PGPA Act) which forms part of the executive responsibilities of governing ASIC.

The following table outlines the dual regulatory and governance roles of the Commission:

Regulatory role Governance role (shared between the Accountable Authority and Commission)
Making strategic and/or significant regulatory decisions related to ASIC’s statutory powers and functions. Providing strategic leadership by setting ASIC’s vision, risk appetite and corporate plan, determining budget and resourcing priorities, ASIC’s Values and Code of Conduct and overseeing management performance and accountability and audit processes

Commission Committees

Commission Committees are decision-making committees and comprise the full Commission and other standing attendees. There are three Commission Committees:

While matters and decisions reserved for the Commission may be dealt with in formal Commission meetings, the Commission generally makes decisions in relation to strategic and/or significant enforcement, regulatory and risk matters within the relevant Commission Committee (except for formal statutory decisions which are only made in a formal Commission meeting). The Commission has established the Commission Committees so that it can dedicate time to, and provide specific focus on, these important areas of ASIC’s statutory mandate.

Governance Committees

Governance Committees assist the Commission and the Accountable Authority in undertaking their governance roles. There are two Governance Committees:

Management Committees

The Management Committees are executive level committees that are responsible for undertaking and overseeing the day-to-day management of ASIC. There are two Management Committees:

Executive Directors

Executive Directors play a key role within ASIC’s committee structure. They are standing attendees of various Commission Committees and members of the various Management Committees at which recommendations are made to the Commission or the AA. More information about the responsibilities of Executive Directors is outlined in ASIC’s Management Accountability Regime (AMAR).

ASIC's accountability

ASIC is subject to a robust framework of public accountability and transparency. ASIC is accountable to the Parliament and many of its decisions are subject to administrative or judicial review. Ultimately ASIC is accountable to the Australian public for its actions through publications of its Annual Report and other public documents and releases.

ASIC’s Management Accountability Regime (AMAR) clearly identifies the accountabilities of ASIC’s Chair, Commission members and Executive Directors.

As an independent statutory agency, ASIC is not subject to a legislative accountability regime but has taken the opportunity to apply key features of the Banking Executive Accountability Regime (set out in Part IIAA of the Banking Act 1959) to its senior staff.