Katherine O’Rourke, currently a first assistant secretary at Treasury, commences as commissioner from 11 September 2023. It marks her second stint at ASIC, where she worked from 2003 to 2017, leading work on fundraising, mergers and acquisitions, corporate governance and regulatory policy.
From 20 November, she will be joined by Alan Kirkland, currently chief executive of consumer group CHOICE, and Simone Constant, chief risk officer, institutional bank and markets at the Commonwealth Bank of Australia.
Kirkland was already a member of ASIC Consultative Panel. Previously, he was a member of the panel for the Ramsay Review, which recommended the establishment of the Australian Financial Complaints Authority and Compensation Scheme of Last Resort.
Meanwhile, Constant has extensive experience in financial services and risk management, and has previously worked as a lawyer. She is a former Deputy Secretary of NSW Treasury and led the NSW Department of Education’s COVID Taskforce.
“The new commissioners strengthen and reinforce the expertise of the commission at a time of significant and complex change in our regulatory environment,” ASIC chair, Joe Longo, said.
“ASIC’s role is fundamental to protecting Australian consumers and investors while our economy navigates difficult challenges including climate change, an ageing population and the rapid evolution of data technology.”
He notes they each have considerable experience in areas relevant to ASIC’s strategic priorities.
“The new commissioners will be powerful advocates for Australian consumers and investors, and for maintaining the integrity of Australia’s financial system. I look forward to working with them,” Longo said.
The ASIC chair also acknowledged outgoing commissioner Danielle Press, who will depart the corporate regulator when her term expires on 16 September 2023.
She had been appointed to the role in September 2018 for a five-year term.
“On behalf of everyone at ASIC I offer our deep gratitude to Danielle for her outstanding contribution to the Commission over the past five years, particularly her pivotal role in establishing ASIC as the conduct regulator for the superannuation sector,” Longo stated.
“Danielle’s generous, warm and approachable leadership style has helped build open and effective relationships across ASIC, among our peers and across industry. I wish her well in her future endeavours.”
ASIC has confirmed that deputy chair, Karen Chester, is also set to depart early next year. She finishes her term in January 2024 and has said she will not seek a second term.
“The ASIC Act requires between three and eight Commissioners, usually for five years – though when and for how long the Treasurer appoints any new ones is a matter for him,” an ASIC spokesperson told Money Management.
Rearranging deck chairs on the Titanic comes to mind!!