Knott to retire at end of 2003
David Knott, chairman of the Australian Securities and Investments Commission (ASIC), has announced that he will step down from his position at the end of 2003, two years short of the end of his term.
Knott joined ASIC as deputy chairman in July 1999 and was appointed chairman for a five-year term in November 2000, replacing Alan Cameron, who had been chairman since 1993.
On his retirement, Knott says, “My departure will coincide with turning 55 and achieving 10 years of public sector employment, including four and a half with ASIC. It is a sensible time for me to draw breath to review my family priorities and professional future.”
Knott is keeping any future plans close to his chest, having advised Treasurer Peter Costello that he will defer any decisions about his future career until he leaves ASIC.
He singled out the Treasurer for special thanks for his strong support of ASIC.
“During my term at ASIC, the Treasurer has been a strong supporter of effective and well-resourced corporate and securities regulation. The considerable achievements of the agency over that time could not have been delivered without his support,” Knott says.
These achievements include the implementation of the Financial Services Reform Act (FSRA) and Policy Statement 146.
“My decision has been made in the knowledge that ASIC is well prepared and structured to deal with its outstanding enforcement and regulatory issues,” Knott says.
Prior to joining ASIC, Knott served as chief executive officer of Commonwealth Funds Management, and chief operating officer of theAustralian Prudential Regulation Authority.
ASIC has not yet indicated who might replace Knott in the chairman’s role.
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