ASIC’s Press reflects on lessons from commissioner tenure

19 September 2023
| By Laura Dew |
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ASIC commissioner, Danielle Press, has reflected on her time at the regulator.

Press announced in early August that she would not continue as a commissioner after the end of her five-year term; her last day was on 15 August. She first took up the commissioner role in September 2018. 

Prior to joining the regulator, Press was the chief executive of private investment company Myer Family Investments and the chief executive of superannuation fund Equip Super for six years. She also spent 17 years as a managing director at UBS Global Asset Management, and as an economist at the Reserve Bank of Australia.

Writing on LinkedIn, Press said: “My time at ASIC has been filled with challenges, successes and countless memorable moments. I have learned so much and am thankful for the opportunity. It has been a privilege to have served.

“Over the past five years, I hope I have contributed to fostering a fundamentally different dynamic between the financial services sector and ASIC, one that is founded on increased openness, engagement and communication, and one that fundamentally acknowledges the complexity of the regulatory framework and commercial outcomes.”

In the short term while she seeks a new role, Press said she will be working on a charity she founded called Loki’s Lodge, which is dedicated to rehabilitating farmed animals.

Following Press’ departure, the regulator has appointed three new commissioners who will start this year.

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.

As well as Press, deputy chair Karen Chester will depart in early 2024. Sean Hughes departed in February 2023 to join Vanguard as head of the office of general counsel.

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