ANZ executive reappointed to Takeovers Panel

The Morrison government has appointed and/or reappointed 17 part-time members to its Takeovers Panel, each for three-year terms, commencing from 23 March 2020.

The new appointees include Kristen Jung, Macquarie Capital’s executive director and global head of legal. 

Among the 13 members reappointed to the panel are ANZ chief financial officer Michelle Jablko and ANZ board director Paula Dwyer.

The members will join the president of the Takeovers Panel and co-head of Corporate Finance at Deutsche Bank, Alex Cartel, along with 29 other part-time members.

The Takeovers Panel is the primarily responsible for resolving disputes arising from takeover bids and bring a commercially orientated approach to deliberations.

The appointments come just days after the government announced it would screen all foreign investments through the Foreign Investment Review Board (FIRB).  

Treasurer Josh Frydenberg announced temporary changes to the foreign investment review framework in a bid to “protect Australia’s national interest” as the country forges through the economic turmoil caused by the coronavirus (COVID-19) outbreak.

As of Sunday (29 March), all foreign investment will be subject to official approval.

Mr Frydenberg stressed that the regulatory changes are “not an investment freeze”.

“By temporarily reducing the foreign investment thresholds, the Australian government will ensure appropriate oversight over all proposed foreign investment during this time,” the Treasurer said.

“Australia is open for business and recognises investment as this time can be beneficial if in the national interest,” he added.

In accordance with the new regulations, and to ensure sufficient time for the screening of applications, the FIRB will be working with existing and new applicants to extend the timeframe for reviewing applications from 30 days to up to six months.

In doing so, the government intends to prioritise “urgent applications” for investments that will “protect and support Australian businesses and Australian jobs”, according to the Treasurer.

Alternatively, the Treasurer will review foreign investment proposals against the national interest “on a case-by-case basis”, and “[w]here appropriate, conditions will be applied proportionately to address identified risks on a non-discriminatory basis.”