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Federal Treasurer Jim Chalmers has announced the appointment of the Australian Securities and Investment Commission’s (ASIC) three new full-time commissioners, each beginning a five-year term later this year.
On Friday (25 August), Mr Chalmers announced that the new, full-time commissioners are:
- CHOICE chief executive Alan Kirkland
- First assistant secretary at Treasury, Katherine O’Rourke
- CBA chief risk officer (CRO) of institutional banking, markets, and treasury Simone Constant
The Treasurer said Ms O’Rourke would commence her position on 11 September 2023 with Ms Constant and Mr Kirkland to begin their terms on 20 November 2023.
The appointments came after commissioners Danielle Press and Karen Chester end their terms, with Sean Hughes having departed earlier in the year.
Mr Chalmers said: “These commissioners will ensure our corporate watchdog maintains a strong, fair, efficient and innovative financial system that delivers good outcomes for consumers and investors.
“These appointments will refresh and renew the leadership at ASIC and ensure our corporations, financial services sector and markets are effectively regulated.
“On behalf of the Albanese government, I thank outgoing commissioners Danielle Press, Sean Hughes and Karen Chester for their contributions to ASIC and to the service of Australia.”
ASIC chair Joe Longo welcomed the appointments, saying they would bring “exceptional experience” and skills to the organisation at a time of “significant and complex change in our regulatory environment”.
He 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.
“Kate, Simone and Alan each have considerable experience in areas relevant to ASIC’s strategic priorities. They join the commission as we embark on a program of work to become a leading data-informed regulator and strengthen our commitment to strong and decisive enforcement of the law.
“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.”
ASIC said CHOICE CEO Mr Kirkland brings with him a long background in financial markets, noting his involvement with the regulator through his membership of its consultative panel and was a member of the committee for the Ramsay review, which recommended the establishment of the Australian Financial Complaints Authority and Compensation Scheme of Last Resort.
The commission said he joins as commissioner with more than 20 years of experience at the CEO level and having been a “leading consumer advocate”.
The regulator said Ms Constant brought with her extensive knowledge in financial services and risk management as well as previously having worked as a lawyer, to the role.
A former deputy secretary of the NSW Treasury and a leader of the NSW Department of Education’s COVID-19 taskforce, she currently operates as CRO, institutional markets at CBA, where she has worked since 2020, having previously been a CRO at NAB.
Ms O’Rourke’s appointment to ASIC is the second time she has worked at the regulator, having previously been a senior executive leading work on fundraising, mergers and acquisitions, corporate governance, and regulatory policy between 2003 and 2017.
She is currently a first assistant secretary in the Department of Treasury, where she holds responsibilities within the small and family business division and previously within consumer data and digital division.
[Related: ASIC commissioner exits for Vanguard Australia role]
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