Treasurer names new ASIC commissioners

Treasurer Jim Chalmers has announced the appointment of Simone Constant, Alan Kirkland, and Katherine O’Rourke as full-time members of the Australian Securities and Investments Commission (ASIC) for a term of five years.

“Strong institutions are central to a strong economy,” the Treasurer 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.”

Ms Constant, who is currently the chief risk officer, institutional bank and markets at the Commonwealth Bank of Australia, also has recent experience with the NSW Department of Education and NSW Treasury. She will commence her term on 20 November 2023.

Mr Kirkland has been the chief executive at consumer group CHOICE since 2012 and has more than 20 years’ experience at the CEO level across both public and not-for-profit sectors. His term will also commence on 20 November 2023.

Ms O’Rourke, currently a first assistant secretary in the small and family business division at Treasury, was previously in the consumer data and digital division, as well as having been a senior executive at ASIC. Her term as commissioner will begin on 11 September 2023.

“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,” Mr Chalmers said.

“These appointments will refresh and renew the leadership at ASIC and ensure our corporations, financial services sector, and markets are effectively regulated.”

ASIC chair Joe Longo has welcomed the appointments, saying they bring exceptional experience and skills.

“The new commissioners strengthen and reinforce the expertise of the commission at a time of significant and complex change in our regulatory environment,” Mr 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.

“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.”

Mr Longo also acknowledged outgoing commissioner Danielle Press, who will leave ASIC when her term expires on 16 September 2023.

“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,” he said.

“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.”