Today I met with the Chair and two other members of the Financial Sector Advisory Council (FSAC), to receive a briefing on recent developments in financial markets and the implications for Australian financial institutions, prior to my departure for the upcoming International Monetary Fund and World Bank meetings in Washington this weekend.
FSAC is a valuable source of advice on emerging issues in the financial sector. With the challenges posed by global financial market turbulence, it is my intention to revitalise FSAC as a genuine sounding board on policy issues and to get a timely and on-the-ground perspective of market developments.
In recognition of the important role of FSAC, I am expanding the membership of the Council to provide a greater depth of views and broader perspective on financial sector issues. Given the systemic importance of the superannuation industry, I am strengthening representation on FSAC in this area with the appointment of two new members from the superannuation industry. The new appointments will also provide representation from the non-bank lending sector and bolster the Council’s expertise across investment banking, funds management and insurance.
I am pleased to announce today the appointments to FSAC of Mr Craig Dunn, Managing Director and Chief Executive Officer, AMP Limited; Mr Steve Sargent, Chief Executive Officer, GE Australia and New Zealand; Mr Paul Binsted, Member of the Lazard Australia Advisory Board; Mr Ian Silk, Chief Executive Officer, AustralianSuper; and Ms Rosemary Vilgan, Chief Executive Officer, QSuper.
I am also pleased to announce the reappointment of Mrs Gail Kelly, Managing Director and Chief Executive Officer, Westpac Banking Corporation; and Mr Jeremy Duffield, Managing Director, Vanguard Investments Australia, for another term on the Council.
FSAC is a non-statutory body that brings together a broad range of senior financial market participants to provide advice to the Government on policies to facilitate the growth of a strong and competitive financial sector. Members are appointed for two years in a personal capacity subject to their continued direct involvement in the financial sector.
Mr Dunn is a valuable addition to the Council and brings considerable knowledge from across the financial sector through his current position of Chief Executive Officer of AMP Limited, and as a Director of AMP Life Limited. Mr Dunn has extensive experience in the banking, insurance and funds management industries from previous positions within AMP Limited and KPMG.
Mr Sargent brings a new perspective to the Council on financial sector issues from his experience in the non-bank lending sector through his position as Chief Executive Officer of GE Australia and New Zealand. Mr Sargent also has considerable experience in the asset securitisation market and the Australian banking sector from his previous positions at Westpac Banking Corporation.
Mr Binsted brings extensive experience in investment banking and other aspects of corporate financial advice to the Council. Mr Binsted’s breadth of experience comes from his previous position as Managing Director and Joint CEO of Lazard in Australia and his previous roles with other investment banks, such as Citigroup Australia.
Mr Silk brings considerable knowledge to the Council from the superannuation industry through his role as Chief Executive Officer of AustralianSuper. Mr Silk also brings over 13 years of experience in the finance industry to the Council.
Ms Vilgan brings extensive knowledge and experience in public sector superannuation to the Council through her current position as the Chief Executive Officer of QSuper. Ms Vilgan is also the Chair of the Association of Superannuation Funds of Australia.
I look forward to the new and continuing members providing valuable contributions to the future work of the Council.
Following these changes, the full membership of FSAC will be:
9 April 2008