I am pleased to announce the Government’s intention to appoint Mr David Borthwick PSM as the Government’s nominee Director and Chair of the Australian Business Investment Partnership (ABIP), contingent upon the passage of the ABIP legislation.
Mr Borthwick is exceptionally well qualified to be the Commonwealth’s nominee Director and Chair of the ABIP Board. He has proven leadership and management skills, demonstrated at the highest levels of the Australian Public Service. He will also bring a strong governance focus to this position, as well as extensive financial and economic expertise.
Mr Borthwick had a distinguished career at the Treasury, including five years as Deputy Secretary. As Deputy Secretary, he oversaw various divisions including the Financial Institutions Division and International Economic Policy Division. Prior to this he served as Assistant Secretary and First Assistant Secretary of several divisions including Industries Policy, Overseas Finance, Fiscal and Monetary Policy, Structural Policy, Economic and Taxation Divisions.
In 2004, Mr Borthwick was appointed by the Howard Government to his most recent position as Secretary of the Department of the Environment, Water, Heritage and the Arts, from which he retired earlier this year. Prior to this, he spent three years as Executive Director of the Economic, Industry and Resources Policy Group at the Department of the Prime Minister and Cabinet, from 2001 to 2004.
Mr Borthwick also served as Deputy Secretary of the Department of Health and Ageing, and was a former Australian Ambassador to the Organisation for Economic Co-operation and Development in Paris. He has been a government representative on several boards, including the Housing Loans and Insurance Corporation.
ABIP is the Government’s temporary, contingency measure to provide refinancing of loans for viable commercial property assets where financiers have withdrawn from debt financing arrangements as a result of the global financial crisis. ABIP will be established in partnership with the four major domestic banks.
The Board of ABIP will include a representative from each shareholder. Mr Borthwick, as the Commonwealth representative, will be Chair. The Board will be accountable to the shareholders (including the Government) for the overall direction and management of ABIP Limited and the formulation of the policies to be applied to it.
10 May 2009