ASIC governance

Strengthening governance and accountability measures is part of ASIC’s strategic change program.

This year, ASIC implemented key reforms to our governance structure and decision-making processes in light of recommendations from the Royal Commission and the application of the executive accountability regime.

A new governance and accountability framework was established to ensure we act strategically, with integrity and effectively deliver on our statutory objectives through well-defined responsibilities, accountabilities and processes for the Commission, our Executive and various committees.

Under ASIC’s Management Accountability Regime established in December 2019:

• the Commission works collectively to make strategic and/or significant decisions for ASIC
• Executive Directors report directly to ASIC’s Chair and hold responsibility for the delivery of the strategy set by the Commission and day-to-day management of ASIC’s work.

ASIC’s governance and accountability structures are consistent with ASIC being an independent Commonwealth agency that is a statutory body corporate and reflect the legislative framework within which ASIC operates. ASIC’s Chair, James Shipton, is the accountable authority under section 9A of the ASIC Act and held this position throughout the reporting period.

A key purpose of the governance framework is to enable the Commission to spend more time focusing on and setting ASIC’s strategy.

To assist the Commission in discharging its functions and exercising its powers, it has established the Committee structure set out within the section ASIC governance structure.

Further information about ASIC’s governance and the role of the Commission is set out in the Appendices.

ASIC organisational structure

ASIC Commissioners

James Shipton

Chair, BA, LLB (Hons)

James Shipton commenced as ASIC Chair on 1 February 2018.

Karen Chester

BEc (Hons)

Karen Chester commenced as ASIC Deputy Chair on 29 January 2019.

Danielle Press

BEc (Hons)

Danielle Press commenced as an ASIC Commissioner on 17 September 2018.

John Price

BA, LLB (Hons)

John Price ceased his role as an ASIC Commissioner on 20 June 2020.

He commenced as an ASIC Commissioner on 21 March 2012.

Daniel Crennan QC

BA, LLB (Hons)

Daniel Crennan commenced as ASIC Deputy Chair on 16 July 2018.

Cathie Armour

BEc, LLB (Hons), LLM

Cathie Armour commenced as an ASIC Commissioner on 3 June 2013.

Sean Hughes

BA, LLB (Hons), LLM

Sean Hughes commenced as an ASIC Commissioner on 1 December 2018.

ASIC Executive Committee

Executive Director
Registry

Rosanne Bell
BCom

Executive Director
Wealth Management

Joanna Bird
BA, LLB (Hons), BCL (Hons)

Executive Director
Markets Enforcement

Sharon Concisom
LLB (Hons)

Executive Director
Assessment and Intelligence

Warren Day
BBus (Acc), LLB (Hons), MProfAcc, LLM, MBus (InfoTech)

Executive Director
Strategy

Greg Kirk
BA, LLB (Hons)

Chief Supervisory Officer
Supervision Group

Louise Macaulay
BA (Hons), LLB, LLM

Executive Director
Financial Services Enforcement

Tim Mullaly
LLB, BBus

Executive Director
Financial Services

Paul Newson
BA, LLB, MLS, LLM

Chief Supervisory Officer
Supervision Group

Oliver Harvey
BA, LLB, MPhil

Executive Director
Operations (Acting)

Emily Hodgson
BCom

General Counsel

Chris Savundra
BCom, LLB (Hons), BCL (Distinction)

Executive Director
Markets

Greg Yanco
BBus (Acc), FCPA, MSAFAA

The Commission has established a number of committees to assist it with the effective and efficient performance of its regulatory and governance roles.

ASIC governance structure

Commission meetings

Commission meetings are convened by ASIC’s Chair under section 103 of the ASIC Act. They take place twice a month and may be convened more regularly as required. The Commission also meets as a team on a weekly basis to provide early direction or guidance on issues, or to consider urgent matters.

Commission committees

These are core decision-making committees that include all Commissioners and relevant Executive Directors and senior executives.

There are three Commission committees:

• Commission Enforcement Committee: Chaired by Deputy Chair Daniel Crennan QC, this committee makes strategic and/or significant enforcement decisions, including in relation to the conduct, strategy and focus of major matters and enforcement policies, and oversees ASIC’s enforcement and litigation work.
• Commission Regulatory Committee: Chaired by Deputy Chair Karen Chester, this committee makes strategic and/or significant decisions relating to regulatory policy, law reform, applications for relief, policy frameworks and reports, and oversees ASIC’s regulatory activities and functions.
• Commission Risk Committee: Chaired by Deputy Chair Karen Chester, this committee considers all types of risk of a strategic and/or significant nature that affect ASIC, its regulated population, Australia’s financial system and Australian consumers. It is responsible for setting and monitoring ASIC’s Risk Management Framework and ASIC’s risk appetite.

Specialist subcommittees

These subcommittees support the Commission committees and provide guidance to the executive group.

There are four subcommittees:

• Enforcement Oversight Committee: Assists the Commission with oversight of the Office of Enforcement and the execution of ASIC’s enforcement strategy.
• Emerging Threats and Harms Committee: Identifies and provides advice on the management of emerging and strategic risks in ASIC’s regulated population or areas that it regulates.
• Regulatory Policy Committee: Considers submissions recommending new or revised regulatory policy, law reform and novel applications for relief from the laws administered by ASIC.
• Regulatory Issues Committee: Considers matters generated by the surveillance and supervisory work undertaken by ASIC’s regulatory teams.

Governance committees

Governance committees assist the Commission and the accountable authority in undertaking their governance roles. There are two such committees:

• Commission Risk Committee: As set out above.
• Audit Committee: Operates independently of management and assists the Chair to discharge his responsibilities for the efficient, effective, economical and ethical use of Commonwealth resources. It also provides independent assurance to the Chair and the Commission on ASIC’s financial and performance reporting, risk oversight and management, and systems of internal control.

Management committees

The management committees are executive-level committees responsible for undertaking and overseeing the day-to-day management of ASIC. There are two such committees:

• Executive Committee: Responsible for the day-to-day operation and management of ASIC; implementing and delivering ASIC’s policies, plans and priorities; and leading the implementation of ASIC’s business plans.
• Executive Risk Committee: Responsible for identifying and monitoring significant risks to ASIC, maintaining risk management frameworks and policies, and implementing and overseeing audit/assurance processes and risk mitigation strategies.

ASIC Regional Commissioners

ASIC’s Regional Commissioners are our local ambassadors, promoting ASIC initiatives and engaging with regional communities through regular liaison.

Australian Capital Territory

Laura Higgins
BEd, BA (Hons)

• Commenced as Acting Regional Commissioner in May 2019.

New South Wales

Greg Yanco
BBus (Acc), CPA, MSAFAA

• Commenced as Acting Regional Commissioner in December 2019.

Northern Territory

Duncan Poulson
BA, LLB

• Commenced as Regional Commissioner in February 2006.

Queensland

Amanda Zeller
BCom, CPA

• Commenced as Acting Regional Commissioner in May 2019.

South Australia

Melissa Smith
LLB (Hons), BA (Juris), GDLP

• Commenced as Regional Commissioner in June 2015.

Tasmania

Chris Green
LLB, GDipBA (Exec)

• Commenced as Regional Commissioner in November 2013.

Victoria

Warren Day
BBus (Acc), LLB (Hons), MProfAcc, LLM, MBus (InfoTech)

• Commenced as Regional Commissioner in October 2008.

Western Australia

Natalie Dürr
LLB

• Commenced as Regional Commissioner in July 2017.