Treasurer announces first female head of ASIC
The next head of Australia’s financial regulator has emerged as a continuity pick who will continue the Australian Securities and Investments Commission’s tough approach to tackling corporate abuses.
ASIC’s current deputy chair, Sarah Court, was announced as the watchdog’s next chair by Treasurer Jim Chalmers in a statement on Monday evening.
Ms Court, an experienced litigator, was an unsurprising choice to replace ASIC’s outgoing chairman, Joe Longo, as acting replacement for almost five years.
“Ms Court has been an excellent MP and will be an outstanding speaker,” Dr Chalmers said in a statement.
“Over the last five years Sarah has significantly strengthened ASIC’s enforcement and investigation capabilities.
“Under his leadership, ASIC has achieved some of the strongest enforcement results on record, reflecting a sharper focus on protecting consumers, raising standards across the financial system and strengthening the integrity of Australian markets.”
Before joining ASIC, Ms Court was a commissioner at the Australian Competition and Consumer Commission and a senior solicitor at the Australian Government Solicitor.
Ms Court’s elevation means there are a record number of women in charge of Australia’s key economic institutions.
As ASIC’s first female chief executive, she joins female leaders including Reserve Bank governor Michele Bullock, ACCC chief Gina Cass-Gottlieb, Treasury secretary Jenny Wilkinson and Productivity Commission chief Danielle Wood.
Ms. Court will begin her five-year term on July 1.
As chairman of ASIC, Ms Court will have a significant impact on Australian corporate culture at a time when striking the balance between over-regulation and preventing consumer harm is hotly debated.
Under Mr Longo’s tenure, ASIC’s enforcement capabilities have been strengthened and the regulator has embarked on a major digital transformation.
“Mr Longo has made a significant contribution to ASIC’s work, including his focus on enforcement and consumer protection initiatives, his work in public and private markets and strengthening the commission’s organizational capacity,” Dr Chalmers said.
But ASIC has been criticized in some quarters for being overly aggressive in its litigation, while it has also been accused of falling asleep at the wheel after failing to stop the collapse of investment funds run by First Guardian and Shield.
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