NO.057

Ms Belinda Gibson, Deputy Chairperson of the Australian Securities and Investments Commission (ASIC) has indicated that she will not be seeking reappointment when her appointment expires in May 2013.

On behalf of the Government, I would like to thank Ms Gibson for her valuable service and her commitment to the work of ASIC.

Ms Gibson joined ASIC as a Commissioner in November 2007, and was appointed Deputy Chairperson in May 2010. Since this time, Ms Gibson has contributed extensively to the development and performance of ASIC's responsibilities in key areas such as the oversight of capital markets and supervision of exchange traded markets and brokers, and the oversight of corporations and improvements in disclosure and corporate governance. Ms Gibson has also assisted in the strengthening of ASIC's relationship with the corporate sector.

ASIC has responded to a number of key challenges under Ms Gibson's leadership, including the transfer of supervisory responsibilities from financial market operators to ASIC, and the introduction of competition for market services in Australia. These initiatives have resulted in the benefits of lower fees and improved services for all Australians who rely on financial markets.

Ms Gibson has also been active in the Financial Reporting Council and, until recently, the Corporations and Markets Advisory Committee, where she provided valuable insights into the financial sector from a regulator's perspective.

A merit-based selection process for this position will commence shortly.

19 December 2012