ASIC chair Joe Lungo pulls out three big guns for ASX probe

West Australian

2 days ago

The Australian Securities and Investments Commission has enlisted three battle-hardened business veterans to probe governance and risk management at stock exchange operator ASX Ltd.
Former Reserve Bank deputy governor Guy Debelle, one-time Telstra Broadcast Services boss Christine Holman and banking veteran Rob Whitfield will have to report on potential fixes by March next year.
Announcing the special inquiry last week, ASIC chair Joe Longo vented his frustration at investigations, regulatory actions and litigation failing to fix problems at ASX during his four years as Australia's top corporate regulator.
Mr Longo said the experience Mr Debelle, Ms Holman and Mr Whitfield would be 'invaluable' to the inquiry.
He said their roles covered ASX top 20 boards and government investment funds, as well as 'deep experience' across global markets, banking, regulation, risk and technology.
ASIC revealed plans for the broad inquiry into the ASX group after a series of technology failures and delays in upgrading its trading and settlement systems.
The inquiry trio's terms of reference includes identifying 'any core organisational and cultural drivers within the ASX group that have contributed' to incidents dating back to 2016.
They must also probe whether the ASX group has the right organisational capabilities to 'provide a stable, secure, and resilient market infrastructure and to meet the evolving needs of the Australian market'.
And all have seen the joys and challenges of corporate life, with Mr Debelle having spent 17 months until August 2023 on the board of iron ore miner Fortescue's financial black hole Fortescue Future Industries.
His current board roles include lithium hopeful Tivan and the Federal Government's Clean Energy Finance Corporation.
Mr Whitfield will chair the inquiry.
He has been a director of Commonwealth Bank since September 2017 — a period that covers the banking royal commission, a series of ASIC probes and what are broadly seen as big governance improvements at major banks.
The Transurban director and Australian National University councillor worked at Westpac for almost 30 years until 2015, with his last six years as head of the big four player's institutional banking division.
Ms Holman, who is currently a non-executive director of AGL and Collins Foods, is credited with blowing the whistle on problems at ASIC investigation target WiseTech after less than a year on its board six years ago.
She is on the corporate governance committee at the Institute of Company Directors and a director of digital infrastructure investor Indara, a joint venture between the giant AustralianSuper and Optus's parent Singapore Telecommunications.
ASIC executive Jane Eccleston will head the inquiry support team, which will include people seconded from the Reserve Bank, the Australian Prudential Regulation Authority and the Australian Competition and Consumer Commission.