Mr Fowles has been a non-executive director of ASX since 1993 and is Chairman of the Listing Appeals Committee. Mr Fowles has brought to ASX many years of experience in the broking industry and corporate finance, which has been put to particular use in setting the policy and framework for the listing of companies on ASX.
ASX Chairman, Maurice Newman, expressed the Board's gratitude for and appreciation of Mr Fowles' ten years of dedicated and valuable service to ASX.
Ms Segal's appointment will take effect on 29 July 2003. Ms Segal is a former commissioner and Deputy Chair of ASIC and in the last year has been a member of the Dawson Committee, which reviewed the Trade Practices Act. Ms Segal is also the Chairman of the Board of the Australian Banking Industry Ombudsman, a member of the United Medical Protection Advisory Committee a member of the PricewaterhouseCoopers Audit Standards Oversight Board and a member of the major performing arts board of the Australia Council.
Mr Newman said Ms Segal's broad experience at the highest levels of the financial services industry would be a valuable addition to the ASX Board.
ASX has been conducting a review of all aspects of corporate governance including board size and structure. The Board has decided that the appropriate board size following Mr Fowles' departure is eight directors, comprising one executive and seven non-executive directors, which has reduced from fifteen members just prior to demutualisation in 1998. All non-executive directors bring to the Board mature business skills matched by independent judgement.
