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New chairman of the Financial Reporting Council.



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TREASURER

NO.052

New Chairman of the Financial Reporting Council

The Treasurer, the Hon Peter Costello, MP, today announced the appointment of Mr Jeffrey Lucy, AM as Chairman of the Financial Reporting Council (FRC).

The FRC is the peak body responsible for the broad oversight of the accounting standard setting process for the private and public sectors. It comprises key stakeholders from the business community, the professional accounting bodies, governments and regulatory agencies.

Mr Lucy, who has been a member of the FRC since its establishment in 1999, replaces the Council’s first Chairman, Mr Paul Rizzo, who resigned in February 2001.

When announcing Mr Lucy’s appointment, the Treasurer also took the opportunity to thank Mr Rizzo for the substantial contribution he made to the work of the FRC, including the establishment of Australia’s revised accounting standard setting arrangements.

Mr Lucy brings a wide range of skills and experience to his new role. In late 2000 he retired as Managing Partner of PricewaterhouseCoopers’ Adelaide office, after spending almost 30 years in public practice as a Chartered Accountant. In addition to his public practice experience, he has also held a number of senior board and management positions.

Mr Lucy has also made a significant contibution to the professional bodies of which he is a member and he has been actively involved in a number of Adelaide-based charitable organisations. During 1994-95 he was National President of The Institute of Chartered Accountants in Australia while between 1983 and 1994 he served as South Australian State Secretary of the Taxation Institute of Australia.

In addition to being a member of the FRC, Mr Lucy has also been a member of the Government’s Business Regulation Advisory Group since 1997. This Group provides advice to the Government on amendments to the corporations legislation developed as part of the Corporate Law Economic Reform Program.

Additional biographical notes are attached.

CANBERRA 23 July 2001

Contact: Niki Savva Ph: (03) 9650 0244

 

MR JEFFREY JOHN LUCY, AM

 

Mr Lucy is a resident of Adelaide.

He is a fellow of The Institute of Chartered Accountants in Australia, CPA Australia and the Australian Institute of Company Directors.

In late 2000, Mr Lucy retired as Managing Partner in PricewaterhouseCoopers’ Adelaide office after spending almost 30 years in public practice as a Chartered Accountant. He now works as a financial consultant.

While in public practice, Mr Lucy was involved in a wide range of accounting-related matters including taxation and corporate law. He specialised in the manufacturing, professional, services, primary production and finance industries.

Mr Lucy was National President of The Institute of Chartered Accountants in Australia during 1993-94 and South Australian State Secretary of the Taxation Institute of Australia from 1983 to 1994. He has also served on the Archbishop’s Appeal Corporate Sub-committee and the Royal Adelaide Hospital Research Fund.

He was appointed to the Government’s Business Regulation Advisory Group in 1997 and joined the Financial Reporting Council at the time of its establishment in 1999.

Mr Lucy was made a Member of the Order of Australia in January 2001 for service to the accounting profession, to the business sector as an adviser on corporate law and taxation reform, and to the community.