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Faster disputes in Australian takeovers.

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NO. FSR/014

Faster Disputes in Australian Takeovers

One year after its set up the new Takeovers Panel was an overwhelming success and had improved the efficiency of dispute resolution, the Minister for Financial Services & Regulation, Joe Hockey, said today.

"The changes to the Panel’s role that took effect on 13 March 2000 have unquestionably improved takeover dispute resolution in Australia," the Minister said.

"Having takeover disputes considered by respected members of the business community has meant that shareholders are given better information sooner about takeovers where they have an interest."

In the year since its powers were enhanced, the Panel has been instrumental in making sure shareholders had high quality information sooner than used to be the case when takeovers where subject to lengthy and complex litigation.

"I would like to congratulate the Panel president Simon McKeon and the other Panel members, as well as the staff of the Panel Executive, and thank them for the time and effort they have put into the Panel’s activities over the past year."

The Minister also announced the appointment of 18 new part-time members to the Panel, along with the reappointment of three current part-time members (see attached list).

"Consistent with previous appointments these new members have outstanding backgrounds, experience and a wide range of skills in their fields, including financial and legal aspects of takeover activity," the Minister said.

"The panel has drawn on a group of 43 Australians from many parts of the country and a wide variety of backgrounds but with a common experience that I believe will help ensure that Australian shareholders get the best possible information as quickly as possible. This is another example of this Government working hard to ensure Australians enjoy some of the worlds best corporate regulation."

"I can think of no better sign of confidence in the Panel than the willingness of so many highly qualified people to serve as part-time members. The skills and experience they will bring to the Panel will further enhance its ability to effectively resolve takeover disputes in a timely and low-cost manner."

A list of current and new Panel members is attached.

12 March 2001 2001/14

Media contact: Matthew Abbott, Minister's office, 02 6277 7230, 0413 076 213

Current Corporations and Securities Panel Members

Name Position/Occupation State

Ms Robyn AHERN Company Director WA

Ms Elizabeth ALEXANDER AM^ Partner, PricewaterhouseCoopers VIC

Ms Ilana ATLAS* General Counsel & Group Secretary, Westpac Banking Corporation NSW

Justice Robert AUSTIN* Judge, Supreme Court of NSW NSW

Dr Annabelle BENNETT SC Barrister NSW

Mr Anthony BURGESS* Head of Corporate Finance Australasia, Deutsche Bank VIC

Mr Michael BURGESS Adjunct Professor

School of Business and Enterprise

University of South Australia


Ms Carol BUYS* Managing Principal, AMP Consulting NSW

Mr Denis BYRNE^ Director, Denis Byrne & Associates P/L QLD

Mr Peter CAMERON Partner, Allen, Allen & Hemsley NSW

Ms Luise ELSING* Manager (Listings), Australian Stock Exchange NSW

Ms Kathleen FARRELL* Consultant, Freehills NSW

Mr David GONSKI* Chairman, Morgan Stanley Dean Witter NSW


Partner, Corrs Chambers Westgarth QLD

Mr Brett HEADING^ Partner, McCullough Robertson QLD

Ms Meredith HELLICAR CEO, Corrs Chambers Westgarth NSW

Mr Braddon JOLLEY* Partner, Freehills NSW

Dr Tro KORTIAN* Lecturer, Finance Discipline, University of Sydney NSW

Ms Alison LANSLEY* Partner, Mallesons Stephen Jaques VIC

Ms Irene LEE* Company Director NSW

Ms Maria MANNING Company Secretary, Queensland Cotton QLD

Ms Louise McBRIDE Partner, Deloitte Touche Tohmatsu NSW

Mr Kevin McCANN* Partner, Allen, Allen & Hemsley NSW

Ms Alice McCLEARY Company Director SA

Ms Marie McDONALD* Partner, Blake Dawson Waldron VIC

Mr Simon McKEON (President) Executive Director, Macquarie bank VIC

Ms Marian MICALIZZI Company Director QLD

Mr Simon MORDANT Managing Director, Caliburn Partnership P/L NSW

Ms Robyn PAK-POY* Partner, Minter Ellison SA

Mr Chris PHOTAKIS* Director, KPMG Corporate Finance (Aust) NSW

Professor Ian RAMSAY Professor of Law, University of Melbourne VIC

Mr Scott REID* Managing Director, JP Morgan Chase NSW

Ms Maxine RICH Company Director NSW

Ms Fiona ROCHE Managing Director, Estates Development Co WA

Mr Trevor ROWE Chairman, Investment Banking, Salomon Smith Barney (Australia) NSW

Justice Kim SANTOW OAM* Judge, Supreme Court of NSW NSW

Ms Jennifer SEABROOK Director, Gresham Partners WA

Mr Jeremy SCHULTZ Managing Partner, Finlaysons SA

Mr Leslie TAYLOR General Counsel, Commonwealth Bank of Australia NSW

Mr Michael TILLEY Chairman, Merrill Lynch Australasia VIC

Ms Nerolie WITHNALL Partner, Minter Ellison QLD

Ms Karen WOOD General Counsel and Company Secretary, Bonlac Foods Limited VIC

Mr Peter YOUNG Executive Vice-Chairman, ABN-AMRO NSW

* Indicates new appointment ^ Indicates reappointment


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