Who Are We?
The Foreign Investment Review Board (the Board) is a non statutory body established in 1976 to advise the Treasurer and the Government on Australia’s Foreign Investment Policy (the Policy) and its administration.
The Board's functions are advisory only. Responsibility for making decisions on the Policy and proposals rests with the Treasurer. The Treasury's Foreign Investment and Trade Policy Division (the Division) provides secretariat services to the Board and is responsible for the day to day administration of the arrangements.
The role of the Board, including through its secretariat, is to:
- examine proposed investments in Australia that are subject to the Policy, the Foreign Acquisitions and Takeovers Act 1975 (the Act) and supporting legislation, and to make recommendations to the Treasurer and other Treasury portfolio ministers on these proposals;
- advise the Treasurer on the operation of the Policy and the Act;
- foster an awareness and understanding, both in Australia and abroad, of the Policy and the Act;
- provide guidance to foreign persons and their representatives or agents on the Policy and the Act;
- monitor and ensure compliance with the Policy and the Act; and
- provide advice to the Treasurer on the Policy and related matters.
The Board currently comprises four part-time Members and a full-time Executive Member.
Mr Brian Wilson was appointed to the Board on 10 December 2009 and appointed Chairman on 16 April 2012. He is also Deputy Chancellor of University of Technology, Sydney, a non-executive director of Bell Financial Group and a member of the Payments System Board of the Reserve Bank of Australia. He was a member of the Commonwealth Government Review of Australia's Superannuation System and is currently a member of the ATO Superannuation Reform Steering Committee and of the Specialist Reference Group on the Taxation of Multinational Enterprises in Australia. Mr Wilson retired in 2009 as a Managing Director of the global investment bank Lazard, after co-founding the firm in Australia in 2004 and was previously a Vice-Chairman of Citigroup Australia and its predecessor companies.
Mr Hamish Douglass was appointed to the Board on 10 December 2009. He has extensive experience in global foreign investment and in the origination and execution of corporate finance transactions and, in particular, public company mergers and acquisitions. He has had extensive experience in corporate finance transactions in the mining industry. He is the Chief Executive Officer of Magellan Financial Group, a specialist global fund management group which is listed on the ASX. He was previously Co-Head of Global Banking for Deutsche Bank AG in Australia and New Zealand and prior to that he was Head of Mergers and Acquisitions. He is a member of the Australian Government's Takeovers Panel, a member of the Young Global Leaders, a forum of the World Economic Forum and a member of the Financial Literacy Board.
Ms Anna Buduls was appointed to the Board on 15 July 2010. Through her corporate advisory work and 19 years of non‑executive company directorships, Ms Buduls has gained wide commercial experience across a broad range of companies and industries, including the agriculture sector. She is currently owner and Chairman of a travel software group, and is a non‑executive director of the listed company SAI Global Ltd (since October 2003). Ms Buduls is also a member of the Australian Social Inclusion Board and one of the three Australian members on the APEC Business Advisory Council.
Mr Michael D’Ascenzo AO has been appointed to the Board with effect from 2 January 2013. Mr D’Ascenzo is recognised internationally for his leadership and expertise in tax administration and governance as well as his technical and design skills in tax law and superannuation. Mr D’Ascenzo was Commissioner of Taxation from January 2006 to December 2012 and he worked in the Australian Taxation Office for 35 years. On 26 January 2010 he was appointed an Officer of the Order of Australia (AO) for service to public administration, particularly through reform and innovative engagement with the taxation profession and other government agencies and in 2012 he was awarded the Chartered Accountants Federal Government Leader of the Year.
Mr Jonathan Rollings commenced his appointment as Executive Member of the Board on 29 January 2013. Mr Rollings has over 25 years experience working on public policy and legislation. Most recently he has been involved in the implementation of superannuation reforms, and has previously worked on a range of corporate and international taxation issues.