The Board of ASX Limited announce that Mr Alan Cameron AM will succeed Mr Maurice Newman AC as chair of ASX Markets Supervision (ASXMS) for an initial three-year term, effective 1 August 2008.
Mr Cameron is a former chairman of the Australian Securities and Investments Commission and its predecessor, the Australian Securities Commission, serving from January 1993 to November 2000. He was also National Executive Partner of law firm Blake Dawson Waldron (now Blake Dawson) and a non-executive director of SFE Corporation Limited from March 2001 until the merger with ASX in July 2006. He is currently chair of Westpac Funds Management Limited, Deputy Chancellor of the University of Sydney and a director of Cameron Ralph Pty Limited, an advisory firm specialising in corporate governance and board performance.
Mr Newman, ASX Limited Chairman, said: "Mr Cameron is an outstanding appointment. He brings broad commercial and regulatory experience to this vital supervisory role."
Also joining the ASXMS board is Mr Michael Shepherd. Mr Shepherd was until April 2008 National President of the Financial Services Institute of Australasia (Finsia) and until October 2007 a director of ASX Limited.
"Mr Shepherd's deep knowledge of markets and exchange practices makes him an ideal addition to the ASXMS Board", Mr Newman said.
Mr Shepherd will succeed Mr Michael Sharpe AO who will retire from ASXMS on 31 July 2008.
Messrs Cameron and Shepherd will join Mr Peter Jollie AM and Mr Tom Parry AM as non-ASX Limited directors on the ASXMS board. Ms Jillian Segal AM will remain as the sole director common to both boards.
Mr Newman said: "ASXMS is now firmly established as an arms-length market supervisor that has demonstrated that it operates independently from ASX. It is effectively managing conflicts, and is responsible for overseeing market integrity and ensuring that ASX meets its licence obligations under the Corporations Act.
"To strengthen the perception of the underlying reality of independence, it has long been our intention for the ASXMS board to evolve to the point where ASX directors are in the minority. With the availability of such strong, appropriately experienced, external directors, that time has arrived."