Former RBA governor Philip Lowe named inaugural chair of new ASX advisory group
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The news: Bourse operator ASX has appointed former Reserve Bank governor Philip Lowe as chair of its newly formed advisory group on corporate governance (AGCG).
The context: The AGCG has been established to replace the ASX corporate governance council, in line with the recommendations of an expert review panel report released last month.
As independent chair, Lowe will be supported by an expert group that will represent a cross-section of issuers and investors and bring experience in listed entity governance.
Lowe started his career at the RBA in 1980 and ultimately served as governor from 2016 to 2023. Since leaving the central bank, he has taken on a number of roles including as chair of social investing firm Future Generation Australia and serves on the boards of the Victor Chang Cardiac Research Institute and Barrenjoey Capital Partners.
Nominations for AGCG members are now open and will be sought from relevant peak bodies and other stakeholders, ASX said.
Examples of AGCG members being sought include a "significant" superannuation fund chair, CEO or chief investment officer, a listed company director, an experienced investment manager, listed company secretary and a stockbroker with broad expertise across retail and institutional investors.
The establishment of the AGCG is part of a range of initiatives underway at ASX, including the recent release of a consultation paper on potential changes to the ASX listing rules related to shareholder approval of dilutive acquisitions and changes to admission status for dual listed entities.
What they said: “ASX is delighted to have a chair of the calibre of Dr Philip Lowe, given his deep understanding of Australian financial markets, policy development and stakeholder engagement,” said ASX CEO Helen Lofthouse.
“The creation of an expert advisory group is part of how we continue to evolve Australia’s capital markets in partnership with our customers.
“ASX will work closely with Dr Lowe to identify and appoint advisory group members, and we aim to do this as quickly as possible to enable the group to convene and determine its priorities.”
Lowe commented: “Strong corporate governance remains central to the strength and reputation of Australia’s public markets, which is why I am pleased to accept this role.
“This new advisory group provides an important opportunity to establish practical governance practices that drive long-term value for shareholders and listed entities.
“I am confident that through open dialogue, broad consultation and evidence-based advice, ASX with the support of the advisory group can develop principles that are widely supported by the market.”
The source: ASX release
