Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Acting Chair) Appointment (No. 1) 2023
I, Jim Chalmers, Treasurer, under subsection 236H(1) of the Australian Securities and Investments Commission Act 2001 (the Act) and subsection 33A(1) of the Acts Interpretation Act 1901:
(a) appoint Douglas Niven as the acting Chair of the Auditing and Assurance Standards Board, on a full-time basis, for the period beginning on 31 July 2023 until the earlier of:
(i) 31 October 2023; or
(ii) the appointment of the next Chair, under subsection 236F(1) of the Act, takes effect; and
(b) determine that, during the period of appointment referred to in paragraph (a), the total remuneration (within the meaning of section 8 of the Remuneration Tribunal (Remuneration and Allowances for Holders of Full-time Public Office) Determination (No. 1) 2023) payable to the appointee is $239,178 (pro-rated for that period of appointment) and the allowances payable are those that would apply to the Chair of the Auditing and Assurance Standards Board.
Dated 26 July 2023
Overview
The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Acting Chair) Appointment (No. 1) 2023 (F2023N00230) was enacted to address the need for an interim leadership role within the Auditing and Assurance Standards Board (AUASB). This legislation was introduced to fill a leadership gap following the departure of a permanent Chair, ensuring that the AUASB maintains its regulatory functions effectively. Enacted by Dr Jim Chalmers, the Treasurer, under the provisions of the Australian Securities and Investments Commission Act 2001 and the Acts Interpretation Act 1901, the objective of this instrument is to appoint Douglas Niven as the acting Chair on a full-time basis for a limited period. This temporary appointment aims to preserve continuity in the oversight and regulation of auditing and assurance standards in Australia until a permanent Chair is appointed.
Scope and Application
The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Acting Chair) Appointment (No. 1) 2023 instrument applies to the appointment of Douglas Niven as the acting Chair of the Auditing and Assurance Standards Board on a full-time basis for a specified period. This instrument is made under subsection 236H(1) of the Australian Securities and Investments Commission Act 2001 and subsection 33A(1) of the Acts Interpretation Act 1901, thereby carrying the force of law within the Commonwealth of Australia. The instrument sets the duration of the acting appointment from 31 July 2023 until either 31 October 2023 or the appointment of a substantive Chair under subsection 236F(1) of the Act, whichever occurs first. It also determines the remuneration and allowances for the acting Chair, aligning with the terms defined in the Remuneration Tribunal (Remuneration and Allowances for Holders of Full-time Public Office) Determination (No. 1) 2023. The geographic reach of this instrument is national, as it pertains to a federal body, the Australian Securities and Investments Commission. There are no exclusions or exemptions specified within the text of this instrument, and its application is not extended or restricted by subordinate instruments.
Key Provisions
The Australian Securities and Investments Commission (Auditing and Assurance Standards Board—Acting Chair) Appointment (No. 1) 2023 instrument primarily consists of two sections, (a) and (b), which outline the key provisions of the appointment. Section (a) appoints Douglas Niven as the acting Chair of the Auditing and Assurance Standards Board on a full-time basis, effective from 31 July 2023, and lasting until either 31 October 2023 or the appointment of the next Chair takes effect, whichever comes first. This temporary appointment is crucial for ensuring continuity in the leadership of the Auditing and Assurance Standards Board during a transitional period.
The instrument also imposes several obligations and requirements on Douglas Niven as the acting Chair. Firstly, he is expected to carry out his duties in a full-time capacity, indicating that the position requires his undivided attention and active involvement in the activities of the Auditing and Assurance Standards Board. The instrument further specifies that Niven's remuneration and allowances will be determined in accordance with the Remuneration Tribunal (Remuneration and Allowances for Holders of Full-time Public Office) Determination (No. 1) 2023, with his total remuneration set at $239,178, pro-rated for the period of his appointment. This ensures that Niven receives appropriate compensation for his role, aligned with the standards set for holders of full-time public office.
In terms of potential consequences for breach of the provisions outlined in the instrument, the Australian Securities and Investments Commission Act 2001 and the Acts Interpretation Act 1901 provide a framework for addressing non-compliance. While the instrument itself does not detail specific offences, penalties, or consequences, breaches of the terms of appointment could potentially lead to disciplinary action, legal challenges, or other repercussions under the relevant acts. The penalties for such breaches would depend on the nature and severity of the infraction, as well as the applicable legal provisions.
The instrument also highlights the importance of adhering to the specified period of appointment. Failure to comply with the stipulated end date of 31 October 2023, or the earlier appointment of a new Chair, could result in legal challenges or disputes regarding the validity of the acting Chair's appointment. Additionally, any discrepancies in the calculation or payment of remuneration and allowances could lead to financial penalties or other consequences under the Remuneration Tribunal (Remuneration and Allowances for Holders of Full-time Public Office) Determination (No. 1) 2023.