About FIRB

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 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.

View further information on the Foreign Investment Review Board's performance framework.

Board membership

As at November 2021, the Board comprised the following members.

  • Mr David Irvine AO (Chair)
  • The Hon Cheryl Edwardes AM
  • Ms Teresa Dyson
  • The Hon Nick Minchin AO
  • Ms Margaret (Meg) McDonald
  • Mr Steven Skala AO
  • Ms Carolyn Kay
  • Mr Tom Hamilton

Board membership as of 20 November 2021

Photo of David Irvine

Mr David Irvine AO

Chair and non‑executive member

Chair since 16 April 2017
Member since 3 December 2015

Mr Irvine has significant national security expertise as a former Director‑General of both the Australian Security Intelligence Organisation and the Australian Secret Intelligence Service. He is also a former Australian Ambassador to China and former Australian High Commissioner to Papua New Guinea.

Other roles

Adjunct Professor – Australian Graduate School of Policy and Security at Charles Sturt University
Inaugural Chair, now Board member – Cyber Security Cooperative Research Centre

Photo of Cheryl Edwardes

The Hon Cheryl Edwardes AM

Non-executive member

Member since 14 August 2017

Mrs Edwardes brings extensive legal and regulatory experience to the Board. Mrs Edwardes, a solicitor by profession, is a former Minister in the Court Government and was the member for Kingsley for 17 years.

In 1993, she became the first woman to be appointed Attorney General in Western Australia. Mrs Edwardes was awarded an Order of Australia in the Queen’s Birthday Honour 2016 for significant service to the people and Parliament of Western Australia, to the law and to the environment and through executive roles with business, education and community organisations.

Other roles

Commissioner – West Australian Football Commission
Director – VIMY Resources
Director – Flinders Resources
Director – Auscann

Ms Teresa Dyson

Ms Teresa Dyson

Non-executive member

Member since 2 January 2018

Ms Dyson is a non-executive director, serving on a range of listed, government and not for profit boards. Ms Dyson has over 25 years of experience as a senior tax adviser, including as a partner at Ashurst and Deloitte, advising on infrastructure, financing, corporate tax issues, mergers and acquisitions activities, the not-for-profit sector, and tax controversy.

She brings corporate and governance experience from a range of sectors. Ms Dyson is a former member and chair of the Board of Taxation.

Other roles

Director – Energy Qld Ltd
Director – Shine Justice Ltd
Director – Genex Power Ltd
Director – Seven West Media Ltd

Photo of Nick Minchin

The Hon Nick Minchin AO

Non-executive member

Member since 17 December 2018

Mr Minchin brings wide ranging senior leadership credentials, public policy, industry and international experience to the Board.

Recently, Mr Minchin served as the Australian Consul-General in New York.

Mr Minchin held a number of ministerial positions, including as Minister for Industry, Science and Resources from 1998 until 2001 and Minister for Finance and Administration from 2001 until 2007. While in office, he held the posts of Leader of the Government in the Senate, and Vice President of the Executive Council. Mr Minchin was elected to the Australian Senate for South Australia in July 1993 and served until June 2011.

Other roles

Director - Student Educational Travel Organisation Limited

Margaret McDonald

Ms Margaret (Meg) McDonald

Non-executive member

Member since 26 March 2019.

Ms McDonald has extensive experience in senior public and private sector roles, in Australia and internationally.

Ms McDonald has previously held a number of executive positions including Chief Operating Officer of the Clean Energy Finance Corporation, CEO of Low Carbon Australia Limited (LCAL) and global positions with resources and metals manufacturer Alcoa. Her previous board roles include with the Australian Renewable Energy Agency and the Cooperative Research Centre for Low Carbon Living.

Ms McDonald was Deputy Ambassador to the United States in Washington DC between 1998 and 2002 and was Australia’s Ambassador for the Environment between 1996 and 1998.

Ms McDonald holds an Honours Degree in Applied Science from the University of NSW.

Other roles

Commissioner – Greater Sydney Commission
Trustee – The Nature Conservancy

Mr Steven Skala

Steven Skala AO

Non-executive member
Member since 18 September 2020

Mr Skala has a distinguished career of service including on the boards of public and private companies, and government-related and not-for-profit organizations. He has 40 years’ experience in the law, business and banking.

The holder of BA and LL.B (Hons) degrees from University of Queensland and a BCL from the University of Oxford, Mr Skala was appointed an Officer of the Order of Australia on 26 January 2010 for services to the arts, education, business and commerce.

Mr Skala has been Vice Chairman, Australia of Deutsche Bank AG since 2004, is Chairman of Clean Energy Finance Corporation and is an ex officio member of the Commonwealth’s recently established Technology Investment Advisory Council. He is a former Chairman of Wilson Group Limited, Hexima Limited (of which he is currently an alternate Director) and The Island Food Company Limited, is a former Director of the Channel TEN Group of companies and Max Capital Group Limited, and was a Founding Member of Adara Partners. Between 1982 and 2004, he was a Partner of Australian law firms, Morris Fletcher & Cross (now Minter Ellison) and Arnold Bloch Leibler.

Active beyond banking and commerce, Mr Skala is Chairman of the Heide Museum of Modern Art, Deputy Chairman of the General Sir John Monash Foundation, a Director of the Centre for Independent Studies and a Member of the International Council of the Museum of Modern Art (MoMA) in New York. He was previously Chairman of Film Australia Limited and the Australian Centre for Contemporary Art, Vice President (Deputy Chairman) of The Walter & Eliza Hall Institute of Medical Research, a Director of the Australian Broadcasting Corporation and a Director of the Australian Ballet.

Ms Carolyn Kay

Ms Carolyn Kay

Non-executive member
Member since 20 November 2021

Carolyn Kay has had more than 30 years’ experience in the finance sector as an executive and non-executive director. In addition, she has been and remains a non-executive director of enterprises across a broad range of sectors.

She is currently a member of The Future Fund Board of Guardians and a non-executive director of Scentre Group, Myer Family Investments and Rothschild Australia. In the not for profit sector she is also a non-executive director of The General Sir John Monash Foundation and Sydney Grammar School.

As an executive Ms Kay worked as a banker and lawyer at Morgan Stanley, JP Morgan and Linklaters & Paines in London, New York, and Australia.

She holds Bachelor Degrees in Law and Arts (University of Melbourne), a Graduate Diploma in Management (AGSM) and is a Fellow of the Australian Institute of Company Directors. She was awarded a Centenary Medal for services to Australian society in business leadership. She is married with 3 children.

Photo of Mr Tom Hamilton

Mr Tom Hamilton

Executive Member of the Board since 19 October 2020

The position of executive member is held by the Head of Treasury’s Foreign Investment Division. The executive member provides the link between the Board and the Treasury, which provides support to the Board.