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.
View further information on the Foreign Investment Review Board’s performance framework.
The Board currently comprises six part-time Members and a full-time Executive Member.
Mr David Irvine AO
Chairman since 16 April 2017
Board 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. He is currently an Adjunct Professor in the Australian Graduate School of Policy and Security at Charles Stuart University and a member of the National Archives of Australia Advisory Council.
Mr Michael D’Ascenzo AO
Board member since 2 January 2013
Mr D’Ascenzo is recognised internationally for his leadership and expertise in taxation, administration, governance and policy. Mr D’Ascenzo was Commissioner of Taxation from January 2006 to December 2012. In January 2010 he was appointed an Officer of the Order of Australia for service to public administration and in 2012 he was awarded the Chartered Accountants’ Federal Government Leader of the Year. Mr D’Ascenzo is currently a member of the Clean Energy Regulator, as well as an adjunct professor at the University of New South Wales and a professorial fellow at Melbourne University. He was also a non executive director of Australia Post 2013 to 2016.
Mr Patrick Secker
Board member since 17 December 2013
Mr Secker brings extensive agricultural sector experience to the Board. He was a primary producer, agricultural retailer and company director before entering politics as the member for the rural South Australian electorate of Barker. Mr Secker has a degree in economics and has participated in a number of parliamentary agricultural committees over many years. His parliamentary career included serving as Opposition Whip and Deputy Speaker of the House of Representatives. Mr Secker has also served as an elected member in local government for 11 years including deputy mayor, chairman of various committees including planning, library, development plan and works. He also chaired the Southern and Hills LGA and co chaired the South Australian Government Mt Lofty Ranges Strategy Review.
Ms Alice Williams
Board member since 16 July 2015
Ms Williams has over 25 years of senior management and Board level experience in the corporate and Government sectors. Ms Williams was previously a Director at JP Morgan, NM Rothschild and Ansett Australia. She has been a consultant to listed corporations in Australia and the Gulf States and state and federal regulatory bodies. She is a former director of the Australian Accounting Standards Board, State Trustees and a Commissioner of the Victorian Competition and Efficiency Commission. Ms Williams’ current directorships include Cooper Energy Ltd, Equity Trustees Ltd, Djerriwarrh Investments Ltd, Defence Health, Racing Victoria and Barristers Chambers Limited.
Mr David Peever
Board member since 1 February 2016
Mr Peever retired as Managing Director of Rio Tinto Australia in October 2014 after 27 years with Rio Tinto. Mr Peever is also Chairman of Cricket Australia and a Director of the International Cricket Council, a Non Executive Director of the Australian Foundation Investment Company and the Melbourne Business School. He is a member of the Prime Minister’s Indigenous Advisory Council and the Chief of Defence’s Gender Equality Advisory Board. He chaired the Minister of Defence’s First Principles Review of Defence and following the acceptance of the Review by Government, now chairs the Oversight Board which helps guide implementation of the Review’s recommendations. Mr Peever is also a non executive director of the Stars Foundation.
Hon. Cheryl Edwardes AM
Board 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. She is also a Company Director on a number of ASX Boards, private companies and not-for-profit associations, including Director on the Board of Atlas Iron and a Commissioner on the WA Football Commission. Mrs Edwardes was awarded an Order of Australia in the Queen’s Birthday Honours 2016 for significant service to the people and Parliament of Western Australia.
Mr Roger Brake
Executive Member of the Board since 6 March 2017
The position of Executive Member is held by the Division Head of Treasury’s Foreign Investment Division. The Executive Member provides the link between the Board and the Division, which provides secretariat support to the Board.