BY: DAVID CROWE From: The Australian April 03, 2012 12:00AM
Article from The Australian
AN experienced investment banker has been appointed to oversee Australia's most sensitive foreign investment deals amid political tensions over big purchases in farming and resources.
Wayne Swan last night named former Lazard and Citigroup executive Brian Wilson as the chairman of the Foreign Investment Review Board, the low-profile expert group that advises the Treasurer on transactions worth billions.
Mr Wilson replaces John Phillips, a former Reserve Bank deputy governor who has led FIRB for 15 years during a time of contentious decisions, including last year's rejection of Singapore Exchange's bid for ASX and former treasurer Peter Costello's rejection of Shell's bid for Woodside Petroleum.
Because Mr Wilson has been a FIRB member since 2009, the appointment leaves a spare seat on the board to be filled at Mr Swan's discretion.
Mr Swan said he intended to name an additional member in the near future.
While FIRB members rarely comment on transactions and operate within the federal Treasury, the board plays a key role scrutinising purchases by foreign investors over a threshold set at $244 million.
The Coalition is reviewing whether to change the regime as the Nationals and some Liberals voice concerns over foreign purchases of cropping land, with NSW Liberal senator Bill Heffernan calling for a lower threshold to require approval and stronger powers for FIRB to police the market.
Mr Swan noted Mr Wilson's 33 years as an investment banker and his experience advising big companies. Mr Wilson was joint managing director at Lazard in Sydney when it acquired investment firm Carnegie Wylie. He retired from the group in 2009.
Article from The Australian