The Australian Stock Exchange (ASX) has today announced the appointment of Lucinda McCann as its new chief compliance officer, to start with immediate effect.
In her new role, McCann will report directly to ASX chief executive Helen Lofthouse. She succeeds former chief compliance officer, Daniel Moran, who resigned in July after a 15-year tenure with the exchange.
The appointment comes as the ASX is facing increased regulatory scrutiny after a series of compliance and operational issues, including a probe by the corporate regulator in June.
It also follows the ASX’s October announcement that it will assume full responsibility for future iterations of the ASX Corporate Governance Principles and Recommendations (Principles), with guidance from a newly formed independent advisory group.
Last week, the ASX announced that this group will be chaired by former Reserve Bank of Australia (RBA) governor Philip Lowe.
The exchange’s updated approach to market corporate governance is part of a broader listings policy program underway at the ASX, which also includes a consultation on proposed amendments to listing rules covering shareholder approvals and dual-listed entities.
Commenting on the announcement, Lofthouse said: “I am delighted that Lucinda is joining ASX at a time when we have been deepening our focus and leadership on policy matters in support of the vibrant public listed market which is so important to Australia’s economy.”
She added that she looks forward to McCann bringing strong leadership and experience to the role as the ASX advances its transformational strategy, which emphasises enhanced customer focus and business resilience.
McCann brings more than 25 years’ experience advising on financial services, corporate law, superannuation, banking and insurance regulation, including advising board and executive teams on ASX listing rules, the corporations act and regulatory reforms.
Her experience includes five years at the Australian Prudential Regulation Authority (APRA), where she advanced to chief general counsel and led the legal and enforcement group, leading oversight of Australia’s banking, insurance, and superannuation sectors.
Prior roles at APRA also included serving as deputy general counsel and general manager, legal. She joins the role from international law firm Norton Rose Fullbright, where she is a partner in the corporate team.
“Lucinda’s appointment will build on the strong track record of our ASX Compliance team who are tasked with the specialist role of monitoring and enforcing compliance by listed entities and issuers of investment products with ASX’s rules,” Lofthouse said.
“I am confident she will further strengthen our efforts to uphold high standards of market conduct.”
