The Albanese Government has taken an important step to position Australia's new financial reporting standard‑setter, External Reporting Australia (ERA), for success through appointments and reappointments to the Financial Reporting Council (FRC).
Mr Lou Capparelli, Ms Helen Hu, Mr Simon O'Connor and Ms Siobhan Toohill have been appointed as new part‑time members of the FRC, joining existing members Mr Andrew Mills (Chair), Ms Pru Bennett and Ms Rachel Grimes who have been reappointed to the FRC.
Ms Bennett and Ms Grimes have been reappointed, and Ms Toohill appointed, each for four‑year terms. Mr Capparelli, Ms Hu and Mr O'Connor have been appointed for three‑year terms.
These members will form the inaugural Governing Council of ERA once ERA commences operations on 1 December 2026. The Governing Council will be led by Mr Andrew Mills as the inaugural Chair, appointed until 30 November 2027.
Ms Siobhan Toohill has over 20 years' experience in sustainability strategy and reporting, including previously as Chief Sustainability Officer at Westpac.
Ms Helen Hu has strong expertise in finance, audit, risk management and corporate governance, including as a former Chief Financial Officer and Company Secretary.
Mr Lou Capparelli has significant expertise in capital markets, corporate reporting, investment management and governance, and is currently Head of ESG at UniSuper.
Mr Simon O'Connor has more than 20 years' experience across sustainable finance, economics and corporate governance, including as former Chief Executive Officer of the Responsible Investment Association Australasia.
Following her service as a previous member of the FRC, Ms Amy Fox has been appointed as an associate member of the ERA Governing Council for a four‑year term from 1 December 2026, bringing valuable experience in public sector financial management, accounting policy and financial reporting.
From 1 December 2026, ERA will be the new one stop shop for financial reporting standard‑setting, combining the standard‑setting functions of the Australian Accounting Standards Board, Auditing and Assurance Standards Board and FRC, and responsible for accounting, auditing and assurance and sustainability standards.
Over the coming months, the FRC will be responsible for ensuring a smooth and orderly transition to ERA's commencement.
Strong and effective institutional arrangements for financial reporting standard‑setting are critical to supporting investor confidence, market integrity and public sector accountability.
The appointments of Ms Bennett, Ms Fox, Ms Grimes, Ms Hu and Ms Toohill also reflect the Government's strong commitment to the appointment of highly qualified women to senior leadership roles.
