Trans-Tasman appointment to External Reporting Board

Commerce Minister Simon Power today announced the cross-appointment of Lynn Wood, chair of the Australian Financial Reporting Council (FRC), to New Zealand’s inaugural External Reporting Board (XRB).

The XRB supersedes the Accounting Standards Review Board (ASRB) and will have a much broader range of powers. It will be responsible for all aspects of financial reporting and for accounting and auditing standards-setting. It begins operations on 1 July.

“Trans-Tasman appointments play a key role in developing a seamless business environment between Australia and New Zealand as part of the Single Economic Market framework,” Mr Power said.

“Cross-appointments have been an important feature on these boards since 2005 and have had a major impact on the co-ordination of financial reporting strategy. They also make it easier for New Zealand and Australia to influence international standards-setting.”

Previous chairs of the FRC, Charles Macek and Jeffrey Lucy, were also cross-appointments to the ASRB.

Background on Lynn Wood

Lynn Wood is a highly experienced company director. She is chair of Noni B Ltd, non-executive director of GPT Funds Management, and director of the Committee for Economic Development in Australia. Her previous board positions include HSBC Bank Australia, Macquarie Goodman Group, and New South Wales Lotteries Corporation.

She has worked in the not-for-profit sector, as a non-executive director of the Multiple Sclerosis Society of Australia, Multiple Sclerosis New South Wales, and Women Chiefs of Enterprises International. She was awarded the Centenary Medal in 2003 for services to Australian society through business and finance.