Appointments announced for governing council of External Reporting Australia

The government has announced the members who will form the inaugural Governing Council of External Reporting Australia (ERA), which will commence operations on 1 December 2026.

The government passed legislation in July to merge the Australian Accounting Standards Board (AASB), the Auditing and Assurance Standards Board (AUASB), and the Financial Reporting Council (FRC) into one body. The new body, ERA, will oversee core financial reporting, auditing, and new mandatory sustainability standards.

Lou Capparelli, Helen Hu, Simon O’Connor and Siobhan Toohill have been appointed as new part‑time members of the FRC, joining existing members Andrew Mills (Chair), Pru Bennett and Rachel Grimes, who have been reappointed to the FRC.

Bennett and Grimes have been reappointed, and Toohill appointed, each for four‑year terms. Capparelli, Hu and O’Connor have been appointed for three‑year terms.

Assistant Treasurer and Minister for Financial Services Daniel Mulino (pictured) said these members will form the inaugural governing council of ERA once ERA commences operations on 1 December 2026.

Andrew Mills will lead the governing council as inaugural chair, appointed until 30 November 2027.

Toohill has over 20 years’ experience in sustainability strategy and reporting, including previously as chief sustainability officer at Westpac.

Hu has strong expertise in finance, audit, risk management and corporate governance, including as a former chief financial officer and company secretary.

Capparelli has significant expertise in capital markets, corporate reporting, investment management and governance, and is currently head of ESG at UniSuper.

O’Connor has more than 20 years’ experience across sustainable finance, economics and corporate governance, including as former chief executive of the Responsible Investment Association Australasia.

Following her service as a previous member of the FRC, 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, Mulino said 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," he said.

"Strong and effective institutional arrangements for financial reporting standard‑setting are critical to supporting investor confidence, market integrity and public sector accountability."

Mulino said the appointments of Bennett, Fox, Grimes, Hu and Toohill also reflect the government’s "strong commitment to the appointment of highly qualified women to senior leadership roles".