Government builds inaugural council for External Reporting Australia

The government is building the inaugural governing council for External Reporting Australia (ERA) which commences operations on 1 December 2026.

ERA has been established by new legislation, combining the existing standard-setting functions of the Australian Accounting Standards Board (AASB), Auditing and Assurance Standards Board (AUASB) and Financial Reporting Council (FRC). It will be responsible for accounting, auditing and assurance, and sustainability standards.

Lou Capparelli, Helen Hu, Simon O'Connor and Siobhan Toohill have been appointed as new part-time members of the FRC. They join existing members Pru Bennett, Rachel Grimes and chair Andrew Mills who have been reappointed to the FRC.

These members will form the inaugural governing council of ERA once it commences operations and will be led by Mills as the 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 expertise in finance, audit, risk management and corporate governance, including as a former chief financial officer and company secretary.

Capparelli has 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 (RIAA).

Bennett, Grimes and Toohill each have been appointed for four-year terms, whereas Capparelli, Hu and O'Connor have been appointed for three-year terms.

"Over the coming months, the FRC will be responsible for ensuring a smooth and orderly transition to ERA's commencement," assistant treasurer Daniel Mulino said.

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

In a LinkedIn post RIAA said: "Done well, we believe ERA will support stronger governance, reduce fragmentation and improve coordination across financial and sustainability reporting, and we look forward to continued engagement to help ensure it's set up for success."