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ASIC commissioner cuts 5-year term early to join Vanguard
One of the corporate regulator’s most powerful players has jumped ship, with commissioner Sean Hughes opting to join the Australian division of global investment behemoth Vanguard as head of office of general counsel.
Both ASIC and Vanguard released notices of the move within minutes of each other on Wednesday. Hughes was due to finish his 5-year term as commissioner with ASIC on December 1, 2023, but will wrap up duties on February 3.
Hughes is known for his work in financial services governance, risk and compliance, presenting at the GRC2022 Annual Conference in October about the “ever more crucial” role these functions play in a volatile global landscape, and noting that the issue was “dear” to his own heart.
The hunt for a commissioner to replace Hughes is expected to be taken up by Treasury – which appoints commissioners – immediately given the abrupt nature of his departure.
In a short statement, ASIC Chair Joe Longo stated: “We are grateful for the contribution Sean has made to ASIC in his role as Commissioner and wish him well in the next stage of his career.”
Hughes’ will now lead the general counsel’s office at Vanguard, which means both leading the legal and compliance functions of the business and taking a spot on the provider’s executive team.
Vanguard Australia managing director Daniel Shrimski said Hughes brings a combination of law, governance, regulation, financial services, wealth management and risk experience to his team.
“The strong foundations built by Vanguard’s Australian leadership over the past 27 years has always been guided by delivering on Vanguard’s mission, and with Sean’s appointment we continue to focus on building teams led by strong leaders who will ensure that the business remains aligned with the new and changing needs of our clients into the future, to offer them the best chance of investing success,” Shrimski stated.
