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ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.

ASIC's governance and accountability

ASIC’s governance and accountability structures are consistent with ASIC being an independent Commonwealth agency that is a statutory body corporate. They reflect the legislative framework within which ASIC operates.

ASIC’s governance and accountability framework

ASIC’s governance and accountability framework (the Framework) sets out a clear, transparent and common understanding of ASIC’s governance and accountability structures and processes. The objective of the Framework is to promote effective, efficient and impartial decision making at ASIC and articulate clear accountabilities. The Framework seeks to ensure ASIC acts strategically, with integrity and effectively delivers on its statutory objectives.

The Framework sets out how the Commission will collectively exercise its functions and powers, as well as delegate to others. It helps ASIC to achieve its strategic priorities, manage risks and use resources responsibly.

ASIC is a body corporate established under the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act). ASIC is made up of Commissioners who are appointed by the Governor General on nomination of the Minister.

Under the ASIC Act, Parliament has conferred functions and powers on the Commission and Chair of ASIC. ASIC’s functions and powers are also drawn from the laws we administer.

ASIC’s governance and accountability structures are consistent with ASIC being an independent Commonwealth agency that is a statutory body corporate and reflects the legislative framework within which ASIC operates. The Framework separately identifies decision-making in relation to governance matters and regulatory functions. It supports the Commission to exercise its functions and powers and oversee delegated matters.

The current Framework was introduced in December 2019 as part of ASIC’s strategic change program and to reflect ASIC’s revised leadership structure. It is regularly reviewed and updated.

A key purpose of the Framework is to enable the Commission to spend more time focusing on and setting ASIC’s strategy.

Commission and Accountable Authority

The Commission is ASIC’s governing body and is responsible for achieving ASIC’s statutory objectives set out in the ASIC Act. It acts as a strategic non-executive body focusing on significant and strategic regulatory and statutory decision-making and stakeholder management. It provides support to the Chair on organisational oversight.

The Commission makes important regulatory decisions, sets ASIC’s strategy and oversees ASIC’s delivery and performance against the strategy. In addition, the Chair is ultimately responsible for the duties of the Accountable Authority contained in the Public Governance Performance and Accountability Act 2013 (PGPA Act) which forms part of the executive responsibilities of governing ASIC.

The following table outlines the dual regulatory and governance roles of the Commission:

Regulatory role Governance role (shared between the Accountable Authority and Commission)
Making strategic and/or significant regulatory decisions related to ASIC’s statutory powers and functions. Providing strategic leadership by setting ASIC’s vision, risk appetite and corporate plan, determining budget and resourcing priorities, ASIC’s Values and Code of Conduct and overseeing management performance and accountability and audit processes

ASIC’s governance structure

ASIC’s governance structure supports the Commission in exercising its functions and powers by providing oversight of delegated matters and a structure for executives to elevate matters to the appropriate forum.

The Commission has established a number of committees to assist it with the effective and efficient performance of its dual regulatory and governance roles. The Commission undertakes these roles through Commission meetings, Commission Committees, Specialist Committees, Governance Committees and Management Committees.

ASIC may establish other sub-committees and boards from time to time.

Governance diagram
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More information

Commission meetings

Commission meetings are convened by ASIC’s Chair under Section 103 of the ASIC Act. They generally take place weekly or as required.

The Commission is responsible for the exercise of ASIC’s functions and powers, strategic direction and priorities. The Commission:

  • oversees and ensures that ASIC’s objectives as set out in section 1(2) of the ASIC Act are met
  • exercises and oversees the exercise of the functions and powers conferred by the Corporations Act 2001 and the ASIC Act
  • sets ASIC’s strategy and regulatory and enforcement priorities and oversees ASIC’s delivery and performance against the strategy
  • makes formal statutory decisions in a range of strategic or significant matters or where the power is not otherwise delegated to ASIC staff
  • guides ASIC’s culture, and
  • supports the Accountable Authority in overseeing the management and operations of ASIC as a Commonwealth agency.

Commission Committees

Commission Committees are decision-making committees and comprise the full Commission and other standing attendees. There are four Commission Committees:

Apart from decisions reserved for formal Commission meetings, the Commission meets regularly in Commission Committees that focus on distinct areas of ASIC’s statutory mandate. Each of these Commission Committees provides oversight, sets priorities and makes decisions in relation to strategic and/or significant matters within their respective areas.

Commission Enforcement Committee

The Commission Enforcement Committee makes strategic and/or significant enforcement decisions relating to the conduct, strategy, scope and focus of enforcement matters and enforcement approach, and oversees ASIC’s enforcement and litigation work.

Commission Markets Committee

The Commission Markets Committee (established in May 2026) makes strategic and/or significant decisions relating to markets issues, including matters and initiatives relating to market structure, infrastructure, supervision and integrity.

Commission Regulatory Committee

The Commission Regulatory Committee makes strategic and/or significant decisions relating to regulatory policy, law reform, applications for relief, policy frameworks and reports and oversees ASIC’s regulatory activities and functions.

Commission Risk Committee

The Commission Risk Committee supports the Accountable Authority by overseeing systems for the identification and effective management of risks that impact ASIC’s ability to achieve its statutory objectives and obligations and overseeing the effectiveness of controls and mitigation plans for enterprise risks. This committee is also responsible for overseeing the status of ASIC’s internal audit plan and agreed audit recommendations.

Governance Committees

Governance Committees assist the Commission and the Accountable Authority in undertaking their governance roles. There are two Governance Committees:

Audit and Risk Committee

The Audit and Risk Committee operates independently of management and plays a key role in assisting the Chair to discharge their responsibilities for the efficient, effective, economical and ethical use of Commonwealth resources. This committee also provides independent advice to the Chair on the appropriateness of ASIC’s financial and performance reporting, system of risk oversight and management, and system of internal control.

Management Committees

The Management Committees are executive level committees that are responsible for undertaking and overseeing the day-to-day management of ASIC. There are two Management Committees:

Executive Committee

The Executive Committee is responsible for assisting the Accountable Authority, Commission and Chief Executive Officer to manage the internal operations of ASIC, including delivering ASIC’s business plans and budgeting in alignment with ASIC’s strategic priorities and regulatory objectives.

Executive Risk Committee

The Executive Risk Committee is responsible for identifying and monitoring significant risks to ASIC, maintaining ASIC’s risk management and compliance frameworks and policies, managing risks in line with those frameworks and policies, and implementing and overseeing management’s response to audit/assurance processes and risk mitigation strategies.

Executive Directors

Executive Directors play a key role within ASIC’s committee structure. They are standing attendees of various Commission Committees and members of the various Management Committees at which recommendations are made to the Commission or the Accountable Authority.

ASIC's accountability

ASIC is subject to a robust framework of public accountability and transparency. ASIC is accountable to the Parliament and many of its decisions are subject to administrative or judicial review. Ultimately ASIC is accountable to the Australian public for its actions through publications of its Annual Report and other public documents and releases.

Accountability and oversight of ASIC

ASIC’s performance, and the exercise of its powers and functions, are subject to a range of public accountability measures. 

ASIC is established under the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act). It is made up of its Commissioners who are appointed by the Governor General on nomination of the Minister. Under the ASIC Act, Parliament has conferred functions and powers on the Commission and Chair of ASIC.

ASIC is accountable to the Australian Parliament including through the following parliamentary committees:

  • Parliamentary Joint Committee on Corporations and Financial Services, Oversight of ASIC, the Takeovers Panel and the Corporations Legislation
  • Senate Economics Legislation Committee, Senate Estimates
  • House of Representatives Economics Committee, Review of the ASIC Annual Report (*this committee has not yet referred an inquiry into ASIC’s Annual Report in the current parliament).

The Parliamentary Joint Committee on Corporations and Financial Services (the committee) is a statutory committee that was established under section 261 of the Australian Securities and Investments Commission Act 2001 (ASIC Act). This Act passed both houses of the federal parliament in June 2001 and received Royal Assent on 28 June 2001. The Committee monitors and reviews activities of ASIC and the operation of the corporations legislation.

The Government periodically issues statements of expectations and ASIC responds through a statement of intent setting out how it will respond to the Government’s expectations.

ASIC and the Accountable Authority are subject to a range of accountability measures for financial, regulatory and performance activity. ASIC or the Accountable Authority are required to prepare the following:

  • ASIC’s Corporate Plan covering its purpose, environment, performance, capability, and risk oversight and management
  • Annual Portfolio Budget Statements that inform the Senate and Parliament of ASIC’s proposed resource allocation
  • ASIC's Annual Reports, which are tabled in Parliament
  • periodic audits conducted by the Australian National Audit Office
  • self-assessments of performance against the six outcomes-based performance indicators in the Government’s Regulator Performance Framework (published October 2014).

In addition to oversight by Parliament and the relevant Minister, ASIC’s decisions may be subject to judicial and administrative review, as well as scrutiny by relevant Commonwealth oversight bodies.

Read more about ASIC’s accountability and reporting.

Statutory responsibilities of the Chair and the Accountable Authority

While most powers vest in the Commission, some statutory powers only vest in the Chair.

Examples of powers and duties of the Chair include:

  • engaging staff, and certain obligations under the Public Interest Disclosure Act 2013 (PID Act)
  • determining the ASIC Code of Conduct and the ASIC Values under the ASIC Act
  • establishing and maintaining an appropriate system of risk oversight and management and an appropriate system of internal control.

In addition, the PGPA Act and Public Governance, Performance and Accountability Rule 2014 (PGPA Rule) impose several executive responsibilities on the Chair as the Accountability Authority of ASIC. The PGPA Act requires the Accountable Authority to govern ASIC in a way that promotes:

  • the proper use and management of public resources
  • the achievement of the purposes of ASIC
  • the financial sustainability of ASIC. 

The PGPA Act confers responsibilities on the Accountable Authority for matters including:

  • the establishment and maintenance of an appropriate system of risk oversight and management and an appropriate system of internal control
  • the financial management of ASIC
  • compliance with reporting requirements.

Statutory responsibilities of Commissioners

Commissioners have personal statutory obligations under the PGPA Act. Section 25 of the PGPA Act requires each Commissioner to perform their functions and exercise their duties with the degree of care and diligence that a reasonable person would in the same circumstances.

They are accountable to the Minister regarding disclosure of personal interests under the ASIC Act. Commissioners also have obligations under the ASIC Code of Conduct.

ASIC’s Values and behaviours

ASIC’s Values and Code of Conduct (the Code) guide and inform the expected behaviour of ASIC employees. ASIC’s Values of Accountability, Professionalism and Teamwork underpin the way that all ASIC employees are expected to work, make decisions and interact with others.