ASIC commissioner cuts term short to join Vanguard

The Australian Securities and Investments Commission (ASIC) has announced the departure of commissioner Sean Hughes, effective from 3 February 2023.

Mr Hughes has cut short his term as commissioner — originally scheduled to conclude on 1 December —to join global investment management firm Vanguard Australia, where he is expected to lead the Australian Office of the General Counsel.

In his new role, Mr Hughes will be tasked with overseeing the legal and compliance functions of the business as part of the Australian executive team.

Vanguard Australia managing director Mr Daniel Shrimski welcomed Mr Hughes to the firm, noting his experience in law, governance, regulation, financial services, wealth management and risk.

“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,” he said. 

Mr Hughes joins Vanguard after decades of service with ASIC, culminating in his stint as commissioner from November 2018.

During his term as commissioner, Mr Hughes has overseen the implementation of a swathe of reforms across the financial services sector.

This has included the introduction of revised responsible lending guidance, and more recently, the implementation of a new breach reporting regime — requiring Australian financial services (AFS) licensees and credit licensees to submit notifications about “reportable situations” to ASIC within 30 calendar days.

ASIC chair Joe Longo thanked Mr Hughes for his service to the corporate regulator.

“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,” Mr Longo said.

Prior to assuming the role of commissioner, Mr Hughes held a number of senior positions with ASIC, including as senior executive leader for corporate governance and corporations from 2008–2010.

Mr Hughes also held a number of senior executive roles from 1999–2003, including as director of financial services regulation.

Treasurer Jim Chalmers will now be responsible for appointing Mr Hughes’ replacement.

The prospective appointee would join chair Longo, deputy chairs Sarah Court and Karen Chester, and commissioner Danielle Press.