The Foreign Investment Review Board (the Board) is a non statutory body established in 1976 to advise the Treasurer and the Government on Australia's Foreign Investment Policy (the Policy) and its administration.

The Board's functions are advisory only. Responsibility for making decisions about the Policy and proposals rests with the Treasurer. The Treasury's Foreign Investment Division (the Division) administers Australia’s foreign investment regulatory framework and supports the Board’s work.

Role

The role of the Board is to:

• examine proposed investments in Australia that are subject to the Foreign Acquisitions and Takeovers Act 1975 (the Act) and supporting legislation and covered by the Policy, and to make recommendations to the Treasurer and other Treasury portfolio ministers on these proposals;
• provide advice to the Treasurer on the operation of the Policy and the Act; and
• foster an awareness and understanding, both in Australia and abroad, of the Policy and the Act.

Members bring a range of professional expertise to the Board’s functions and are required to take steps to avoid conflicts of interest when performing their duties. The Board has strong policies and procedures in place to identify and manage conflicts of interest appropriately and maintain integrity in performing its role.

Members do not participate in any discussion or decision-making related to applications where they hold board roles in any of the parties involved in the transaction. Board members do not have access to any case specific information where a potential conflict has been identified.

Board membership

The Board currently comprises of the following members.

• Mr Bruce Miller AO (Chair)
• Ms Carolyn Kay
• Dr Sarah Pearson
• Ms Linda Apelt
• Ms Kellie Benda
• Mr Chris Tinning

Mr Bruce Miller AO

Chair and non‑executive member

Member since 6 April 2022.

Mr Miller was appointed Chair of the Foreign Investment Review Board in April 2022.

Mr Miller was Australian Ambassador to Japan from August 2011 until January 2017, and has had a 45-year association with Japan. He holds a Bachelor of Arts (first class honours) and a Bachelor of Laws, both from the University of Sydney.

During his 32-year career in the Australian Government, Mr Miller occupied senior positions in the Department of Foreign Affairs and Trade, and the Office of National Assessments, before he retired from government in December 2017.

Mr Miller is a non-executive director of Australian life insurance company TAL, and two Japanese companies, Dai-ichi Life Holdings and the INPEX corporation. Mr Miller was appointed an Officer in the Order of Australia in the 2018 Queen’s Birthday Honours and awarded the Order of the Rising Sun, Gold and Silver Star by the Japanese Government in 2020.

In 2018, he married his partner of 25 years, Mr Mikio Ishizawa.

Ms Carolyn Kay

Non‑executive member

Member since 20 November 2021.

Ms Kay has more than 35 years’ experience in the finance sector as an executive and non-executive director. In addition, she has been and remains a non-executive director of enterprises across a broad range of sectors.

Ms Kay is currently Chair of Rothschild & Co Australia, non-executive Director of Scentre Group, non-executive Director of National Australia Bank, and non-executive Director of Myer Family Investments. She was a Guardian of The Future Fund. In the not-for-profit sector, Ms Kay is a Trustee of Sydney Grammar School.

As an executive Ms Kay worked as a banker and lawyer at Morgan Stanley, JP Morgan and Linklaters & Paines in London, New York, and Australia.

Ms Kay holds Bachelor Degrees in Law and Arts (University of Melbourne), Graduate Diploma in Management (AGSM), is a Fellow of the Australian Institute of Company Directors and a Member of Chief Executive Women and The 30% Club. Ms Kay was awarded a Centenary Medal for services to Australian society in business leadership.

Ms Kay is married with 3 children.

Dr Sarah Pearson

Non‑executive member

Member since 7 December 2023.

Dr Pearson is an experienced non-executive director, investor and innovation advisor with global executive leadership expertise spanning FTSE 100 multinationals, technology companies, federal government, universities, venture capital, superannuation and finance sectors, and startups. She has worked for well-known brands such as Cadbury and McKinsey, and for the last 10 years has been heavily involved in C-suite roles driving science, innovation and entrepreneurship in Australia and internationally.

Dr Pearson has represented Australia globally as Chief Scientist & Chief Innovation Officer at the Commonwealth Department of Foreign Affairs and Trade, was Australia’s Innovation Champion in the MIKTA group, and has helped build innovation communities that have driven economic diversification across Australia.

Until recently she held the position of Chancellor at the University of New England, and is an Adjunct Professor at the University of Queensland. Her current portfolio of investment roles comprises over $50bn of investment globally, through roles at Funds SA and Main Sequence Ventures.

Dr Pearson holds a range of qualifications including a DPhil in Particle Physics from the University of Oxford, and is a Graduate of the AICD Company Directors course. She is the named author on 8 international patents covering cancer diagnosis and confectionery, is a Fellow of ATSE and a Fellow of the Royal Society of NSW.

Dr Pearson is a proud and committed mother and grandmother.

Ms Linda Apelt

Non‑executive member

Member since 7 December 2023.

Linda Apelt is a Fellow of the Australian Institute of Company Directors, and a business and community leader with extensive experience gained from employment across government and not-for-profit sectors.

Ms Apelt has served as Agent-General for Queensland in the United Kingdom and the Queensland Trade and Investment Commissioner for Europe and Sub-Saharan Africa from 2017 until 2021. In addition, Linda served as a Director-General across various State Government portfolios over more than fourteen years and as CEO in the not-for-profit disability services sector.

Ms Apelt is the independent Chair of Opera Queensland and was recently a Trustee of the Australian Retirement Trust Board and Member of the Griffith University Council. She has been a Director with the Association of Economic Representatives in London, Adjunct Professor at The University of Queensland, Chair of Screen Queensland and Chair of Common Ground Queensland and Deputy Chair of the Queensland State Library Board.

Ms Apelt holds a range of qualifications including a Bachelor of Education from Queensland University of Technology; Master of Education Studies from The University of Queensland; and qualifications in Public Policy Economics from the University of Oxford, a Diploma in Company Directorship and certification for Superannuation Trustees.

Ms Kellie Benda

Non‑executive member

Member since 7 December 2023.

Ms Benda is a Fellow of the Australian Institute of Company Directors, and has served on numerous boards since 2003, including federal government organisations. After commencing her career with Mallesons as a lawyer, she moved into investment banking.

She held senior executive positions as Chief Operating Officer, Chief Risk Officer and Executive General Manager in organisations, including AGL Limited, Origin Energy Limited, and Aurizon Limited.

Ms Benda is currently a Non-Executive Director or Chair of a number of organisations.

She holds a Bachelor of Law, Bachelor of Arts (Industrial Relations), Master of Applied Finance and is a graduate of the Harvard Advanced Management Programme. She also studied digital leadership at Masters level.