Brian Wilson suspends Carlyle role to allay FIRB conflict of interest concerns
FIRB’s chairman has retreated from his PE appointment in a bid to allay conflict of interest fears.
Foreign Investment Review Board chairman Brian Wilson has made a quick retreat from plans to join private equity giant The Carlyle Group in a bid to allay conflict of interest fears.
Mr Wilson accepted an advisory role at Carlyle on September 5, with the consequent backlash leading to him postponing his appointment until April next year when his term as FIRB chairman comes to an end.
“To ensure there can be no question as to the integrity of Australia’s foreign investment review system I have decided to suspend the commencement of my proposed role with The Carlyle Group,” he said.
“The proposed appointment was pre-cleared with the Australian government on the basis that the normal protocols would deal readily with the very rare conflicts between such a role with The Carlyle Group and my role as chairman of the FIRB.
“However, having noted concern in some quarters and to ensure appropriate and due public confidence in the foreign investment review system, I have decided to take this extra measure.”
If a matter involving The Carlyle Group appears before FIRB ahead of his departure Mr Wilson said he would excuse himself from any deliberations.
Carlyle has been active in Australia, with over $2 billion in deals completed including the acquisition of stakes in Coates Hire, Qube and Healthscope. The latter two positions have since been divested.
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