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ASX Ltd ASX has appointed Philip Lowe, the former governor of the Reserve Bank of Australia, as the chair of its newly formed Advisory Group on Corporate Governance (AGCG), the Australian bourse operator said on Monday. Australian Securities Exchange's newly formed AGCG replaces the ASX Corporate Governance Council and will oversee the development and approval of ASX governance principles and recommendations. Lowe's appointment follows the RBA's recent criticism of ASX governance, culture and risk management practices after a December 2024 malfunction of its settlement technology raised concerns over its ability to maintain secure and resilient critical market infrastructure. "Strong corporate governance remains central to the strength and reputation of Australia's public markets," Lowe said in a statement on Monday. The central bank's concerns over the operational viability of the ASX were echoed by the Australian Securities and Investments Commission (ASIC) in June, when it launched an investigation into the exchange operator's governance practices. "This new advisory group provides an important opportunity to establish practical governance practices that drive long-term value for shareholders and listed entities," Lowe said. The establishment of the AGCG is part of a range of initiatives underway at the company, ASX said, adding that it is seeking to identify and appoint other advisory group members soon.
