The APRA Members 2015/16
Under the Australian Prudential Regulation Authority Act 1998 (APRA Act), APRA Members are collectively responsible and accountable for APRA’s operation and performance. APRA Members are appointed by the Governor-General, on the advice of the Government, for terms of up to five years.
Mr Wayne Byres / BEc (Hons), MAppFin, SF Fin - Chairman and Member
Appointed Member and Chairman of APRA from 1 July 2014. Present term expires 30 June 2019.
Wayne Byres’ early career was in the Reserve Bank of Australia (RBA), which he joined in 1984. After more than 14 years with the RBA, including time on secondment to the Bank of England in London, he transferred to APRA on its establishment in 1998 holding a number of senior executive positions in APRA’s policy and supervisory divisions. In 2011, Mr Byres was appointed Secretary General of the Basel Committee on Banking Supervision, based at the Bank for International Settlements in Basel, Switzerland.
During his time in Basel, Mr Byres was also a member of the Financial Stability Board (FSB), and served as the Basel Committee’s representative on various FSB standing committees. In his current role, Mr Byres is APRA’s representative on the RBA’s Payment System Board, the Council of Financial Regulators, and the Trans-Tasman Council on Banking Supervision, and represents Australia on the Basel Committee and FSB’s Standing Committee on Supervisory and Regulatory Cooperation.
Mrs Helen Rowell/ BA (Macquarie), FIAA – Deputy Chairman and Member
Appointed Member of APRA from 1 July 2013 and Deputy Chairman from November 2015. Present term expires 30 June 2018.
Prior to joining APRA in 2002, Mrs Rowell was for more than 17 years a partner at the international consulting firm Towers Perrin. Mrs Rowell joined APRA in a senior executive capacity and since that time has held a range of senior roles across the breadth of APRA’s acitivities. She was also the Chair of APRA’s (cross-divisional) General Insurance Industry Group from 2006 to 2011. Mrs Rowell has represented APRA at various subcommittees of the International Association of Insurance Supervisors, on the FSB’s Supervisory Intensity and Effectiveness Group and was previously co-chair of the Joint Forum Financial Conglomerates Committee. Mrs Rowell is also a Fellow, and in 2002 was President, of the Institute of Actuaries of Australia.
Mr Geoff Summerhayes / B. Bus, GMQ (AGSM) - Member
Appointed Member of APRA from 1 January 2016. Present term expires 31 December 2020.
Mr Summerhayes was Chief Executive Officer of Suncorp Life from 2008 to 2015, as well as being a director of Suncorp Portfolio Services Ltd and of Asteron Life NZ. Before joining Suncorp he held a number of senior roles at the National Australia Bank (NAB) in strategy, product and distribution. Prior to that he was CEO of Retail Investment at MLC and also held senior roles at Lend Lease. Mr Summerhayes was a director of the Financial Services Council (FSC) and was co-chair of their Life Board Committee. He was also a member of the FSC-Association of Financial Advisors’ Life Insurance and Advice Working Group, formed to review advice in the life insurance industry.
* As at September 2016
1 AAMIRS – Actuarial, Accounting, Market and Insurance Risk Services
2 CORS – Credit and Operational Risk Services
Risk Management and Audit
APRA’s risk management and audit matters are the subject of oversight by a Risk Management Committee and an Audit Committee that comprise an independent non-executive chair, another independent non-executive member and APRA’s Deputy Chairman.
The Risk Management Committee provides independent assurance and advice to the APRA Chairman on APRA’s risk management, including assisting the APRA Chairman to understand and manage risks which may impede APRA from achieving its goals and objectives and impact on APRA’s performance and reputation.
The Audit Committee provides independent assurance to the APRA Chairman on financial and performance reporting responsibilities, APRA’s systems of internal control and compliance with applicable laws and regulations.
In addition to its members, the Australian National Audit Office (ANAO) and APRA management representatives are regular attendees at both committee meetings. The Audit Committee works closely with the Risk Management Committee to ensure APRA’s risks are being identified and managed.
During the year the Risk Management Committee met four times. It reviewed and assessed the Enterprise Risk Management Framework and its use across APRA, obtained regular briefings from APRA executives, and assessed the approach to managing APRA’s key risks including those associated with high risk projects, programs and activities.
During the year the Audit Committee met four times. It reviewed and endorsed the internal audit and external audit plans and monitored progress against those plans. The committee provided attestations to the APRA Chairman in relation to its activities and whether it was aware of any impediments to signing APRA’s annual accounts.
The members of the Risk Management Committee and the Audit Committee in 2015/16 were:
Mr W Peter Day
LLB (Hons), MBA, FCPA, FCA, CTA, FAICD
Audit Committee – Chair (to 30 May 2016)
Risk Management Committee - Independent member
Peter Day originally joined the APRA Risk Management and Audit Committee (RMAC) as an independent member in 2008 and assumed the role of chair from 1 September 2010. With the restructure of the RMAC into separate risk and audit committees, Mr Day was appointed as Chair of APRA’s Audit Committee on 1 January 2015 and also remained an independent member of the Risk Management Committee. Mr Day is a non-executive director of Alumina Limited, Ansell Limited, Boart Longyear Limited and SAI Global Limited. He also serves on the Accounting Professional and Ethical Standards Board. Mr Day was, for seven years until 2007, Chief Financial Officer of Amcor Limited. He is a former Chairman of the Australian Accounting Standards Board, has participated in the setting of international accounting standards and was Deputy Chairman of the Australian Securities and Investments Commission (ASIC) from 1997 to 1999.
Mr Day completed his term as a member of the Risk and Audit Committees on 30 May 2016.
Ms Fiona Bennett
BA (Hons), FCA, FAICD, FAIM
Risk Management Committee - Chair
Audit Committee - Independent member
Fiona Bennett originally joined the RMAC as an independent member on 1 January 2011. With the restructure of the RMAC into separate risk and audit committees, Ms Bennett was appointed as Chair of APRA’s Risk Management Committee on 1 January 2015 for a three-year term. She also remains an independent member of the Audit Committee for the same period. Ms Bennett is Chair of the Victorian Legal Services Board and a non-executive director of Hills Limited, Boom Logistics Limited and Beach Energy Limited. During her executive career, Fiona held senior executive positions at BHP Billiton Limited and Coles Group Limited, and has been Chief Financial Officer in several organisations in the health sector.
Ms Sam Lewis
BA (Hons), CA, ACA, GAICD
Audit Committee – Chair (from 31 May 2016)
Risk Management Committee - Independent member
Sam Lewis was appointed Chair of APRA’s Audit Committee and an independent member of APRA’s Risk Management Committee for a three year-term from 31 May 2016. Ms Lewis is a chartered accountant, and has been lead auditor to a number of major Australian listed entities. She has extensive expertise in accounting, finance, auditing, risk management and corporate governance. After a total of 24 years with Deloittes, where Ms Lewis was an Assurance and Advisory partner for 14 years, she has more recently taken on roles as a non-executive director of Aurizon Ltd (since February 2015) and Orora Ltd (since March 2014). She is Chair of the Audit, Governance and Risk Management Committee of Aurizon Ltd and Chair of the Audit and Compliance Committee of Orora Ltd.
Mrs Helen Rowell
APRA Deputy Chairman and Member
Further information on attendance at Risk Management Committee and Audit Committee meetings is provided in Chapter 8 - Statutory Report.