APRA's Executive and Governance
Chair
John Lonsdale
John Lonsdale was appointed as Chair of APRA on 31 October 2022 after originally joining as Deputy Chair on 8 October 2018.
In his Deputy Chair role, John was responsible for oversight of Australia’s banking sector. His responsibilities also included oversight of APRA’s work on culture and remuneration, building APRA’s crisis resolution capability and strengthening APRA’s collaboration with peer regulators.
John worked for Australian Treasury for over 30 years prior to joining APRA. He was a member of Treasury’s Executive and, in his role as Deputy Secretary, Markets Group, he had responsibility for financial system, consumer and foreign investment policy. In 2014 he led the Secretariat to the Financial System Inquiry based in Sydney. John also worked across key areas in the Treasury including budget policy, tax policy, retirement incomes and the financial system.
John is APRA’s representative on the Payments System Board, the Council of Financial Regulators, the Trans-Tasman Council on Banking Supervision and the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation.
Deputy Chair
Margaret Cole
Margaret Cole was appointed Deputy Chair of APRA on 31 October 2022, after joining APRA as Executive Board Member on 1 July 2021. She is responsible for the oversight of the superannuation sector, and represents APRA at the International Organisation of Pension Supervisors.
Margaret graduated from the University of Cambridge with a degree in law and spent more than 20 years in private legal practice specialising in commercial litigation with an emphasis on financial services.
Margaret was formerly a partner at Stephenson Harwood and White & Case. She joined the UK Financial Services Authority (FSA) in 2005 and became Managing Director of Enforcement and Financial Crime and interim Managing Director of the Conduct Business Unit and a board member. Prior to joining APRA, she spent a year as PwC's Global Regulatory Leader based in Melbourne. Before that, she was PwC UK Chief Risk Officer and General Counsel from 2012 to 2020.
Margaret has also been an independent non-executive director of Toronto Dominion Bank Europe Limited, Chair of Toronto Dominion Securities Limited and a trustee and executive committee member of the Institute for Fiscal Studies. She is an Honorary Fellow of Murray Edwards College (formerly New Hall), University of Cambridge. She has also been awarded an Honorary Doctorate of Law from the University of Law, London.
Deputy Chair
Helen Rowell
Helen Rowell was appointed as Deputy Chair of APRA in November 2015, and reappointed for a further five-year term from 1 July 2018.
Mrs Rowell joined APRA in 2002 as General Manager, Industry Technical Services and held a number of senior roles, including General Manager, Diversified Institutions Division, General Manager, Policy Development and Executive General Manager, Supervisory Support Division prior to her appointment as APRA Member, with primary responsibility for superannuation, from 1 July 2013. As of July 2021, Helen is responsible for insurance and in April 2022, she added the cross industry portfolio to her responsibility.
Mrs Rowell was the Chair of APRA’s (cross-divisional) general insurance industry group from 2006 to 2011, and has represented APRA on the Financial Security Board’s Supervisory Intensity and Effectiveness Group and was previously co-Chair of the Joint Forum Financial Conglomerates Committee. Mrs Rowell is currently the APRA representative on the Organisation for Economic Co-operation and Development’s Working Party on Private Pensions, and was appointed President of the International Organisation of Pension Supervisors in November 2019. Helen has also represented APRA on various sub committees of the International Association of Insurance Supervisor (IAIS) and since 2021, sits on the IAIS Executive Committee and has also been appointed as the IAIS Diversity, Equity & Inclusion champion.
Prior to joining APRA, Mrs Rowell was a partner at the international consulting firm Towers Perrin; she is also a Fellow and past President of the Institute of Actuaries of Australia.
APRA Member
Therese McCarthy Hockey
Therese McCarthy Hockey was appointed Executive Board Member of APRA on 31 October 2022, with responsibility for the banking sector.
Therese joined APRA in January 2018 as the Executive General Manager: Strategy and Chief Risk Officer. In December 2019, she was promoted to Executive Director of the banking division. This division is responsible for the prudential supervision of all authorised deposit-taking institutions operating in Australia and for the functional domains of market risk, credit risk, credit analytics, liquidity risk and capital management.
Therese’s experience spans Australia, United Kingdom and Europe in financial markets with responsibility across risk management, treasury, regulation, governance and technological change. Prior to joining APRA, she was Deutsche Bank’s Treasury Deputy Group Head and Global Chief Operating Officer based in London. Therese has also served on the Boards of Deutsche’s UK subsidiaries with governance over a range of businesses covering retail lending, wealth management, derivatives and custody services.
Therese holds a Bachelor in Mathematics, a Bachelor in Economics and Finance, and a Master of Applied Finance Degree from Macquarie University. She is also graduate of the Australian Institute of Company Directors.
APRA Member
Suzanne Smith
Suzanne Smith was appointed Executive Board Member of APRA on 31 October 2022, responsible for the life insurance and private health insurance sectors.
She joined APRA in March 2019 initially as General Manager for Superannuation and then Executive General Manager for the Specialised Institutions Division. In December of that year, she was promoted into the Executive Director role with responsibility for the prudential supervision of superannuation funds licensed under the Superannuation Industry (Superannuation) Act 1993.
Prior to joining APRA, Suzanne’s career included senior roles across the superannuation and financial services industry in areas including life insurance, funds management, asset servicing, alternative investments, wholesale banking and property.
Immediately prior to joining APRA, Suzanne held the role of Chief Customer Officer Group Insurance at MLC Life Insurance. She has also held several senior roles within NAB, including acting as a director and Chairman of a NAB Subsidiary Board from 2011 to 2015.
Suzanne holds a Bachelor of Business with distinction (Property), a Masters of Applied Finance, and is a Graduate of the Australian Institute of Company Directors.
Executive Directors
Executive Director, Superannuation Division
Carmen Beverley-Smith
Carmen Beverley-Smith joined APRA in March 2023 as the Executive Director, Superannuation Division of APRA. The Superannuation Division is responsible for the prudential supervision of superannuation funds licensed under the Superannuation Industry (Superannuation) Act 1993.
Carmen has had an esteemed career in financial services and consulting. Over the 20 years, she has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service.
Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the Group-wide implementation of a suite of solutions to uplift the Group’s risk management capability, develop data, analytics and reporting, and mature risk culture.
Carmen is passionate about driving delivery excellence and applying creative solutions to improve organisational outcomes.
Alongside her skills in strategy delivery, change and transformation and operational excellence, Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent.
Carmen holds a Bachelor of Commerce and Accounting and is a certified Chartered Accountant.
Executive Director, Insurance Division
Sean Carmody
Sean Carmody is the Executive Director for the Insurance Division of APRA. The division is responsible for the prudential supervision of the insurance industry, including general insurance, life insurance and friendly societies and private health insurance. Sean joined APRA in December 2017 as the Executive General Manager, Risk and Analytics Division.
Sean has over 20 years experience across banking, financial markets and funds management. Prior to joining APRA he was General Manager, Risk Analytics and Insights at Westpac where he had responsibility across risk modelling and reporting, market risk and liquidity risk. He has also held roles at Westpac as Head of Credit Risk, Head of Market Risk and the Head of Credit Portfolio Management in WIB. His previous experience includes working in funds management (Barclays Global Investors) and investment banking (Deutsche Bank) and his qualifications include a PhD in Pure Mathematics from St John's College, Cambridge.
Executive Director, Policy & Advice Division
Clare Gibney
Clare Gibney is the Executive Director for the Policy & Advice Division of APRA.
The Policy & Advice teams provide technical interpretations and advice with respect to legal, licensing, policy, resolution, interagency and entity matters, in support of APRA’s supervisory functions. The Policy & Advice teams are also responsible for managing APRA’s licensing, crisis management and policy frameworks.
Clare joined APRA in 2019 as the General Manager of Banking. More recently she was General Manager of Resolution, within the Policy & Advice team. Clare has over 19 years’ experience in legal, regulatory, risk and governance matters across financial services industries, including with the National Australia Bank (NAB) and Merrill Lynch.
She has held a number of directorships at leading cultural and financial institutions, including the State Library of Victoria board and various industry boards.
Executive Director, Cross-Industry Division
Brandon Khoo
Brandon Khoo is the is the Executive Director for the Cross-Industry Insights and Data Division of APRA. The division is responsible for risk analysis and risk response, it aims to identify risks early in their emergence and ensure that regulated entities respond appropriately to them.
Brandon has previously served as the Executive Director of the Insurance Division, as well as the Executive General Manager of the Diversified Institutions Division of APRAs. Prior to that, he was the Executive General Manager of the Specialised Institutions Division for 12 years, which was responsible for supervising over 340 banking, insurance and superannuation entities across Australia.
Prior to his appointment at APRA in 1999, Brandon held a series of management positions at the Australian Financial Institutions Commission.
Brandon is a member of Chartered Accountants, Australia and New Zealand.
Chief Operating Officer, Enterprise Services Division
Steve Matthews
Steve Matthews is APRA's Chief Operating Officer and Executive Director for the Enterprise Services Division. This Division has responsibility for the provision enterprise strategy and risk management, as well as corporate support services, including Finance, IT, People & Culture, Corporate Affairs, Security and Information Governance, and Property, Procurement & Facilities Management.
Steve was previously APRA’s Chief Financial Officer. Prior to his appointment at APRA in November 2010, his career included senior roles within the NSW Department of Human Services and various financial sector companies.
Steve has a degree in Commerce, is a Chartered Accountant, and a Member of the Australian Institute of Company Directors.
Executive Director, Banking Division
Renée Roberts
Renée Roberts is the Executive Director for the Banking Division of APRA. The Banking Division is responsible for the prudential supervision of all authorised deposit-taking institutions in Australia. Renée represents APRA at the Basel Committee of Banking Supervisors.
Renée joined APRA in May 2020 as the Executive Director, Policy and Advice Division. The Policy and Advice Division is responsible for APRA’s policy making, resolution and enforcement functions.
Renée has over 30 years of experience spanning the financial services industry in areas such as risk management, transformation, operations, customer experience, strategy and finance. Prior to APRA, she was the Chief Operating Officer at QBE Insurance AUSPAC. Renée is an esteemed business mentor and executive coach and has also held many executive and non-executive director roles in sport, financial services, education, public health research, youth and family services.
Executive Director, Technology and Data Division
Bruce Young
Bruce Young is the Executive Director for the Technology & Data Division of APRA, which is responsible for delivering the technology to support APRA’s operations, including the collection, management, storage, protection, sharing and reporting of data: to be used by APRA for analysis and insights to support their core functions; and enable APRA to deliver on its secondary mandate as the data collection agency for the financial sector.
Bruce joined APRA in 2020 as the General Manager of Operational Resilience, and served as chair of the Council of Financial Regulators Cyber Security working group. Prior to joining APRA, he was Chief Risk Officer for various functions at the Commonwealth Bank of Australia, including IT and Group Operations. He also held roles at EY Australia, South Africa and USA, and the position of partner for sixteen years.
Bruce has more than 30 years’ experience in managing business operations, with expertise in technology, cyber, operational and compliance risk, including audit and assurance and dealing with boards and regulators.
APRA's Governance Structure
Under its enabling legislation, APRA's governance structure comprises a full-time Executive Group of at least three and no more than five Members. The Executive Group is responsible and accountable for the operation and performance of APRA. The Executive Group meets formally on a monthly basis, and more frequently as required, to discuss and resolve the major policy, supervisory and strategic issues facing APRA at the time. It also holds management meetings with APRA’s senior management at least weekly for high-level information sharing and decisions on more routine supervisory and organisational matters.
Governance committees
APRA has a number of governance committees that support the Executive Group to oversee APRA’s core functions and capabilities, including the Audit and Risk Committee.
Audit and Risk Committee
The role of the Audit and Risk Committee (ARC) is to oversee the adequacy and effectiveness of APRA's risk management operations, financial and performance reporting responsibilities, systems of internal controls, and compliance with applicable laws and regulations.
The ARC is comprised of three external (independent) members. The committee is chaired by one of the external members (who also has a casting vote if needed).
The ARC is attended by the Chief Internal Auditor, the Chief Risk Officer, and a representative of the Australian National Audit Office. The Chairman of APRA, and other senior APRA executives, may attend by invitation.
The ARC usually meets four times per year. An additional meeting is held to review APRA's Annual Financial Statements.
The ARC’s Charter sets out the ARC’s objectives, authority, composition and tenure, roles and responsibilities, reporting and administrative arrangements.