Story Highlights
- Former APRA chair Wayne Byres joins ASX board as non-executive director
- Byres brings over 30 years of experience in financial regulation, risk management
- His appointment is part of ASX’s ongoing board renewal under Chair Damian Roche
The Australian Securities Exchange (ASX) has further fortified its board with the appointment of Wayne Byres, the former long-serving chair of the Australian Prudential Regulation Authority (APRA). Byres brings over three decades of invaluable experience in financial services regulation, risk management, and governance to the market operator.
Unparalleled Regulatory Expertise
During his tenure at APRA from 2014 to 2022, Byres navigated the Australian banking sector through challenging economic conditions, ensuring robust risk management practices. His role involved serving on the Reserve Bank of Australia’s Payments System Board and being a member of the Australian Council of Financial Regulators.
Before leading APRA, Byres played a pivotal role as the secretary general to the Basel Committee on Banking Supervision, where he facilitated the completion of several post-global financial crisis reforms to banking regulation.
Strategic Board Renewal
Byres’ appointment is the latest in ASX’s ongoing board renewal program spearheaded by Chair Damian Roche. Since taking the helm in April 2021, Roche has overseen the addition of five non-executive directors, including Byres.
Roche expressed his delight at Byres’ appointment, stating, “We look forward to drawing on his deep financial services and regulatory expertise.”
Strengthening Governance and Oversight
The market operator confirmed that Byres replaces non-executive director Yasmin Allen, who announced her retirement from the board after serving since February 2015. Roche acknowledged Allen’s valuable contributions, commending her “commercial lens and shareholder view” brought to the boardroom.
In addition to Byres’ appointment at ASX, he recently joined Macquarie Bank as a non-executive director, further underscoring his expertise in the financial services sector.
Cost Optimization Initiatives
Australian Securities Exchange has been proactive in implementing expense management initiatives, including reducing the use of contractors and consultants, optimizing procurement strategies, and undertaking a targeted workforce restructuring. These measures aim to unlock capacity for high-priority areas while establishing a more sustainable cost profile, as highlighted by Australian Securities Exchange Managing Director and CEO Helen Lofthouse.
Byres’ extensive regulatory and governance background will undoubtedly bolster the Australian Securities Exchange’s oversight and risk management capabilities. His appointment signals the exchange’s commitment to upholding the highest standards of integrity and accountability in the rapidly evolving financial landscape.
