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Australian Prudential Regulation Authority (APRA) has announced deputy chair Helen Rowell will step down from the position effective today (30 June).
Her departure marks the end of a distinguished tenure at APRA, where she made significant contributions to the organisation and the financial services sector, chair John Lonsdale said.
Ms Rowell joined APRA in 2002 as a general manager and gradually progressed through various executive roles. In 2013, she became an APRA member and, in 2015, she assumed the role of deputy chair.
She was reappointed to a second five-year term in 2018, making her one of APRA’s longest-serving members.
Mr Lonsdale said Ms Rowell played a pivotal role in driving major reforms in the insurance sector, such as spearheaded significant changes to the capital framework and in superannuation, where she oversaw the creation and implementation of APRA’s prudential framework for that industry.
Under Ms Rowell’s guidance, APRA intensified its efforts to address underperforming trustees in the superannuation sector, pressuring them to merge or exit the industry.
She also championed cross-industry initiatives on governance, risk management, and climate risk, highlighting APRA’s commitment to tackling emerging challenges.
“Helen is widely respected across the industries she has supervised particularly for her deep understanding of regulatory issues,” Mr Lonsdale said.
“She is also respected internationally for her contribution to important international financial industry and regulatory forums.”
Mr Lonsdale also acknowledged her instrumental role in shaping the financial industry and regulatory landscape as well as her status as a role model for female leaders within APRA.
With Ms Rowell’s retirement, APRA member Suzanne Smith will assume responsibility for overseeing general, life, and private health insurers.
Reflecting on her tenure at APRA, Ms Rowell highlighted her pride in leading specialist teams, implementing insurance reforms, and driving important data initiatives.
Recognising the significance of good board governance, Ms Rowell stated that after a decade as a member and deputy chair, she believes it is the right time to pass on the baton to new leaders who will guide APRA into the future.
She expressed satisfaction in leaving at a time when gender diversity within APRA’s leadership has reached new heights.
“I’m particularly pleased to be leaving at a time when three of the four remaining APRA members and half of APRA’s executive directors are women — a sign of just how far the industry and APRA have come in 20 years,” Ms Rowell said.
Ms Rowell said she plans to take some time off before considering her next career move.
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