I am pleased to announce the reappointment of Mr John Trowbridge as a full-time Member of the Executive Group of APRA for a further 12-month period from 1 July 2009.
I greatly appreciate the significant contribution that Mr Trowbridge has made to APRA's leadership team over the past three years.
APRA is recognised internationally for the significant role it has played in maintaining the stability of Australia's financial system in the face of the worst global financial crisis in 75 years.
I am very grateful that Mr Trowbridge has agreed to serve for a further year, which will enable him to complete a number of important initiatives.
Mr Trowbridge has been a Member of APRA since 2006. He was appointed to APRA after a distinguished career in the actuarial profession and in the insurance industry, holding consulting, executive and director roles. He has strengthened APRA's standing with the insurance industry and guided the enhancements of the general and life insurance prudential framework over recent years. He has carriage of the development of APRA's prudential standards on sound executive remuneration in regulated institutions. He is also a member of the Financial Reporting Council.
APRA is the prudential regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, general insurance and life insurance companies, friendly societies and most members of the superannuation industry. APRA currently supervises institutions holding approximately $3.4 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members. APRA was established on 1 July 1998 under the Australian Prudential Regulation Authority Act 1998 (APRA Act).
The Executive Group of APRA consists of three Members: John Laker (Chairman), Ross Jones (Deputy Chairman) and John Trowbridge.
30 June, 2009