APRA’s Rowell bids farewell

Helen Rowell, deputy chair at the Australian Prudential Regulation Authority (APRA), is set to step down at the end of June after more than 21 years at the prudential regulator.

In this role, she oversaw the introduction of APRA’s superannuation heatmaps, which published its inaugural results in late 2021. 

Rowell first joined APRA in 2002 as general manager for industry technical services and went on to hold a number of general manager roles before being appointed as an APRA member in 2013 with responsibility for superannuation.

She was appointed deputy chair of APRA in November 2015 and was reappointed for a five-year term in July 2018.

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Last October, Rowell moved from focusing on super to focusing on the regulatory’s activities in general insurance.

Prior to joining the prudential regulator, she spent 17 years at Towers Perrin working on actuarial consulting and employee benefits.

In his opening statement to the House of Representatives standing committee on economics, APRA chair John Lonsdale acknowledged Rowell’s two decades of dedicated service. 

“Helen has made a significant contribution to APRA in her time here, especially in superannuation where she oversaw the creation and implementation of APRA’s prudential framework for that industry,” Lonsdale said. 

He noted that she was the first woman appointed as an APRA executive director, member, and deputy chair. 

“She will be greatly missed by all who worked with her here, and we wish Helen all the best wherever the next stage of her career takes her,” he said. 

Rowell’s résumé also included over six years as member of Chief Executive Women (CEW) and one year as president of the Actuaries Institute. 

In her final speech for APRA in May, Rowell said she considered her time at the regulator an “extraordinary journey”.

“The past two decades have been an extraordinary journey, where I’ve been fortunate to have a front row seat, and sometimes provide a guiding hand, as the financial system has evolved in the face of a variety of technological, health, financial and geopolitical challenges, each with unique and lasting impacts,” she said.

She added that taking the witness stand at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had been “one of the more challenging experiences.”

In her final address, Rowell highlighted the importance of good leadership culture and diversity of boards.

“Despite progress on this since 2002, I still see much room for improvement in all sectors, with genuine diversity still lacking around too many board tables. The ability to bring in fresh perspectives is often stymied by long-standing directors not stepping down. As an example, consider this: there are 38 directors on the boards of APRA-regulated credit unions and mutual ADIs (authorised deposit-taking institutions) that were there when I arrived at APRA in 2002!” she added.

“By bringing together people from different backgrounds, broader perspectives can be shared, leading to a wider view of potential risks and opportunities. Businesses can attract and keep skilled employees by creating an inclusive and welcoming work culture, while a wider range of perspectives can help companies better understand and meet the needs of their existing customer base or tap into new markets.”