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Wayne Byres Joins Macquarie Bank's Board

Wayne Byres Joins Macquarie Bank's Board

by Starling Insights

Starling Insights Editorial Board

Feb 12, 2024

Observations

Earlier this month, Wayne Byres, recent past-Chair of the Australian Prudential Regulation Authority (APRA), joined the board of Macquarie Bank.

Byres was brought into Macquarie for his deep international connections, as he previously served as Secretary General of the Basel Committee on Banking Supervision. This will help the bank ensure compliance with the many regulatory regimes in which it operates, and to ameliorate long-standing regulatory issues with APRA.

Macquarie has been under pressure from its regulators to improve its governance and culture over the past several years. For example, the bank is still working to resolve shortcomings in its compliance with capital requirements that led APRA to impose a $500 million capital add-on in 2019. “For one of the country’s largest financial institutions to have committed breaches of this nature is disappointing and unacceptable," APRA's John Lonsdale said at the time.

During Byres' tenure, APRA became a global leader in the regulation and supervision of culture and conduct risks. In Starling's 2022 Compendium, Byres explained the reasoning behind this work:

In examining the lessons of the Global Financial Crisis, prudential supervisors quickly recognised that risk culture had been a critical determinant of financial success or failure. Prior to the crisis, an excessive focus on short-term financial success... allowed excessive risk-taking to go unaddressed — with significant costs ultimately borne by shareholders, employees, creditors and taxpayers. ▸ Read More 

Don't miss hearing more from Wayne Byres in our Deeper Dive, "Physician, Heal Thyself," coming later this week.

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