Former APRA chair Wayne Byres has been appointed as a non-executive director to the board of the Australian stock exchange (ASX).

This appointment comes as the ASX continues its board renewal program while addressing various governance challenges, particularly the need to update its critical but outdated infrastructure.

Wayne Byres, who concluded his tenure at APRA in October 2022, brings significant experience to the ASX board, with over 30 years in financial services regulation, risk management, governance, and public policy both in Australia and internationally. 

His previous roles include supervisory positions such as the Secretary General of the Basel Committee on Banking Supervision, and contributions to post-Global Financial Crisis banking reforms.

ASX Chair, Damian Roche, has expressed his enthusiasm about Byres' appointment, saying; “On behalf of the Board, I am delighted to welcome Wayne. We look forward to drawing on his deep financial services and regulatory expertise”. 

Byres is expected to bring strategic value to the board, especially in navigating the complex regulatory and governance landscapes that the ASX faces.

Furthermore, the ASX board will see the departure of Yasmin Allen, another non-executive director, who is set to retire by the end of September 2024. 

Allen, who joined the ASX board in February 2015, has been praised for her contributions, particularly her ability to integrate commercial insights and shareholder perspectives into board deliberations. 

“I want to thank Yasmin for her many years of diligent service where she always brought her commercial lens and the shareholder view to the boardroom. The Board and I have benefited from her experience, judgement, and counsel,” Roche said.

The addition of Byres is part of a broader board renewal initiative led by Roche since April 2021, which has already seen the introduction of five new non-executive directors. 

This renewal effort coincides with the ASX's ongoing operational adjustments aimed at cost management, including reducing reliance on external consultants and optimising procurement strategies to support essential business functions effectively.

Wayne Byres' appointment is also noteworthy as he takes on this role concurrently with his position as a non-executive director at Macquarie Bank Limited, a role he commenced in February 2024.