Former APRA board member joins Zurich
Zurich Australia and New Zealand has appointed Geoff Summerhayes as an independent non-executive director and member of its risk, compliance, and audit committee.
Zurich’s suite of boards includes Zurich Financial Services Australia Limited (ZFSA), Zurich Australia Limited (ZAL), Zurich Australian Insurance Limited (ZAIL), OnePath Life Limited (OPL), and OnePath General Insurance Pty Limited (OPGI) boards.
Summerhayes would also work as a member of the people and remuneration committee on the ZFSA board and he would additionally join the Zurich Investment Management Limited’s (ZIM) board as an independent non-executive director.
As an APRA executive board member, Summerhayes most recently championed significant organisational transformation across APRA’s strategy, leadership capability, diversity and culture during his five-year tenure.
His chairperson and leadership roles included the Council of Financial Regulators Working Group on Climate Change with members including APRA, Australian Securities and Investments Commission (ASIC), the Reserve Bank of Australia (RBA) and Treasury, the International Association of Insurance Supervisors (IAIS) Audit and Risk Committee, and the UN Environment Program’s Sustainable Insurance Forum (SIF), a global body of insurance regulators collaborating on sustainability and climate change.
Summerhayes had recently been appointed chairperson of Beyond Zero Emissions; an independent, solutions-focused think tank centred on a zero-emission economy for Australia.
Prior to his board role at APRA, Summerhayes was chief executive of Suncorp Life, CEO superannuation and investment at MLC, and held a number of senior executive roles at National Australia Bank.
Chair of Zurich’s boards, Paul Bedbrook said: “Summerhayes’ extensive experience and expertise in commercial and regulatory matters represented a valuable appointment to Zurich’s boards.
“Along with his deep knowledge of the industry, Geoff’s experience also complements the diverse capabilities of our board members, and we welcome and look forward to his contribution,” Bedbrook said.
Justin Delaney, Zurich Australia and New Zealand CEO, added: “We are very fortunate to have such a high calibre addition to our boards. Geoff’s appointment reflects the commitment we have at Zurich to strengthen our position in the market by bringing unique leadership to our strategy, governance and culture.”
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