Board of Directors

There are seven directors of the APESB, six of whom are drawn from the three professional accounting bodies. The seventh director is the chairman. The APESB constitution requires the chairman to be an independent person who is not a member of one of the professional accounting bodies.

Ms Ms Nancy Milne OAM

Ms Nancy Milne OAM brings over 30-years’ experience, as a lawyer working on large commercial cases involving risk and compliance, to her role as Chairman at APESB. As a partner at Clayton Utz, her accounting and indemnity work established her strength in stakeholder management, dispute resolution and governance. She has also developed a deep knowledge of the regulatory environment within the financial services sector. Nancy holds a Bachelor of Law from the University of Sydney and she is a Fellow of the Australian Institute of Company Directors. Nancy was a recipient of an Order of Australia Medal in 2008 for services to the legal sector and to the community. Since 2003, Nancy has taken up a variety of governance roles focusing on improving business performance. She is Chair at the Securities Exchanges Guarantee Corporation; Deputy Chair at the State Insurance Regulatory Authority; a non-Executive Director at ALE Property Group Limited, and a Director at Pacific Opera. She is a Council Member at Asbestos Safety and Eradication Agency Council and a Member of Audit and Risk Committee, NSW Department of Customer Service.

Date of appointment: January 1, 2019

Mr Kevin Osborn

Mr Kevin Osborn has worked in international financial markets where he held various global senior management positions with the USA's then fourth largest Banking Corporation, Bank One, which is now part of J P Morgan Chase. He was also a former non-Executive Director of Calgary-based Viterra and the Deputy Chairman of Bendigo and Adelaide Bank. Kevin is a Foundation Fellow of the Australian Institute of Company Directors and a Fellow of the Institute of Public Accountants. Kevin is Chairman of VUCA Pty Ltd; Beerenberg Farm Advisory Board and Fisher Graham Limited, and Deputy Chairman of Port Adelaide Football Club. Kevin is a Director of FG Investment Partners Ltd and Nut Producers Australia Pty Ltd.

Date of appointment: March 18, 2013

Mr Craig Farrow

Mr Craig Farrow is the Chairman and a Partner of Brentnalls SA and is a past President of the Institute of Chartered Accountants Australia (ICAA). Craig played a pivotal role in ICAA's historic merger with the New Zealand Institute of Chartered Accountants as the Executive Chair of the merger project that lead to the creation of Chartered Accountants Australia and New Zealand. Craig is a Fellow of both the Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors, and a Fellow of the Australian Institute of Management (AIM). He is also a certified practicing manager and holds a Diploma of Financial Services. Craig is the Chairman of BSA Advisors Pty Ltd; Carlisle Health Pty Ltd; Centre State Exports Group, Rural Directions Pty Ltd and Doctor's Health SA. He is also a non-Executive Director of Australian Technology Innovators Pty Ltd, Real Time Data Pty Ltd and Country and Outback Health SA.

Date of appointment: February 10, 2015

Ms Claire Mackay

Ms Claire Mackay is a Principal and Head of Advice at Quantum Financial, a leading independent financial planning firm. Previously Claire worked in structured tax at PwC and Macquarie Bank and she was an industry nominated Panel Adjudicator for the Financial Ombudsman Service. Claire is admitted to the NSW Supreme Court; she holds Bachelor of Commerce and Bachelor of Law from Macquarie University and Masters of Law from Sydney University. Claire is a qualified Chartered Accountant (SMSF and Financial Planning Specialist), a Certified Financial Planner, a Chartered Tax Advisor and graduate member of the Australian Institute of Company Directors. Claire is a Director of the recently established Australian Financial Complaints Authority. Claire is a member of Finance Audit and Compliance Committee; the Professional Standards and Conduct Committee at the Financial Planning Association, and Surf Life Saving NSW, and a member of RMIT’s Program Advisory Committee School of Accounting.

Date of appointment: July 1, 2016

Mr Brian Morris

Mr Brian Morris is the Principal of Morris Forensic, a specialist forensic accounting practice. Over the years, Brian has served on a variety of board and committee positions. From 1983 to 2014 he was a partner at Edward Marshall, specialising in audit, forensic accounting, valuations and management consulting services. He was also the firm’s managing partner and chairman of partners at various times. Brian is a Fellow of both the Chartered Accountants Australia and New Zealand and of CPA Australia, and a Member of the Australian Institute of Company Directors. Brian is a member of the Audit committee Art Gallery of South Australia, and the Editorial committee Australian Accounting Review. Brian is also the Chair of the Audit & Risk Committee Courts Administrative Authority.

Date of appointment: January 1, 2019

Ms Rachel Grimes

Ms Rachel Grimes is Westpac’s Chief Financial Officer Finance. Rachel is the immediate past President of the International Federation of Accountants (IFAC) (2014-2018) and prior to her international appointment she was co-lead of the merger between Wespac and St George. She is a strong advocate for Diversity and Inclusion in the workplace and was a finalist in Westpac’s internal Women of Influence Awards Inclusion & Diversity category from 2013 – 2015. Rachel is a Fellow of the Institute of Public Accountants, Chartered Accountants Australia and New Zealand and CPA Australia. Rachel is the Chair of the Finance and Risk Committee of Surfing Australia and a Member of Loreto Ministries Committee. Rachel is the Director of Sixty Martin Place (Holdings) Pty Ltd; W2 Investments Pty Ltd; Westpac Equity Holdings Pty Ltd; Westpac Financial Holdings Pty Ltd; Westpac Financial Services Group Limited; Westpac Overseas Holdings No.2 Pty Ltd; Westpac Overseas Holdings Pty Ltd; Westpac Securitisation Holdings Pty Ltd, and Westpac Securitisation Management Pty Ltd.

Date of appointment: February 1, 2019

Mr Colin Murphy PSM

Mr Colin Murphy is the former Auditor General for Western Australia, where he served the Parliament of Western Australia for more than 11 years. Mr Murphy is also a past AUASB Board member.
Mr Colin Murphy is a Board member of ChemCentre, Western Australia, Winston Churchill Memorial Trust Australia, the Financial Counsellors Association Western Australia and an independent Board member of Winja Wajarri Barna Limited. He is also a member of the Salaries and Allowances Tribunal, Western Australia and the Audit and Risk Committee, Catholic Education Commission.
Colin Murphy holds a Bachelor of Commerce degree from the University of Western Australia. Colin is a Fellow, former Board member and Past State President of CPA Australia and a Fellow of the Institute of Chartered Accountants in Australia and New Zealand. He is also a Graduate of the Australian Institute of Company Directors and President of the Institute of Public Administration Western Australia. Colin Murphy received CPA Australia’s President’s Award and a Meritorious Service Award and was also awarded the Public Service Medal (PSM) in the 2010 Australia Day Honours.

Date of appointment: May 1, 2020

APESB at a Glance

The Accounting Professional & Ethical Standards Board (APESB) is an independent, national body that sets the code of ethics and professional standards with which accounting professionals who are members of CPA Australia, CA ANZ or IPA must comply. The APESB is equally funded by CPA Australia, CA ANZ and the IPA.

Mission & Vision

Issuing professional and ethical standards that are relevant to members of the Professional Accounting Bodies while serving the public interest.


The Accounting Professional & Ethical Standards Board (APESB) corporate structure is one of a company limited by guarantee.

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