business in Hong Kong. Colonial became the first Australian insurer to win an insurance licence in China. The ability of Smedley and his management team to achieve demanding, publicly declared objectives and consistently and substantially outperform them was widely acknowledged by business commentators. Colonial was ultimately acquired by Commonwealth Bank in 2000 for $8.5 billion, or $8.25 per share. This represented a large premium to Colonial's listing price of $2.60 only two-and-a-half years earlier, and the price astounded many in the market. From 2000 to 2002 he was managing director and chief executive officer of Mayne Nickless. Originally a transport business, Mayne diversified into health, pharmaceuticals and other industries. While at Mayne, and against long-standing practice in Australian hospitals, Smedley undertook a ruthless campaign of cost-cutting which included the centralisation of the group's hospital management. This resulted in an alienation of the hospitals' primary customers, their specialist doctors, who then referred their patients to other health care providers. The resultant heavy loss of income was a significant factor in Mayne's failure as a hospital provider. He had a long association with CARE Australia, establishing its Business Council and serving as its chairman. He subsequently joined the Care Australia Board in 2000 and retired as its chairman in November 2009. Smedley also served as a director with the Australian Mining Industry Council, the Australian Mining Industrial Research Association, Lloyd's Register, the Alumina Development Council, the Life Insurance Federation of Australia, and the Australian Banking Association. He was a Fellow of the Australian Institute of Company Directors. Smedley was involved in not-for-profit organisations in the area of mental health. He was a member of the board of the Haven Foundation, an organisation providing housing for the mentally ill, and is chair of the board of Orygen Youth Health Research Centre, an organisation working in youth-oriented preventative psychiatry. In the 2019 Queen's Birthday Honours Smedley was posthumously appointed a Member of the Order of Australia for "significant service to the community". Directorships Director and Chairman of Onesteel, appointed October 2000 Chairman of Spotless, appointed Director 2006 Chairman of the Colonial Foundation Chairman of Orygen Youth Mental Health Research Director of The Haven Foundation Chairman State Bank of New South Wales Deputy Chairman of Newcrest Director Austen & Butta Director Australian Mining Industry Council Director Australian Mining Industrial Research Association Director Lloyds Register Director Alumina Development Council Director Life Insurance Federation of Australia Director