A downhole apparatus comprises a body, extendable members mounted on the body and being movable between retracted and extended configurations, and a remotely operable retaining arrangement for maintaining the extendable members in the retracted configuration. The extendable members may be cutters, such that the apparatus may be a cutting apparatus, such as a reamer. An operator may control the apparatus to retain the cutting members in the retracted configuration, or prevent the extension of the cutting members.