Thursday, March 24, 2005

APRA to remain firm in new draft

The financial services regulator's new prudential standard on corporate governance will be more flexible than the first draft in areas such as board renewal.

Australian Prudential Regulation Authority chairman John Laker said APRA's initial proposals released in November 2003 had provoked a "lively" exchange of views among its "regulated flock".

Dr Laker told an Australasian Institute of Banking & Finance industry forum in Sydney that APRA was putting the finishing touches on a new draft prudential standard to be released for comment in a few weeks.

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