APRA's revised draft proposal to mandate corporate governance standards for financial and insurance institutions is still too prescriptive and inflexible, says Australia's leading governance body, the Australian Institute of Company Directors (AICD).
"While AICD commends the action taken by APRA in response to the industry consultation process, it believes that changes to the proposed requirements do not go far enough. APRA has still chosen to favour a 'one size fits all' approach to compliance rather than the preferred 'if not, why not' disclosure principle found, for instance, in the ASX Corporate Governance Principles." said AICD Chief Executive Officer, Mr Ralph Evans. "AICD is concerned that this 'comply or else' mentality undermines the foundations of good governance."
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