In May 2005 the Australian Prudential Regulation Authority (APRA) released a draft Prudential Standard and an associated discussion paper on the governance of APRA-regulated institutions. The draft standard sets out the minimum governance requirements that all authorized deposit-taking institutions (ADIs) such as banks, building societies and credit unions must adhere to as part of their overall governance arrangements.
APRA expects the draft standard to be finalized by early 2006, taking effect from the end of an ADI's then current financial year. This update summarizes the draft standard in relation to ADIs operating in Australia and comments on industry feedback to the governance proposals.
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