The Australian Prudential Regulation Authority will press on with plans for new corporate governance standards for banks and insurers, The Australian newspaper reported citing APRA chairman John Laker.
It said the proposals have drawn criticism from some banks and insurers who believe they will overlap with rules already enforced by the Australian Securities and Investments Commission and the Australian Stock Exchange.
But APRA chairman John Laker said yesterday the regulator had held "vigorous" discussions with the industry but remained convinced the proposals were sound.
"As yet we have heard no compelling arguments why a prudential regulator, in the interests of promoting a sound financial system, should not include governance among the important areas of prudential risk to financial institutions," he said at a corporate governance conference in Melbourne.
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