The Australian Prudential Regulation Authority (APRA) has released a discussion paper on proposed minor amendments to prudential standards on governance for authorised deposit-taking institutions (ADIs), general insurers and life insurers.
These amendments follow recent changes to the ASX Corporate Governance Council’s Principles of Good Corporate Governance and Best Practice Recommendations dealing with the independence of board directors.
APRA intends to continue an alignment with the Council’s Principles and the discussion paper sets out how this will be achieved. The proposed amendments to prudential standards do not impose any new requirements on APRA-regulated institutions and APRA does not envisage that institutions will incur any costs in complying.
See full Press Release.
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