Tag #Board Reform

How significant is the problem of poor corporate governance in the Australian financial sector, and what evidence supports APRA's actions?

APRA's proposed changes aim to address the issue of long-serving, potentially conflicted directors by introducing term limits and more rigorous board assessments. This is in response to a pattern of governance failures in recent years at banks, insurers, and superannuation funds, resulting in legal actions and financial losses. The regulator's focus is on improving the skills and independence of board members.