The Australian Prudential Regulation Authority (APRA) has commenced the final phase of its governance review by setting out updated requirements designed to strengthen governance across banking, superannuation and insurance.
APRA's requirements around governance and fitness and propriety aim to ensure its regulated entities are governed by leaders with the skills, experience and character needed for today's challenging risk environment.
APRA began consulting on proposals to modernise its governance requirements in March last year before refining some of its proposals
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