New Governance Rules – Independent Directors

On 26 June 2015 the Government released exposure draft legislation that would impose on all APRA regulated funds a requirement to have a minimum of one-third independent directors/trustees and an independent chair. The aim, however, is clearly to encourage funds to move towards a majority of independent directors. This was a recommendation of the Financial…

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Time to Plan for Prudential Triennial Reviews

The Prudential Standards for Investment Governance (SPS 530), Insurance (SPS 250), Risk Management (SPS 220) and Conflicts of Interest (SPS 521) all require frameworks.  And they require the licensee to ensure that the frameworks are subjected to a “comprehensive review by operationally independent, appropriately trained and competent persons at least ever three years”. The Prudential…

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