APRA releases findings of thematic review of superannuation board governance practices
- consider the optimal composition of their boards in the context of their business and strategic plans;
- consider the extent to which the use of independent experts signals a skills deficiency on the board;
- have sound board renewal and succession planning processes that strike an appropriate balance between ensuring continuity and bringing in diversity and fresh perspectives; and
- develop a robust and objective board assessment process that considers the performance of individual directors, as well as the board as a whole.
The letter to industry is available on the APRA website.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.