Glass Lewis recently provided a submission to the Australian Prudential Regulation Authority (APRA) in response to its Governance Review Discussion Paper. The consultation explores a range of proposed changes to the regulatory framework for APRA-regulated financial institutions, including enhanced skills matrix disclosures, revised director independence requirements, mandatory third-party board performance reviews, and the introduction of 10-year director tenure limits. While our views are broadly aligned with the proposals outlined in the Discussion Paper, we have suggested several amendments, notably to address the potential impact of director tenure limits on narrowing the pool of candidates for chair succession.
Read the full submission.
