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APRA proposes major governance changes for Australian banks and insurers, including term limits for directors.
The Australian Prudential Regulation Authority (APRA) is proposing eight major changes to governance standards for banks, insurers, and superannuation funds, the first update in over a decade.
Key changes include a 10-year term limit for non-executive directors, clearer roles for boards, and higher standards for board members' fitness and experience.
APRA aims to enhance governance and resilience against misconduct.
Stakeholders have three months to provide feedback, with the new framework expected in 2027 and set to start in 2028.
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APRA propone importantes cambios en la gobernanza de los bancos y aseguradores australianos, incluidos límites de mandato para los directores.