APRA at odds with Coalition on independent directors
The Australian Prudential Regulation Authority (APRA) has signaled an important difference in view on superannuation fund governance to that expressed by the Federal Opposition and the Financial Services Council.
The regulator has declared it does not believe independent directors on superannuation funds need to be treated the same as those on publicly-listed financial services companies such as banks and insurance companies.
APRA deputy chairman Ross Jones told the Conference of Major Superannuation Funds in Brisbane that independent directors on superannuation funds were not the same as those on banks and insurance products - and that the regulator would be treating them accordingly.
On the broader question of prudential standards and governance, Jones said that APRA's focus would be on board behaviours rather than structures.
He claimed the regulatory approach allowed APRA a measure of flexibility in looking at and dealing with super board behaviours.
"We don't care how you achieve the objectives so long as you know what the objectives are," he said.
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