APRA releases enhanced governance requirements for superannuation trustees

Almost a year after releasing proposals for the reform of its governance requirements for RSE licensees, APRA has now issued final versions incorporating the new requirements.

Trustees will need to move quickly to meet the new requirements by 1 July 2017.

APRA's proposed changes to Prudential Standard SPS 510 Governance (SPS 510) and Prudential Practice Guide SPG 510 Governance (SPG 510) were released for consultation in late 2015 and submissions received were largely supportive of APRA's proposals. Not surprisingly therefore, there are few changes in the final versions to those originally proposed by APRA.

The key changes to SPS 510 and SPG 510 are designed to ensure RSE licensees have a governance framework which sets out policies and procedures to achieve appropriate skills, structure and composition of the Board and a suitable process for the nomination, appointment and removal of directors that support appropriate Board composition and renewal on an