Document ID: chunk:federal_register_of_legislation:F2023L01348:front:0:p13
Version: federal_register_of_legislation:F2023L01348
Segment Type: other
Provision Reference: 
Character Range: 34239–37290

remuneration framework.
60.         An APRA-regulated entity may apply to APRA for approval of alternative Board Remuneration Committee arrangements that meet the objectives of this Prudential Standard. APRA may approve alternative arrangements for the entity if satisfied that those arrangements will, in APRA's opinion, achieve the objectives of this Prudential Standard.
61.         Except in circumstances permitted by law, an APRA-regulated entity must not pay any remuneration (whether directly or indirectly) to, or for the benefit of, a person through vehicles or methods that undermine the effect or intent of the requirements of this Prudential Standard. An APRA-regulated entity must at minimum prevent the following:
(a)          the entity indemnifying or insuring (whether directly or through arrangements with another person) the relevant person against the consequences of:
(i)            breaching an obligation under this Prudential Standard; or
(ii)         applying in-period adjustment, malus or clawback under this Prudential Standard; and
(b)          hedging by any person in a specified role who receives equity or equity-linked deferred variable remuneration, of their economic exposure to the resultant equity price risk before the equity-linked remuneration is fully vested and able to be sold for cash by the recipient. The entity must have a prohibition for such hedging, whether in its remuneration policy, contractual or other documentation, and, define and document the process and actions to be taken where any person in a specified role is in breach of the prohibition.
62.         Paragraph 61 does not apply in respect of a liability for legal costs.

Disclosures
63.         An APRA-regulated entity must make clear, comprehensive, meaningful, consistent and comparable public disclosure of information on its remuneration framework and practices, as set out in this Prudential Standard.
64.         An APRA-regulated entity must publish the disclosures required under this Prudential Standard in a standalone document on its website or, provided the information is clearly identified as disclosures made for the purpose of complying with the requirements of this Prudential Standard, as part of other disclosures made by the entity that are available on its website. Tables 2, 3 and 4, must be disclosed in a machine-readable format to facilitate the use of the data, such as in the form of a comma-separated values (CSV) file.
65.         An APRA-regulated entity must make disclosures on a financial year basis for each full financial year of the APRA-regulated entity. For the purposes of disclosures, relevant employees must be counted on a full-time equivalent basis.
66.         An APRA-regulated entity must make the disclosures under this Prudential Standard as soon as possible after it lodges its annual financial statements with the Australian Securities and Investments Commissions (ASIC), and not more than six months after the end of the financial year to which the disclosures relate. If an entity