Document ID: chunk:federal_register_of_legislation:F2023L01535:body:0:p15
Version: federal_register_of_legislation:F2023L01535
Segment Type: other
Provision Reference: 
Character Range: 38836–42024

CRO is removed from their position, the reasons for removal must be discussed with APRA as soon as practicable, and no more than 10 business days, after the Committee's endorsement is agreed upon.
86.         The Board Risk Committee must have free and unfettered access to senior management, risk and financial control personnel, and other parties (internal and external) in carrying out its duties.
87.         The Board Risk Committee must invite the CRO to attend all relevant sections of meetings of the Committee.

    E.            Other matters

Persons not to be constrained from providing information to APRA[22]
88.         No prospective, current, or former officer, employee or contractor (including professional service provider) of an APRA-regulated institution may be constrained or impeded, whether by confidentiality clauses or other means, from disclosing information to APRA, from discussing issues with APRA of relevance to the management and prudential supervision of the institution, or from providing documents under their control to APRA, that may be relevant in the context of the management or prudential supervision of the institution. Such persons are not to be constrained or impeded from providing information to, as applicable, auditors, the Appointed Actuary and others, who have statutory responsibilities in relation to the institution.
89.         An APRA-regulated institution must ensure that the institution's internal policy and contractual arrangements do not explicitly or implicitly restrict or discourage auditors or other parties from communicating with APRA.

Adjustments and exclusions
90.         APRA may adjust or exclude a specific requirement in this Prudential Standard in relation to an APRA-regulated institution.[23]

Determinations made under previous prudential standards
91.         A private health insurer must contact APRA if it seeks to place reliance, for the purposes of complying with this Prudential Standard, on a previous exemption or other exercise of discretion by APRA, or an exemption or other exercise of discretion deemed or given effect to by APRA, under a previous Governance Standard.
92.         For all APRA-regulated institutions other than private health insurers, an exercise of APRA's discretion under a previous version of a governance prudential standard continues to have effect under this Prudential Standard. For the purposes of this paragraph, 'a previous version of this Prudential Standard' includes any versions of:
       (a)          Prudential Standard CPS 510 Governance;
       (b)          Prudential Standard APS 510 Governance;
       (c)          Prudential Standard GPS 510 Governance; and
       (d)          Prudential Standard LPS 510 Governance.

Attachment A – Director Independence[24]
A director is not independent if the director:
     1. is a substantial shareholder[25] of the APRA-regulated institution or an officer of, or otherwise associated directly with, a substantial shareholder of the institution;
2.             is employed, or has previously been employed in an executive capacity by the APRA-regulated institution or another member of the group, and there has not