From financialnewswire.com.au: APRA has proposed new requirements to strengthen governance for superannuation fund boards, focusing on financial expertise and minimum standards for responsible persons.

Changes include a lifetime tenure limit of 10 years for non-executive directors, enhanced board independence, and clarified expectations regarding governance roles.

APRA chair John Lonsdale emphasized that effective governance is crucial for the financial stability of banks, insurers, and superannuation trustees.