From financialnewswire.com.au: Some superannuation funds have boards lacking necessary investment and risk management skills, as identified by the Australian Prudential Regulation Authority in a discussion paper.

APRA proposes that regulated entities must regularly audit their board skills, document requirements in a skills matrix, and demonstrate efforts to address any gaps through professional development and new appointments.

The regulator highlights that deficiencies are prevalent not only in smaller banks but also across the superannuation sector, which can hinder organizational strategy and challenge management.