From www.smh.com.au: APRA is proposing a 10-year term limit for non-executive directors of banks, insurers, and superannuation funds, aiming to enhance governance and reduce conflicts of interest.

APRA’s chairman, John Lonsdale, says that poor governance contributes to misconduct and failures in around 80% of entities under their supervision.

The proposed changes will require institutions to engage with the regulator during succession planning and are subject to industry consultation, with implementation expected by 2028.