“We’ve got 150 directors in this country with a tenure greater than 12 years and 30 directors with a tenure greater than 20 years,” Lonsdale said. “We think that’s too long.”
Australia’s prudential regulator has long-serving board directors in its sights with a proposal to limit their terms to 10 years.
The Australian Prudential Regulation Authority’s suggestion was one of several in a discussion paper released Thursday aimed at bolstering governance of the finance, insurance and pension industries. The long tenure of non-executive members can impede the independence of boards, APRA chair John Lonsdale told a media briefing.
