The AICD made a submission in response to the Treasury’s Banking Executive Accountability Regime (BEAR) consultation paper.
Our submission recognises the critical role of Authorised Deposit-taking Institutions (ADIs) in the Australian financial system and reiterates support for effective efforts of the government, the Australian Prudential Regulation Authority (APRA) and the banking sector to support good governance of ADIs.
In its submission, the AICD has expressed concern that the regime, as proposed in the consultation paper, risks confusing the fundamental governance role of non-executive directors with executive management functions, and does not adequately consider corporate governance principles in its application.
If you would like to discuss any aspect of this submission, please contact Matt McGirr, Policy Adviser, on (02) 8248 2705 or at firstname.lastname@example.org.
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