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Banking, Insurance and Life Insurance (prudential standards) determination No. 3 of 2011 - Prudential Standard CPS 510 - Governance
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Turn the raw legal text into a practical explanation grounded in Banking, Insurance and Life Insurance (prudential standards) determination No. 3 of 2011 - Prudential Standard CPS 510 - Governance.
For the purposes of this Prudential Standard, an independent director is a non-executive director who is free from any business or other association — including those arising out of a substantial shareholding, involvement in past management or as a supplier, customer or adviser — that could materially interfere with the exercise of their independent judgement. The circumstances that will not meet this test of independence include, but are not limited to, those set out in Attachment A.
If the Board of a locally incorporated regulated institution is in doubt about a director’s independence for the purposes of this Prudential Standard, the institution may refer the matter to APRA for guidance.