CTHRepealedLegislation
Banking (prudential standards) determination No. 1 of 2008 - Prudential Standard APS 510 - Governance
Subsidiaries with a parent that is not pSubsidiaries with a parent that is not prudentially regulated
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Subsidiaries with a parent that is not prudentially regulated
- For a regulated institution that is a subsidiary of another entity, not covered by the arrangements in paragraphs 27 to 29 of this Prudential Standard, the Board must have a majority of independent directors. However, independent directors on the Board of the parent company or its other subsidiaries can also sit as independent directors on the Board of the regulated institution.