The key requirements of this Prudential The key requirements of this Prudential Standard include:

The key requirements of this Prudential Standard include:

• specific requirements with respect to Board size and composition;
• the chairperson of the Board must be an independent director;
• a Board Audit Committee must be established;
• regulated institutions must have a dedicated internal audit function;
• certain provisions dealing with independence requirements for auditors consistent with those in the Corporations Act 2001; and
• the Board must have a policy on Board renewal and procedures for assessing Board performance.

A number of requirements also apply to Category C insurers (as defined in Prudential Standard GPS 001 Definitions).