CTHIn ForceLegislation
Superannuation (prudential standard) determination No. 3 of 2024
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Superannuation (prudential standard) determination No. 3 of 2024
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Turn the raw legal text into a practical explanation grounded in Superannuation (prudential standard) determination No. 3 of 2024.
The Board is ultimately responsible for the sound and prudent management of an RSE licensee’s business operations.[4]
The Board, in fulfilling its functions, may delegate authority to management to act on behalf of the Board with respect to certain matters, as decided by the Board. This delegation of authority must be clearly set out and documented. The Board must have mechanisms in place for monitoring the exercise of delegated authority. The Board cannot abrogate its responsibility for functions delegated to management.
The Board must ensure that the directors and the senior management of the RSE licensee, collectively, have the full range of skills needed for the effective and prudent operation of the RSE licensee’s business operations, and that each director has skills that allow them to make an effective contribution to Board deliberations and processes. This includes the requirement for directors, collectively, to have the necessary skills, knowledge and experience to understand the risks of the RSE licensee’s business operations, including its legal and prudential obligations, and to ensure that the RSE licensee’s business operations are managed in an appropriate way taking into account these risks. This does not preclude the Board from supplementing its skills and knowledge by engaging external consultants and experts.
Where the Board establishes a board committee that has responsibility for activities that have the potential to have a material impact on the interests, or reasonable expectations, of beneficiaries[5], or to the long term financial soundness of the RSE licensee, any of its RSEs or connected entities[6], an RSE licensee must ensure that only a director of the RSE licensee holds the position of chairperson on that board committee.
Senior management of an RSE licensee must be ordinarily resident in Australia.
Directors and senior management of an RSE licensee must be available to meet with APRA on request.
The Board must provide the RSE auditor and the RSE actuary, as relevant, with the opportunity to raise matters directly with the Board.