Directors have accused the prudential regulator of overreach after it proposed sweeping new rules that would give it more power over succession planning and limit board tenure to a decade.
The Australian Prudential Regulation Authority said on Thursday that it wanted to impose the limits on banks, insurance and super fund directors.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
