Australia's prudential regulator on Tuesday said it intends to prescribe st...
SYDNEY - Australia’s prudential regulator on Tuesday said it intends to prescribe stricter terms on executive pay policies of the country’s large banks, retirement funds and insurers as it seeks to enhance accountability in the financial sector.
The regulator plans to impose a minimum seven-year deferral period for variable long-term bonuses, and to limit the importance of financial performance in defining variable pay to increase focus on risks related to culture and governance. APRA’s announcement comes amidst criticism of Macquarie Group Ltd’s move to shorten the time before deferred equity - worth about A$88 million - is awarded to previous Chief Executive Nicholas Moore to two years from seven.
Representatives of Macquarie, Commonwealth Bank of Australia and Australia and New Zealand Banking Group Ltd did not return requests for comment on APRA’s proposed new rules.
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