Prudential Standard APS 510 Governance¶
| Regulator | APRA |
| Jurisdiction | AU |
| Status | live |
| Applicability | External — APRA governance standard for board composition and director requirements. Human governance and regulatory process; not system-delivered. |
Outside platform boundary
APRA governance standard for board composition and director requirements. Human governance and regulatory process; not system-delivered.
Prudential Standard APS 510 Governance sets the governance requirements for APRA-regulated ADIs. It prescribes board composition (majority independent non-executive directors), mandatory board committees (audit, risk, remuneration, and nominations), fit and proper requirements for directors, board renewal policies, and a skills matrix requirement. The CEO must not chair the board.
APS 510 is entirely an institutional standard. Governance structure, director appointments, committee operations, and board renewal are human processes that sit outside the platform. The platform supports board governance by providing the data inputs for board risk reporting — the RAF dashboard (MOD-150) and regulatory returns (MOD-036) — but the platform does not own any obligation under this standard.
Compliance register¶
This register maps every material obligation under the standard to the platform control or institutional process that satisfies it. It is the static traceability layer for the Totara compliance report — dynamic data (module build status, test evidence, control test dates) is overlaid at runtime.
Scope legend¶
| Symbol | Meaning |
|---|---|
| 🤖 Automated | Platform enforces or performs the obligation. Primary control mode is GATE, AUTO, CALC, or ALERT. Human action is not required in the normal case. |
| 📊 Evidenced | Platform captures the evidence trail automatically. Human compliance decision sits on top. Primary control mode is LOG. |
| 🏛 Institutional | Obligation is met by a process entirely outside the platform — training programmes, board governance, HR, legal. Platform may generate evidence inputs but does not own the process. |
| N/A | Obligation does not apply to this deployment configuration. |
Build legend¶
| Symbol | Meaning |
|---|---|
| ✅ | Module built and deployed |
| 🔨 | Module planned — not yet built (build_status: Not started) |
| ❌ | Uncontrolled gap — no module attributed |
Part 2 — Board composition and independence¶
| Ref | Obligation | Scope | Policy | Platform controls | Build |
|---|---|---|---|---|---|
| Para 14 | Board must have a majority of independent non-executive directors | 🏛 Institutional | GOV-001 | Director independence is determined by the board and company secretary. Platform has no role. | — |
| Para 15 | CEO must not be the chair of the board | 🏛 Institutional | GOV-001 | Governance structure is determined at incorporation and by APRA licensing conditions. Platform has no role. | — |
| Para 16 | Board must maintain a skills matrix and assess collective capability at least annually | 🏛 Institutional | GOV-001, GOV-003 | Skills matrix is maintained by the company secretary. MOD-150 (CALC) provides board risk reporting data that informs the skills adequacy assessment, but the assessment itself is institutional. | 🔨 |
| Para 17 | Board must have a renewal policy addressing director tenure and succession | 🏛 Institutional | GOV-001 | Renewal policy is a board governance matter. Platform has no role. | — |
Part 3 — Board committees¶
| Ref | Obligation | Scope | Policy | Platform controls | Build |
|---|---|---|---|---|---|
| Para 18 | Board must have an audit committee with majority independent members and an independent chair | 🏛 Institutional | GOV-006 | Committee composition is a governance matter. MOD-047 (LOG) and MOD-048 (LOG) provide the evidence base for audit committee review. | 🔨 |
| Para 19 | Board must have a risk committee with majority independent members and an independent chair | 🏛 Institutional | GOV-003 | Risk committee composition is a governance matter. MOD-150 (CALC) provides board risk report data inputs for risk committee use; MOD-063 (LOG) ensures risk reports are delivered. | 🔨 |
| Para 20 | Board must have a remuneration committee | 🏛 Institutional | GOV-007 | Remuneration committee operations are entirely institutional. Platform has no role. | — |
| Para 21 | Board must have a nominations committee to oversee director fit and proper, succession, and skills | 🏛 Institutional | GOV-001, GOV-009 | Nominations committee operations are entirely institutional. Platform has no role. | — |
Part 4 — Fit and proper for directors¶
| Ref | Obligation | Scope | Policy | Platform controls | Build |
|---|---|---|---|---|---|
| Para 22 | Directors must meet APRA's fit and proper criteria (probity, competence, experience) | 🏛 Institutional | GOV-001 | Director fit and proper assessment is a board and HR matter. See au-cps-520 for the full fit and proper framework. | — |
| Para 23 | Notify APRA of any new director appointment within 20 business days | 🏛 Institutional | GOV-001 | APRA notification is a Compliance Officer and company secretary process. Platform has no role. | — |
| Para 24 | Notify APRA if a director ceases to be fit and proper within 10 business days | 🏛 Institutional | GOV-001 | APRA notification is a Compliance Officer process. Platform has no role. | — |
Institutional obligations (not platform scope)¶
All obligations under APS 510 are institutional. The following table summarises platform data inputs that support institutional governance processes.
| Obligation | Owner | Platform data input |
|---|---|---|
| Board composition (majority independent) | Board / Company Secretary | None — structural governance |
| Board skills matrix and annual capability assessment | Company Secretary / Nominations Committee | MOD-150 provides risk domain data that informs skills gap analysis |
| Board audit committee operations | Audit Committee Chair | MOD-047, MOD-048, MOD-002 provide evidence base for committee review |
| Board risk committee operations and reporting | Risk Committee Chair / CRO | MOD-150 (CALC) provides board risk report; RAF dashboard provides continuous risk-against-appetite data |
| Board remuneration committee operations | Remuneration Committee Chair | Platform has no remuneration data |
| Director fit and proper assessments | Chief People Officer / Company Secretary | Platform has no role — see au-cps-520 |
| APRA notifications for director appointments and disqualifications | Chief Compliance Officer | Platform has no role — regulatory correspondence is institutional |
| Conflicts of interest disclosures and related party approvals | Company Secretary | MOD-127 (LOG) and MOD-140 (LOG) log related-party transaction events as evidence inputs |
Coverage summary¶
| Area | Total obligations | Platform automated 🤖 | Platform evidenced 📊 | Institutional 🏛 | N/A |
|---|---|---|---|---|---|
| Board composition and independence | 4 | 0 | 0 | 4 | 0 |
| Board committees | 4 | 0 | 0 | 4 | 0 |
| Fit and proper for directors | 3 | 0 | 0 | 3 | 0 |
| Total | 11 | 0 (0%) | 0 (0%) | 11 (100%) | 0 (0%) |
APS 510 is entirely institutional. The platform provides data inputs that support board governance processes but owns no obligations under this standard.
Related policies¶
| Policy | Title |
|---|---|
| GOV-001 | Board Charter |
| GOV-003 | Three Lines of Defence Policy |
| GOV-007 | Conflicts of Interest Policy |
| GOV-009 | Related Party Transactions Policy |
See D08 Governance & Accountability for the full risk domain.
Official documentation¶
Policies referencing this standard¶
- GOV-001 — Board Charter
- GOV-003 — Three Lines of Defence Policy
- GOV-007 — Conflicts of Interest Policy
- GOV-009 — Related Party Transactions Policy
Compiled 2026-05-22 from source/entities/regulations/au-aps-510.yaml