APRA has registered an updated version of CPS 511 Remuneration which requires authorised deposit-taking institutions (ADIs), insurers and superannuation entities to publicly disclose information on aspects of their remuneration. Background.
Paragraph 11 states that the new non-SFI remuneration disclosure requirements will apply to the first full financial year that commences on or after 1 January 2024.
Disclosures by non-SFIs include summary information on their remuneration framework, design and governance and key aspects of variable remuneration, where relevant.
It is likely that CPS 511 will be amended again before the Financial Accountability Regime starts on 15 March 2024.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.