OBS_VALUE: The Board of a locally incorporated APRA-regulated institution must have at least five directors at all times. For a locally owned and incorporated APRA-regulated institution, a majority of directors must be ordinarily resident in Australia. For a foreign-owned, locally incorporated APRA-regulated institution, at least two of the directors must be ordinarily resident in Australia, at least one of whom must also be independent.As for the Compliance Committee of an eligible foreign life insurance company, at least two of the total minimum five Committee members must be ordinarily resident in Australia, one being the Principal Executive Officer and the other an independent member (https://www.apra.gov.au/sites/default/files/Prudential-Standard-CPS-510-Governance-%28July-2017%29.pdf)