12Committees

12 Committees

(1)  The Board –

(a) must establish an audit committee; and

(b) may establish such other committees as it considers appropriate.

(2)  A committee –

(a) must provide the Board with advice on any matter referred to it by the Board; and

(b) must perform any functions, and may exercise any powers, delegated to it by the Board.

(3)  In addition to its functions under subsection (2) , the audit committee must provide the Board with advice on –

(a) the internal audit function of the Corporation; and

(b) monitoring the Corporation's systems of financial reporting and internal control; and

(c) the resources necessary for the performance of the internal audit function of the Corporation.

(4)  Schedule 3 has effect with respect to the members and meetings of a committee.