19Appointment of Board members

19 Appointment of Board members

(1) Board members are to be appointed: (a) by the Ministers by written instrument; and (b) on a part‑time basis. (2) A person is not eligible for appointment as a Board member unless the Ministers are satisfied that the person has: (a) substantial experience or expertise; and (b) professional credibility and significant standing; in at least one of the following fields: (c) banking and finance; (d) venture capital, private equity or investment by way of lending or provision of credit; (e) economics; (f) government funding programs or bodies; (g) accounting; (h) law; (i) a priority area of the Australian economy; (j) industrial relations; (k) industry growth; (ka) the commercialisation of innovative research; (l) any other field that the Ministers consider appropriate. (2A) In appointing members, the Ministers must ensure that the Board members collectively have an appropriate balance of experience or expertise, professional credibility and significant standing in the fields mentioned in subsection (2). (3) The following persons are not eligible for appointment as a Board member: (a) an employee of the Commonwealth; (b) the holder of a full‑time office under a law of the Commonwealth.