10DFunctions of the Governance Board

#### 10D Functions of the Governance Board (1) The functions of the Governance Board are: (a) to oversee, and determine policies for, the management and organisational affairs of the Bank (including to oversee, and determine policies for, the Bank’s balance sheet management, to the extent that doing so does not involve the Board doing anything described in paragraph (3)(a)); and (b) to determine the policies of the Bank for the performance of the Bank’s functions in relation to: (i) delivering banking services to the Commonwealth as the Commonwealth’s banker and financial agent; and (ii) issuing, re‑issuing and cancelling Australian notes; and (c) to determine the policies of the Bank in relation to any matter not covered by the functions of the Monetary Policy Board or the Payments System Board; and (d) any other functions conferred on the Governance Board by this Act or any other Act; and (e) to do anything incidental or conducive to the performance of any of the above functions. > Note: One way the Governance Board contributes to the achievement of the Bank’s overarching objective is by determining the Bank’s policies referred to in paragraphs (a), (b) and (c). (2) The Governance Board has the power to do all things necessary or convenient to be done for or in connection with the performance of its functions. (3) Nothing in this Act, or in any other Act, authorises the Governance Board to: (a) do anything that would limit the Monetary Policy Board performing its functions or exercising its powers in ways that affect the Bank’s balance sheet; or (b) perform any functions conferred on the Monetary Policy Board or the Payments System Board, including determining the Bank’s policies referred to in subsection 9B(1) or 10B(1); or (c) determine the Bank’s approach for implementing those policies. (4) The Governance Board must: (a) consult the Monetary Policy Board before doing anything that would materially affect that Board’s performance of its functions or exercise of its powers; and (b) consult the Payments System Board before doing anything that would materially affect that Board’s performance of its functions or exercise of its powers. (5) Without limiting section 87 (about the validity of acts of the Bank), any failure by the Governance Board to comply with subsection (4) of this section does not: (a) affect the validity of anything done by the Governance Board; or (b) give rise to an action or other proceeding for damages.