SCHEDULE 3 - Committees SCHEDULE 3 - Committees

Section 13 (4)

1.   Membership of committees

(1) A committee consists of such number of persons as the Board determines.

(2) The chief executive officer may not be a member of the audit committee.

(3) The chairperson of the audit committee must be a director.

2.   Conditions of appointment

(1) A member of a committee is entitled to be paid such remuneration and allowances as are determined by the Minister.

(2) A member of a committee holds that office for the term, and on the conditions, determined by the Board.

3.   Meetings

(1) Meetings of a committee are to be held in accordance with any directions given by the Board.

(2) A committee may obtain assistance, information and advice from any person.

(3) Except as provided by this Schedule, a committee may regulate the calling of, and the conduct of business at, its meetings.

4.   Disclosure of interests

(1) If –

(a) a member of a committee has a direct or indirect pecuniary interest in a matter being considered, or about to be considered, by the committee; and

(b) the interest could conflict with the proper performance of the member's duties in relation to consideration of the matter –

the member, as soon as practicable after the relevant facts come to the member's knowledge, must disclose the nature of the interest to a meeting of the committee.

Penalty:  Fine not exceeding 10 penalty units or a term of imprisonment not exceeding 3 months, or both.

(2) A disclosure under subclause (1) is to be recorded in the minutes of the meeting and, unless the committee otherwise determines, the member of the committee must not –