New South Wales Consolidated Acts New South Wales Consolidated Acts(Section 19A (6))
In this Schedule:
"appointed member" means a member of the Investment Board other than the
Chief Executive Officer.
"member" means any member of the Investment Board.
(1) Of the appointed members, 2 are (in and by their respective instruments of appointment or in and by other instruments executed by the Governor) to be appointed as Chairperson and Deputy Chairperson of the Investment Board respectively. An appointment of a member as Chairperson or Deputy Chairperson is to be on the joint recommendation of the Minister and the Treasurer.
(2) The Governor may at any time remove an appointed member from the office of Chairperson or Deputy Chairperson.
(3) A member holding the office of Chairperson or Deputy Chairperson vacates that office if the person:(a) is removed from that office by the Governor, or(b) resigns that office by instrument in writing addressed to the Minister, or(c) ceases to be a member.
Subject to this Schedule, an appointed member holds office for such period (not exceeding 3 years) as is specified in the member’s instrument of appointment, but is eligible (if otherwise qualified) for re-appointment.
An appointed member is entitled to be paid such remuneration (including travelling and subsistence allowances) as the Minister may from time to time determine in respect of the member.
(1) The office of an appointed member becomes vacant if the member:(a) dies, or(b) completes a term of office and is not re-appointed, or(c) resigns the office by instrument in writing addressed to the Minister, or(d) is removed from office by the Governor under this clause or Chapter 5 of the Public Sector Employment and Management Act 2002 , or(e) is absent from 3 consecutive meetings of the Investment Board of which reasonable notice has been given to the member personally or in the ordinary course of post, except on leave granted by the Investment Board or unless, before the expiration of 4 weeks after the last of those meetings, the member is excused by the Investment Board for having been absent from those meetings, or(f) becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or makes an assignment of his or her remuneration for their benefit, or(g) becomes a mentally incapacitated person, or(h) is convicted in New South Wales of an offence that is punishable by imprisonment for 12 months or more or is convicted elsewhere than in New South Wales of an offence that, if committed in New South Wales, would be an offence so punishable.
(2) The Governor may at any time remove an appointed member from office.
(3) Without limiting subclause (2), an appointed member may be removed from office under that subclause for a contravention of clause 6.
(1) If:(a) a member has a direct or indirect pecuniary interest in a matter being considered or about to be considered at a meeting of the Investment Board, and(b) the interest appears to raise a conflict with the proper performance of the member’s duties in relation to the consideration of the matter,the member must, as soon as possible after the relevant facts have come to the member’s knowledge, disclose the nature of the interest at a meeting of the Investment Board.
(2) A disclosure by a member at a meeting of the Investment Board that the member:(a) is a member, or is in the employment, of a specified company or other body, or(b) is a partner, or is in the employment, of a specified person, or(c) has some other specified interest relating to a specified company or other body or to a specified person,is a sufficient disclosure of the nature of the interest in any matter relating to that company or other body or to that person which may arise after the date of the disclosure and which is required to be disclosed under subclause (1).
(3) Particulars of any disclosure made under this clause must be recorded by the Investment Board in a book kept for the purpose and that book must be open at all reasonable hours to inspection by any person on payment of the fee determined by the Investment Board.
(4) After a member has disclosed the nature of an interest in any matter, the member must not, unless the Minister or the Investment Board otherwise determines:(a) be present during any deliberation of the Investment Board with respect to the matter, or(b) take part in any decision of the Investment Board with respect to the matter.
(5) For the purposes of the making of a determination by the Investment Board under subclause (4), a member who has a direct or indirect pecuniary interest in a matter to which the disclosure relates must not:(a) be present during any deliberation of the Investment Board for the purpose of making the determination, or(b) take part in the making by the Investment Board of the determination.
(6) A contravention of this clause does not invalidate any decision of the Investment Board.
If the office of an appointed member becomes vacant, a person is, subject to this Act, to be appointed to fill the vacancy.
(1) Chapter 2 of the Public Sector Employment and Management Act 2002 does not apply to or in respect of the appointment of an appointed member.
(2) If by or under any Act provision is made:(a) requiring a person who is the holder of a specified office to devote the whole of his or her time to the duties of that office, or(b) prohibiting the person from engaging in employment outside the duties of that office,the provision does not operate to disqualify the person from holding that office and also the office of an appointed member or from accepting and retaining any remuneration payable to the person under this Act as such a member.
The procedure for the calling of meetings of the Investment Board and for the conduct of business at those meetings is, subject to this Act and the regulations, to be as determined by the Investment Board.
The quorum for a meeting of the Investment Board is 4 members.
(1) The Chairperson of the Investment Board or (in the absence of the Chairperson) the Deputy Chairperson is to preside at a meeting of the Investment Board.
(2) In the absence of both the Chairperson and the Deputy Chairperson at a meeting of the Investment Board, another member chosen by the members present at the meeting is to preside at the meeting.
(3) The person presiding at a meeting of the Investment Board has a deliberative vote and, in the event of an equality of votes, has a second or casting vote.
A decision supported by a majority of the votes cast at a meeting of the Investment Board at which a quorum is present is a decision of the Investment Board.
(1) The Investment Board may, if it thinks fit, transact any of its business by the circulation of papers among all the members of the Investment Board for the time being, and a resolution in writing approved in writing by a majority of those members is taken to be a decision of the Investment Board.
(2) The Investment Board may, if it thinks fit, transact any of its business at a meeting at which members (or some members) participate by telephone, closed-circuit television or other means, but only if any member who speaks on a matter before the meeting can be heard by the other members.
(3) For the purposes of:(a) the approval of a resolution under subclause (1), or(b) a meeting held in accordance with subclause (2),the Chairperson and each member have the same voting rights as they have at an ordinary meeting of the Investment Board.
(4) A resolution approved under subclause (1) is, subject to the regulations, to be recorded in the minutes of the meetings of the Investment Board.
(5) Papers may be circulated among the members for the purposes of subclause (1) by facsimile or other transmission of the information in the papers concerned.
(1) The Investment Board may establish committees to assist it in connection with the exercise of any of its functions.
(2) It does not matter that any or all of the members of a committee are not members of the Investment Board.
(3) The procedure for the calling of meetings of a committee and for the conduct of business at those meetings is to be as determined by the Investment Board or (subject to any determination of the Investment Board) by the committee.
The Minister is to call the first meeting of the Investment Board in such manner as the Minister thinks fit.