Automatic Enrolment Retirement Savings System Act 2024
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Investment committee | ||
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19. (1) There shall be an investment committee of the Board. | ||
(2) The investment committee shall— | ||
(a) establish an investment strategy for the purpose of entering into and managing investment management contracts under section 68 , | ||
(b) establish risk management guidelines within the framework of the investment strategy, | ||
(c) advise the Board on matters relating to the investment strategy or risk management guidelines as the Board may require, and | ||
(d) effectively monitor the performance of AE provider schemes and inform the Board in writing of any matter that it considers to require the Board’s attention. | ||
(3) The members of the investment committee shall comprise— | ||
(a) 2 members of the Board who are not chairperson of the Board and who are appointed by the Board, and | ||
(b) not less than 3 persons who are not members of the Board or members of staff of the Authority but who have acquired substantial relevant expertise and experience and who are appointed by the Board with the consent of the Minister. | ||
(4) The Board shall appoint one of the members appointed under subsection (3)(a) to be the chairperson of the investment committee. | ||
(5) A member of the investment committee shall hold office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Board determines at the time of the member’s appointment. | ||
(6) The Board may regulate the procedure of the investment committee but, subject to that, it shall regulate its own procedure. |