Automatic Enrolment Retirement Savings System Act 2024
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Disclosure of interests by member of Board or of committee of Board | ||
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22. (1) This section applies to a person who is— | ||
(a) a member of the Board, or | ||
(b) a member of any committee of the Board, | ||
where that person or a connected person has a material interest in any matter which falls to be considered by the Board or a committee of the Board. | ||
(2) A person to whom this section applies— | ||
(a) shall, in advance of any consideration of the matter, disclose that material interest to the Board or the committee of the Board concerned, | ||
(b) shall take no part in the deliberation in relation to the matter, | ||
(c) shall withdraw from a meeting at which the matter is being considered for so long as it is being so considered and shall not be counted towards a quorum for any question at the meeting on which a vote is required, | ||
(d) shall not influence or seek to influence a decision to be made in relation to the matter, | ||
(e) shall not make any recommendation to the Board or the committee of the Board concerned or its members in relation to the matter, and | ||
(f) shall not vote or otherwise act on a decision relating to the matter. | ||
(3) Where a person discloses a material interest in a matter under subsection (2)— | ||
(a) the disclosure shall be recorded in the minutes of the meeting, and | ||
(b) the Board or the committee of the Board concerned may, at its discretion, refer to the disclosure in the Authority’s annual report. | ||
(4) If a person fails to disclose a material interest pursuant to subsection (2), and with that person present the Board or the committee of the Board concerned makes a decision on the matter— | ||
(a) the decision is not invalid, and shall be taken to have always been valid, if the Board or the committee of the Board concerned subsequently reconsiders the matter without that member present and confirms the decision, and | ||
(b) a contract entered into by the Board or the committee of the Board concerned in consequence of the decision is not, by reason only of that fact, invalid or unenforceable. | ||
(5) If at a meeting of the Board or the committee of the Board concerned a question arises as to whether or not a course of conduct, if pursued by a person, would constitute a failure by him or her to comply with subsection (2)— | ||
(a) the chairperson presiding over the meeting shall determine the question, or | ||
(b) if the question arises in relation to the chairperson presiding over the meeting, he or she shall retire from the chair and the question shall be determined by majority vote of the remaining members, | ||
and in either case the determination shall be final and shall be recorded in the minutes of the meeting. | ||
(6) Where the Minister is satisfied, on being informed by the Board, that a member of the Board has contravened subsection (2), the Minister shall decide the appropriate action to be taken in relation to that person which may include, on the recommendation of the Board, removal from office under section 16 and, where a person is removed from office pursuant to this subsection, he or she shall thenceforth be disqualified for membership of the Board. | ||
(7) Where the Authority is satisfied that a person who is a member of a committee of the Board but not a member of the Board has contravened subsection (2), the Board shall decide the appropriate action (which may include removal from office) to be taken in relation to that person. | ||
(8) For the purposes of this section and section 23 , “connected person” and “material interest” shall be construed in accordance with section 2 of the Ethics in Public Office Act 1995 . |