Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 14 : OmbudsPart 1 : Ombud Council187. Governance and other committees of Ombud Council |
| (1) | The Board must establish— |
| (a) | a committee to review, monitor and advise the Board on the remuneration policy of the Ombud Council; and |
| (b) | a committee to review, monitor and advise the Board on the risks faced by the Ombud Council and plans for managing those risks. |
(2)
| (a) | The Board may establish one or more other committees for the Ombud Council, with membership and functions as determined by the Board. |
| (b) | A committee may include persons who are not members of the Board. |
| (3) | A disqualified person may not be, or remain, a member of a committee. |
| (4) | A member of a committee holds office for the period, and on the terms and conditions, including, in the case of a person who is not in the service of an organ of state, terms regarding remuneration, determined by the Board. |
(5)
| (a) | A committee established in terms of subsection (1) or section 51(1)(a)(ii) of the Public Finance Management Act must be chaired by a person who is not the Chairperson, the Deputy Chairperson or a staff member of the Ombud Council. |
| (b) | The majority of the members of that committee may not be staff members of the Ombud Council. |
| (6) | A committee determines its procedure, subject to any directions that may be issued by the Board. |
| (7) | The Chief Ombud must ensure that minutes of each meeting of a committee are kept in a manner determined by the Board. |
[Section 187 to take effect on 1 April 2020, per Notice No. 1130 of 2019, GG 42677, dated 30 August 2019]