Commonwealth Consolidated Regulations

COMMONWEALTH AUTHORITIES AND COMPANIES REGULATIONS 1997 - REG 6A

         (1)   For subsection 32 (2) of the Act, the audit committee of a Commonwealth authority is to be constituted as follows:

                (a)    the chair of the committee must be a person other than:

                          (i)    the chair of the authority; or

                         (ii)    an executive director of the authority;

               (b)    the committee:

                          (i)    must be made up of at least 3 persons; and

                         (ii)    may include only 1 person who is an executive director of the authority; and

                        (iii)    subject to subregulation (4), must not include senior managers or employees of the authority other than the executive director mentioned in subparagraph (ii).

         (2)   To avoid doubt, a committee may include persons who are not directors of the authority.

Note    The chair of the committee may, for example, be a non-executive director (other than the chair of the authority) or an external appointee of the authority.

         (3)   The quorum for meetings of the committee is:

                (a)    2 persons; or

               (b)    if the majority of the committee is greater than 2 persons -- that number of persons.

         (4)   The audit committee of the Australian Government Solicitor ( AGS ) may include members of the AGS Advisory Board.

Note    The AGS is established under section 55J of the Judiciary Act 1903 . The AGS Advisory Board is established under the corporate governance arrangements that apply to the AGS in accordance with section 55ZE of that Act.