Commonwealth Consolidated Regulations

COMMONWEALTH AUTHORITIES AND COMPANIES REGULATIONS 1997 - REG 6B

         (1)   For subsection 44 (2) of the Act, the audit committee of a wholly-owned Commonwealth company is to be constituted as follows:

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

                          (i)    the chair of the company; or

                         (ii)    an executive director of the company;

               (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 company; and

                        (iii)    must not include senior managers or employees of the company other than the executive director mentioned in subparagraph (ii).

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

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

         (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.