Automatic Enrolment Retirement Savings System Act 2024 section 18

Audit and risk committee

Section 18 establishes an audit and risk committee of the Board, setting out its functions, membership composition, and procedural arrangements.

• The Board must have an audit and risk committee responsible for ensuring transparency and integrity in accounting and financial reporting, maintaining appropriate internal controls for risk management and financial and operational matters, and arranging audits of service providers and investment management providers.
• The committee must comprise 2 Board members (neither of whom may be the chairperson of the Board) and at least 3 external persons with substantial relevant expertise, appointed by the Board with the Minister's consent.
• One of the 2 Board members on the committee must be appointed by the Board as chairperson of the audit and risk committee.
• The Board may regulate the committee's procedure, but subject to any such regulation, the committee may regulate its own procedure; members hold office on terms determined by the Board at appointment (excluding remuneration and expense allowances).