Automatic Enrolment Retirement Savings System Act 2024 section 19

Investment committee

Section 19 establishes an investment committee of the Board, setting out its functions, membership composition, and procedural arrangements.

• The Board must have an investment committee responsible for setting the investment strategy, establishing risk management guidelines, advising the Board, and monitoring the performance of AE provider schemes.
• The committee comprises two Board members (neither of whom may be the Board chairperson) and at least three external persons with substantial relevant expertise, appointed by the Board with the Minister's consent.
• The Board appoints one of its two members on the committee to serve as chairperson of the investment committee.
• The Board determines the terms of office for committee members (other than remuneration and expense allowances) and may regulate the committee's procedure; otherwise, the committee regulates its own procedure.