Automatic Enrolment Retirement Savings System Act 2024 section 22

Disclosure of interests by member of Board or of committee of Board

Section 22 requires members of the Board (or its committees) to disclose any material interest in matters being considered by the Board, and sets out the procedures and consequences where such interests arise or are not disclosed.

• A Board or committee member (or their connected person) with a material interest in a matter under consideration must disclose that interest in advance, withdraw from deliberations, and not vote, influence, or make recommendations on the matter.
• Any disclosure must be recorded in the meeting minutes, and the Board may optionally refer to it in the Authority's annual report.
• If a member fails to disclose a material interest, any resulting decision is not automatically invalid — the Board can confirm the decision by reconsidering the matter without that member present, and any related contracts remain enforceable.
• The Minister may take action (including removal from office) against a Board member who breaches the disclosure rules, while the Board itself may take action against a non-Board committee member who breaches them.