Taxes Consolidation Act 1997 Schedule 12, paragraph 8

Appointment and replacement of trustees

Paragraph 8 of Schedule 12 sets out requirements for the composition and appointment of trustees where the trust structure provides for a majority of trustees to be employee representatives.

• The trust deed must appoint the initial trustees and contain rules for retirement, removal, and replacement of trustees.
• While the trust subsists there must be at least three trustees, all resident in the State, including at least one professional trustee.
• A majority of the trustees must not be, and must never have been, directors of any company in the founding company's group.
• A majority of the trustees must be employee representatives who do not have a material interest in any group company, and must have been selected by a majority of the group's employees.