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PART 2N.I.ADMINISTRATION

MANAGEMENT, FUNDS AND ACCOUNTS AND AUDITN.I.

Governance policy statementN.I.

62.—(1) The Committee shall, after consultation with such persons as it considers appropriate, prepare, maintain and publish a written statement setting out—

(a)whether the Committee delegates its function, or part of its function in relation to maintaining a pension fund to a sub-committee or an officer of the Committee; and

(b)if the Committee delegates that function or part of that function, to a sub-committee or an officer of the Committee—

(i)the frequency of any sub-committee meetings;

(ii)the terms of reference, structure and operational procedures of the delegation; and

(iii)whether the sub-committee includes representatives of employing authorities or members, and if so, whether those representatives have voting rights.

(2) A statement prepared under paragraph (1) shall be revised and published by the Committee following a material change in its policy on any of the matters referred to in that paragraph.

[F1(3) A statement under paragraph (1) shall include the terms, structure and operational procedures of the pension board established under regulation 116 (establishment of the pension board).]