s.26The Risk and Audit Subcommittee
26
Section 26Part 4 — Committees

The Risk and Audit Subcommittee

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The Office shall establish a Risk and Audit Subcommittee comprised of a chairperson and three non-executive members.
The Office shall appoint the chairperson from among the Members and the chairperson shall —
not be a member of the staff of the Office;
not have a personal or pecuniary interest, direct or indirect, in a sectoral utility;
not have been adjudged bankrupt;
not have been convicted in the Islands or elsewhere of any offence involving dishonesty or fraud or any other offence that is likely to bring the Office into disrepute;
not be otherwise unable or unfit to discharge the functions of a Member; and
have appropriate accountancy skills and experience and shall be registered as an accountant in accordance with the Accountants Act (2024 Revision).
The chairperson shall be appointed for a term of three years and may be reappointed for one or more subsequent terms of three years.
The Risk and Audit Subcommittee may liaise with external auditors, pursuant to section 40(4), in the preparation of audited statements and shall report to the Board within four months of publication of the Office's annual report on —
the Office's performance against its annual plan;
the extent to which the Office's deployment of its financial resources has delivered value for money; and
the Office's risk profile and any mitigation steps that may be necessary.
The Risk and Audit Subcommittee shall meet at least twice every year and the quorum for the proceedings of the Subcommittee shall be three Risk and Audit Subcommittee members, including the Risk and Audit Subcommittee chairperson.
Voting shall be by a majority with the Risk and Audit Subcommittee chairperson having a casting vote.
The Office shall publish the Risk and Audit Subcommittee's report within two months of it being delivered to the Board.

Cross References