Section 18 — CONSUMER CREDIT ACT 2025

(a)

the Audit and Risk Committee; and

(b)

the Nomination and Remuneration Committee.

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Act 873

(2)

The Board may establish such other committee, in any form and by whatever name called, as the Board considers fit or necessary, which may comprise any of the following persons as may be appointed by the Board:

(a)

any Board member; and

(b)

any other person.

(3)

In appointing a person under paragraph (2)(b), the Board shall have regard to the person’s probity, personal integrity, financial integrity, reputation, knowledge, skills and experience, which will enable him to perform his functions as a member of the Board Committee.

(4)

The functions of the Audit and Risk Committee established pursuant to paragraph (1)(a) shall include to assist the Board in its oversight of—

(a)

the integrity of the accounts and financial statements of the Commission;

(b)

the effectiveness of the internal control system of the Commission;

(c)

the performance of the internal audit function of the Commission;

(d)

the compliance by the Commission with legal and regulatory requirements;

(e)

the review and management of the enterprise risks of the Commission; and

(f)

any other matters as may be determined by the Board.

(5)

The functions of the Nomination and Remuneration Committee established pursuant to paragraph (1)(b) shall include—

(a)

to recommend members of the Board for the purposes of subsection 9(3); and

(b)

to be responsible for any other matters as may be determined by the Board.

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(6)

The functions of any Board Committee established pursuant to subsection (2) shall be determined by the Board.

(7)

The person referred to under paragraph (2)(b) shall—

(a)

at all times act honestly and in the best interest of the Commission and use reasonable diligence in the performance of his functions; and

(b)

not make improper use of any information acquired or exercise any improper influence by virtue of his position to gain directly or indirectly an advantage for himself or for any other person.

(8)

The Board may revoke the appointment of the person referred to under paragraph (2)(b) for any reasons including the following:

(a)

the person is absent from three consecutive meetings of the Board Committee without leave of the Executive

Chairman;

(b)

the person fails to comply with his obligations under section 20; or

(c)

the person is disqualified under section 19.

(9)

The revocation of appointment under subsection (8) shall be supported with a reason in writing.

(10)

Any person referred to under paragraph (2)(b) may resign his office by giving a written notice addressed to the Board.

Disqualification of members of Board and Board Committee