Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part II · Consumer Credit Commission
18. Board Committees
Feedback & supportThe Board shall establish the following committees which shall only comprise non-executive members of the Board referred to in paragraphs 9(2)(c) and (d):
Board
“Board” means the board of directors of the Commission referred to in section 9;
the Audit and Risk Committee; and
the Nomination and Remuneration Committee.
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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:
any Board member; and
any other person.
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.
person
“person” includes an individual, any sole proprietorship, corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
The functions of the Audit and Risk Committee established pursuant to paragraph (1)(a) shall include to assist the Board in its oversight of—
the integrity of the accounts and financial statements of the Commission;
the effectiveness of the internal control system of the Commission;
the performance of the internal audit function of the Commission;
the compliance by the Commission with legal and regulatory requirements;
the review and management of the enterprise risks of the Commission; and
any other matters as may be determined by the Board.
The functions of the Nomination and Remuneration Committee established pursuant to paragraph (1)(b) shall include—
to recommend members of the Board for the purposes of subsection 9(3); and
to be responsible for any other matters as may be determined by the Board.
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The functions of any Board Committee established pursuant to subsection (2) shall be determined by the Board.
Board Committee
“Board Committee” means a committee of the Board established under section 18;
The person referred to under paragraph (2)(b) shall—
at all times act honestly and in the best interest of the Commission and use reasonable diligence in the performance of his functions; and
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.
The Board may revoke the appointment of the person referred to under paragraph (2)(b) for any reasons including the following:
the person is absent from three consecutive meetings of the Board Committee without leave of the Executive
Chairman;
the person fails to comply with his obligations under section 20; or
the person is disqualified under section 19.
The revocation of appointment under subsection (8) shall be supported with a reason in writing.
Any person referred to under paragraph (2)(b) may resign his office by giving a written notice addressed to the Board.