Plain language law

New Zealand law explained for everyone

Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - External Reporting Board

14: Membership of Board

You could also call this:

"Who can be on the External Reporting Board"

Illustration for Financial Reporting Act 2013

The External Reporting Board has between 4 and 9 members. You need to have knowledge or experience in areas like business, accounting, or law to be a member of the Board. The Minister chooses who can be a member.

The Minister's choice is not limited by section 29 of the Crown Entities Act 2004. The External Reporting Board members are the board for the purposes of the Crown Entities Act 2004. This means they have to follow the rules of that Act.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4632902.

Topics:
Business > Industry rulesGovernment and voting > Government departments
Previous

13: Board must act independently, or

"The Board must make its own decisions without being told what to do by others."

Next

15: Financial reporting standards, or

"Rules for keeping track of money and following financial reporting standards"

Part 2External Reporting Board, standards, and provisions that apply to other enactments
External Reporting Board

14Membership of Board

  1. The Board consists of no fewer than 4 and no more than 9 members.

  2. The Minister must not recommend a person for appointment as a member of the Board unless, in the opinion of the Minister, that person is qualified for appointment by reason of his or her knowledge of, or experience in, business, accounting, auditing, finance, economics, law, or sustainable development.

  3. Subsection (2) does not limit section 29 of the Crown Entities Act 2004.

  4. Members of the External Reporting Board are the board for the purposes of the Crown Entities Act 2004.

Compare
Notes
  • Section 14(2): amended, on , by section 38 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).