South Australian Current Acts South Australian Current Acts9—Establishment of the board
(1) A board of
directors is established as the governing body of the Corporation.
(2) The board consists
of at least five but not more than seven members of whom—
(a) one
will be elected by the contributors; and
(b) one
will be appointed by the Governor on the nomination of the South Australian
Government Superannuation Federation; and
(c)
three, four or five will be appointed by the Governor on the nomination of the
Minister.
(3) Each of the
directors elected or appointed under subsection (2) must—
(a) have
obtained a degree, diploma or other qualification with an emphasis on law,
accountancy, economics, commerce, mathematics, statistics, investment or
financial management from an institution of tertiary education; or
(b) have
had at least five years experience in—
(i)
the investment and management of superannuation funds or
other substantial sums of money; or
(ii)
business management; or
(iii)
financial management in the banking sector; or
(iv)
asset management; or
(v)
auditing; or
(vi)
any other area that is relevant to the performance by the
Authority of its functions,
or at least five years experience in two or more of those areas.
(4) The director
appointed on the nomination of the South Australian Government Superannuation
Federation must have been selected by the Minister from a panel of three
persons nominated by the Federation.
(5) The panel must
have included at least one man and one woman.
(6) If the office of
the director elected by the contributors or the director nominated by the
South Australian Government Superannuation Federation becomes vacant, a person
must, subject to section 10(5), be elected or appointed under this
section to the vacant office.
(7) If, upon the
office of a director becoming vacant (not being a director referred to in
subsection (6)), the number of directors falls below five, a person must
be appointed under this section to the vacant office.