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Appendix B: Membership of the Council

Example legislative provisions

    1. The Council consists of the following members:
      1. a Chair who must be a person with sufficient experience and expertise to command the trust and confidence of the public in the role; and
      2. 6 other members, at least 2 of whom must be male and at least 2 of whom must be female.

Note: Section 18B of the Acts Interpretation Act 1901 deals with the title of the Chair.

    1. Council members are to be appointed by the Minister by written instrument and are to hold office purely in a personal capacity and not, whether formally or informally, as a representative of any other person or entity.

Note: A Council member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.

    1. A person is not eligible for appointment as a Council member unless the Minister is satisfied that the person has:
        1. substantial experience or expertise; and
        2. professional credibility and significant standing;

      in at least one of the following fields:

          1. superannuation, taxation or life insurance;
          2. public policy;
          3. retirement income, welfare or aged care;
          4. the management of investments in financial assets;
          5. the management or leadership of a significant commercial, not-for-profit or public enterprise;
          6. demographics, actuarial science or economics.
    2. A person is not, under any circumstances, eligible for appointment as a Council member if the person is:
      1. a member or a person who was a member of the Parliament of the Commonwealth within the 5 years prior to the date of the proposed appointment;
      2. a member or former member of the Parliament of a State, of the Legislative Assembly for the Australian Capital Territory or of the Legislative Assembly of the Northern Territory within the 5 years prior to the date of the proposed appointment;
      3. a person who is or was a senior political staff member within the 5 years prior to the date of the proposed appointment;
      4. an employee of the Commonwealth;
      5. an employee of a statutory authority of the Commonwealth;
      6. an employee of a Commonwealth company;
      7. the holder of a full-time office under a law of the Commonwealth;
      8. an employee, director or officer of an Authorised Deposit-taking Institution or a registrable superannuation entity;
      9. an employee, director or officer of a responsible entity or the holder of an Australian financial services licence under the Corporations Act 2001;
      10. an employee, director or officer of an association representing members of the financial services or superannuation industry; or
      11. an associate or affiliate of any other persons mentioned in this subsection (4) as those expressions are defined in the Corporations Act 2001.
    3. Notwithstanding subsection (4), the Minister must be satisfied, before appointing any person as a member of the Council, that:
      1. the person has no duty or interest that would be reasonably likely to prevent them from bringing independent judgment to bear on any matter to be considered by the Council;
      2. their conscience is not affected by any duty or interest that would conflict with their role as a Council member; and
      3. a reasonable person would perceive the proposed member as satisfying the requirement in subparagraph (a), regardless of whether they had any actual legal conflict.
    4. The Minister must ensure, so far as practicable, that at any time there are members of Council from at least four different States and Territories.
    5. For the purposes of subsection (6), a member is from a particular State or Territory if he or she is a resident of that State or Territory.

Note: A Council member is not an employee of the Commonwealth. A Council member holds a part-time office under a law of the Commonwealth.

Term of appointment and related matters for Council members

    1. A Council member is to be appointed on a part-time basis.
    2. A Council member holds office for the period that is specified in the instrument of appointment. Each term of appointment must not exceed 5 years and a member’s total period in office must not exceed 10 years.

Note: A Council member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.