Regulation 3 Governance compliance statement

For regulation 73A (governance policy statement)^f1 substitute—

“Governance compliance statement

73A.

(1)

An administering authority must prepare a written statement setting out—

(a)

whether they delegate their function, or part of their function, in relation to maintaining a pension fund to a committee, a sub-committee or an officer of the authority;

(b)

if they do so—

(i)

the terms, structure and operational procedures of the delegation;

(ii)

the frequency of any committee or sub-committee meetings;

(iii)

whether such a committee or sub-committee includes representatives of employing authorities (including authorities which are not Scheme employers) or members, and, if so, whether those representatives have voting rights;

(c)

the extent to which a delegation, or the absence of a delegation, complies with guidance given by the Secretary of State and, to the extent that it does not so comply, the reasons for not complying.

(2)

An administering authority must publish the first such statement on or before 1st March 2008.

(3)

An administering authority must—

(a)

revise their statement following a material change in respect of any of the matters mentioned in paragraph (1); and

(b)

publish the statement as revised.

(4)

In preparing or revising their statement an administering authority must consult such persons as they consider appropriate.

(5)

When they publish their statement, or the statement as revised, an administering authority must send a copy of it to the Secretary of State.”.