FRC Nominations Committee Charter May 2008
1. Objective
To consider and make recommendations to the Financial Reporting Council (FRC) on:
- the composition of, and criteria for appointment to, the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB);
- suitable candidates for appointment to positions on relevant international bodies;
2. Process
For appointments to the AASB and AUASB, other than the Chairman to the AASB and AUASB, the Committee, where appropriate, will interview and evaluate candidates on the basis of merit and make recommendations to the FRC for its consideration.
3. Performance
At least annually, the Committee will consider and report to the FRC on the performance review of the AASB and AUASB.
4. Succession Planning
The Committee will periodically review the succession needs of the AASB and AUASB in discussion with the Chairman of the AASB and AUASB respectively. The Committee will maintain a schedule of eligible nominees who meet the eligibility criteria established by the FRC on the recommendation of the Committee for the AASB and AUASB.
The Committee will periodically identify suitable candidates for possible recommendation to positions on relevant international bodies and develop appropriate strategies to facilitate that recommendation.
The Committee will work with TTAASAG and other relevant bodies where appropriate.
5. Composition
The Committee comprises a member of the Council as Chairman, at least three other Council members and the Chairman of the AASB or AUASB as members in accordance with the agenda for the meeting. The FRC Chairman is a member ex-officio.
A quorum will comprise any three Nominations Committee members.
As appropriate, the Committee may invite other relevant persons to attend meetings and provide input as necessary, including as an observer only.
6. Reporting
The key matters discussed at each Committee meeting are to be reported by the Nominations Committee Chairman to the FRC at the next scheduled FRC meeting. The report will include all matters that are relevant to the role and responsibilities of the Committee.
7. Meetings
The Committee will meet at least semi-annually, and more frequently as required. Minutes of the meetings of the Nominations Committee will be drafted and confirmed at the following meeting and should ordinarily be included in the papers for the next full FRC meeting.
8. Review
The Committee will review its Charter on a regular basis, at least once a year.
9. Other matters
The Committee shall also perform any other activities consistent with this Charter that the Committee or the FRC deem appropriate.