Common use of Comply or Explain Clause in Contracts

Comply or Explain. Having regard to the proposals to establish a new oversight body to replace the Authority, it is agreed that it is acceptable that the Authority’s Audit Committee shall continue to be comprised of three members, at least one of which will be a non-Executive member of the Authority and at least one of which will be an independent external member. This will be reviewed in the context of future review of the Audit and Risk Committee Charter and evaluation of the effectiveness of the Committee.