Annnex C
Extract from the Report of the Securities Review Committee
Governing body
9.37.
Given the breadth of its operations, it would be inappropriate to vest the powers and responsibilities in a
would He
be both too powerful even with the Exchanges undertaking
single person.
undesirably stretched,
much of the day-to-day supervision.
We
and
recommend that the new SC should be governed by preferably with seven members: a chairman, two other full-time directors and three
small board,
9.38.
a
deputy
chairman,
non-executive directors.
9.39.
While
carrying
management
the of
full
responsibility
for the
Commission, the four full-time SC board
directors should not be too closely involved in detailed
day-to-day business,
although of
necessity they would be
close to major issues. They must be free to see the wood
to
for the trees, to
departments and
policies.
The
manage
the
agency
and its
various
steer a course based on a clear set of therefore fall to
day-to-day
Work
would
their supporting staff.
9.40.
We see а role for non-executive directors on the board to keep the full-time directors on their toes and to
an
independent
eye
to
the
They
bring
SC's management. should take а primary interest in the areas of management
and
organisation,
rather than
and policy
operational and would not therefore need securities market be actively ΟΙ expertise. involved in the securities industry.
supervision
experience
They
should not
9.41.
Given
the considerable commercial sensitivity of
the
hon-executive directors
the information in the SC,
should not have an automatic right to see sensitive papers
on individual cases.
No comments yet.
Private notes are available after approval.