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Disclosure of interests.
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17.—(1) Where a member of the Board or a member of the staff of the National Treasury Management Agency, or a consultant, adviser or other person engaged by the Agency, has a pecuniary interest or other beneficial interest in, or material to, any matter which falls to be considered by the Board or by the Agency itself, he or she shall—
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(a) disclose to the Board or, as the case may be, to the Chief Executive Officer, the nature of his or her interest in advance of any consideration of the matter,
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(b) neither influence nor seek to influence a decision to be made in relation to the matter, and
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(c) take no part in any consideration of the matter, and—
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(i) absent himself or herself from the meeting or that part of the meeting during which the matter is discussed, and
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(ii) not vote on a decision relating to the matter.
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(2) For the purposes of this section, but without prejudice to the generality of subsection (1), a person shall be regarded as having a beneficial interest if—
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(a) he or she or any connected person or any nominee of his or her or any connected person, is a member or director of a company or any other body which has a beneficial interest in, or material to, a matter referred to in that subsection,
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(b) he or she or any connected person is in partnership with or is in the employment of a person who has a beneficial interest in, or material to, such a matter,
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(c) he or she or any connected person is a party to any arrangement or agreement (whether or not enforceable) to which such a matter relates, or
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(d) any connected person has a beneficial interest in, or material to, such a matter.
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(3) For the purposes of this section a person shall not be regarded as having a beneficial interest in, or material to, any matter—
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(a) by reason only of an interest of his or hers or of any company or of any other body or person mentioned in subsection (2) which is so remote or insignificant that it cannot reasonably be regarded as likely to influence a person in considering, discussing or in voting on, any question with respect to the matter, or in performing any function in relation to that matter, or
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(b) if he or she can show that at the material time he or she was unaware, and in the circumstances could not possibly have been aware, that a connected person had an interest referred to in subsection (2).
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(4) Where an interest is disclosed pursuant to this section, the disclosure shall be recorded in the minutes of the meeting of the Board, or otherwise duly recorded by the Chief Executive Officer.
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(5) Where at a meeting of the Board, or otherwise within the Agency, a question arises as to whether or not a course of conduct, if pursued by a person, would constitute a failure by him or her to comply with the requirements of subsection (1), the question shall be determined by the chairperson of the meeting or by the Chief Executive Officer, as appropriate, whose decision shall be final, and where such a question is so determined, particulars of the determination shall be recorded in the minutes of the meeting of the Board or otherwise duly recorded by the Chief Executive Officer.
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(6) Where the Minister is satisfied, on being informed by the Board, that a member of the Board (including the Chairperson) has contravened subsection (1), the Minister shall decide the appropriate action (including removal from office) to be taken in relation to that member of the Board. The Minister may, if he or she thinks fit, remove that member of the Board (including the Chairperson) from office.
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(7) Where the Chairperson is satisfied that a consultant, adviser or other person engaged by the Agency, has contravened subsection (1), the Chairperson shall decide the appropriate action to be taken.
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(8) Where the Chief Executive of the National Treasury Management Agency is satisfied that a member of the staff of the National Treasury Management Agency has contravened subsection (1), the Chief Executive of the National Treasury Management Agency shall decide the appropriate action to be taken.
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(9) The Agency may issue and publish guidelines as to what may further constitute an interest for the purpose of this section.
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(10) In this section “connected person” means, in relation to a person to whom this section applies—
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(a) the person's spouse, parent, brother, sister or child, or
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(b) a person with whom the person is cohabiting.
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