National Asset Management Agency Act 2009
Disclosure of interests.
30.— (1) If a member of the Board has a pecuniary interest or other beneficial interest in, and material to, a matter that falls to be considered by the Board—
( a) he or she shall disclose to the other members of the Board the nature of his or her interest in advance of any consideration of the matter,
( b) he or she shall not influence nor seek to influence a decision to be made in relation to the matter,
( c) he or she shall take no part in any consideration of the matter,
( d) he or she shall absent himself or herself from the meeting or that part of the meeting during which the matter is discussed, and
( e) he or she shall not vote or otherwise act on a decision relating to the matter.
(2) If a member discloses an interest pursuant to subsection (1) , the disclosure shall be recorded in the minutes of the meeting of the Board or otherwise duly recorded. The Board may, at its discretion, refer to the disclosure in NAMA’s quarterly report.
(3) If a member of the Board fails to disclose an interest pursuant to subsection (1) , and with that member present the Board makes a decision on the matter, a contract entered into by NAMA in consequence of the decision is not, by reason only of that fact, invalid or unenforceable.
(4) If a member of the Board fails to disclose an interest pursuant to subsection (1) , and with that member present the Board makes a decision on the matter, the decision is not invalid if the Board subsequently reconsiders the matter without that member present and confirms the decision. If the Board does so, the decision shall be taken to have always been valid.
(5) If at a meeting of the Board a question arises as to whether or not a course of conduct, if pursued by a Board member, would constitute a failure by him or her to comply with subsection (1) , the Chairperson or member of the Board presiding over the meeting may determine the question. The Chairperson’s or presiding member’s decision is final. If such a question arises in relation to the Chairperson or person presiding over a meeting, he or she shall retire from the chair and the question shall be determined by majority vote of the remaining Board members. In either case particulars of the determination shall be recorded in the minutes of the meeting.
(6) If the Minister is satisfied that a member of the Board has contravened subsection (1) , the Minister may, if he or she thinks fit, remove that member from office.
(7) The Board shall issue guidelines as to what constitutes an interest for the purposes of this section having regard to the definitions in the Ethics in Public Office Act 1995.