10. The Act of 1990 is amended by inserting the following sections after section 5:

“Investment Committee

5A. (1) There shall be an Investment Committee of the Agency.

(2) The Investment Committee shall have the functions specified in section 41(5) of the National Treasury Management Agency (Amendment) Act 2014.

(3) The Investment Committee shall comprise—

(a) 2 of the appointed members nominated by the Agency, and

(b) not more than 5 persons who are not members of the Agency but who have acquired substantial relevant expertise and experience and who are appointed by the Agency with the consent of the Minister.

(4) No member of staff of the Agency may be appointed as a member of the Investment Committee.

(5) The Agency shall appoint one of the members of the Investment Committee appointed under subsection (3)(a) to chair the Investment Committee.

(6) A member of the Investment Committee appointed under subsection (3)(b) shall be paid such remuneration and such allowances for expenses incurred as the Agency from time to time with the consent of the Minister determines.

(7) A member of the Investment Committee holds office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Agency determines at the time of the member’s nomination or appointment.

(8) The Agency may regulate the procedure of the Investment Committee but, subject to that, it shall regulate its own procedure.

Other committees

5B. (1) The Agency may establish such committees as it considers appropriate to perform such of the Agency’s functions as may be delegated to any such committee.

(2) A committee established under this section may at any time be dissolved by the Agency.

(3) A committee established under this section shall comprise members appointed by the Agency.

(4) The members of a committee established under this section shall include at least one member of the Agency but may also include the Chief Executive or any other member of staff of the Agency or any other person appearing to the Agency to be suitable for appointment to the committee having regard to its functions.

(5) The Agency shall appoint one of the members of a committee who is a member of the Agency to chair it.

(6) A member of a committee established under this section who is not a member of the Agency or the Chief Executive or another member of staff of the Agency shall be paid such remuneration and such allowances in reimbursement of expenses incurred as the Agency from time to time with the consent of the Minister determines.

(7) A member of a committee established under this section holds office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Agency determines at the time of the member’s appointment.

(8) The Agency may regulate the procedure of a committee established under this section but, subject to that, the committee shall regulate its own procedure.”