8. (1) The Act of 1990 is amended by inserting the following section after section 3:

“Membership of Agency

3A. (1) The Agency shall comprise—

(a) 6 members who shall be appointed by the Minister, and

(b) the Chief Executive, the Secretary General of the Department of Finance and the Secretary General of the Department of Public Expenditure and Reform as ex officio members.

(2) The Minister shall appoint a person to be an appointed member only if, in the opinion of the Minister, the person has expertise and experience at a senior level in one or more of the following areas:

(a) investment;

(b) treasury management;

(c) business management;

(d) finance;

(e) economics or economic development;

(f) law;

(g) accounting and auditing;

(h) actuarial practice;

(i) risk management;

(j) insurance;

(k) project finance;

(l) corporate finance;

(m) the Civil Service of the Government or the Civil Service of the State.

(3) The Minister shall, subject to subsection (2) and in so far as is reasonably practicable, ensure an equitable balance between men and women in the membership of the Agency.

(4) The Minister shall appoint one of the appointed members as the Chairperson.

(5) Schedule A shall apply in relation to the members and Chairperson.”

(2) The Act of 1990 is amended by inserting the following Schedule before the First Schedule:

“SCHEDULE A

Section 3A

Members of Agency

Disqualification from appointment

1. A person who is a member of either House of the Oireachtas, the European Parliament or a local authority is disqualified from being appointed as an appointed member.

Terms of office: appointed members

2. (1) Subject to subparagraph (2), the term of office of an appointed member is 5 years.

(2) Of the initial appointed members, the Minister shall appoint 2 members for a term of office of 3 years and 2 members for a term of office of 4 years.

(3) Subject to subparagraph (4), an appointed member whose term of office expires by the passage of time is eligible for re-appointment as an appointed member.

(4) An appointed member is not eligible to serve for more than 2 consecutive terms of office.

Terms of office: ex officio members

3. An ex officio member holds office as such for as long as he or she holds or performs the duties of the office by virtue of which he or she is such a member.

Remuneration of appointed members

4. (1) An appointed member shall be paid such remuneration and such allowances in reimbursement of expenses incurred as the Minister from time to time determines.

(2) An appointed member holds office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Minister determines at the time of the member’s appointment.

Disqualification for and ceasing to hold office

5. (1) A person ceases to be qualified to be an appointed member and (where he or she is an appointed member) ceases to hold office if he or she—

(a) is adjudicated bankrupt,

(b) makes a composition or arrangement with creditors,

(c) is convicted of an indictable offence in relation to a company,

(d) is convicted of an offence involving fraud or dishonesty, whether or not in connection with a company,

(e) has a declaration under section 150 of the Companies Act 1990 made against him or her or is subject, or is deemed to be subject, to a disqualification order by virtue of Part VII of that Act, or

(f) is sentenced by a court of competent jurisdiction to a term of imprisonment.

(2) If an appointed member—

(a) is nominated as a member of Seanad Éireann,

(b) is elected as a member of either House of the Oireachtas or to be a member of the European Parliament,

(c) is regarded, pursuant to Part XIII of the Second Schedule to the European Parliament Elections Act 1997, as having been elected to the European Parliament, or

(d) becomes a member of a local authority,

he or she thereupon ceases to be an appointed member.

(3) An appointed member may resign his or her membership of the Agency by letter addressed to the Minister and the resignation takes effect on the date (if any) specified in the letter or on the date the Minister receives the letter, whichever is the later.

(4) The Minister may, on reasonable notice in writing at any time, remove an appointed member from membership of the Agency (or, if the appointed member concerned is the Chairperson, either from membership of the Agency or only from being Chairperson) if—

(a) in the Minister’s opinion, the member—

(i) is not adequately performing his or her functions, whether because of incapacity through illness or injury or otherwise, or

(ii) has committed misconduct specified in the notice,

(b) the Minister is satisfied that the member has contravened the Ethics in Public Office Act 1995, or

(c) his or her removal appears to the Minister to be necessary or expedient for the effective performance by the Agency of its functions.

Filling of casual vacancies, etc.

6. If an appointed member dies, ceases to be a member of the Agency, resigns his or her membership of the Agency or is removed from membership of the Agency, the Minister may (as an alternative to making a new appointment for 5 years) appoint a person to fill the vacancy for the remainder of the term of office of the member whose death, cessation of membership, resignation or removal occasioned the vacancy.

Vacancies in membership

7. Subject to this Act, the Agency may act notwithstanding one or more vacancies in its membership.

Chairperson

8. (1) The Chairperson holds office as Chairperson for 5 years or until the end of his or her term of office as an appointed member, whichever is the earlier.

(2) The Chairperson may resign as the Chairperson (with or without also resigning as an appointed member) by letter addressed to the Minister and the resignation takes effect on the date (if any) specified in the letter or on the date the Minister receives the letter, whichever is the later.

(3) If the Chairperson dies or ceases for any reason to be an appointed member, the Minister shall appoint another appointed member to fill the vacancy as the Chairperson.

(4) The Minister may determine that the Chairperson shall be paid additional remuneration or allowances on account of his or her responsibilities as the Chairperson.”