8. Composition of board of directors of operator
Feedback & supportThe board of directors of the operator of an approved dispute resolution scheme must consist of —
a chairperson, who is appointed by the board and who is an independent director; and
3 or more other directors, of whom at least half are independent directors.
In this regulation, “independent director” means a director who is not a substantial shareholder, officer or employee of —
a financial institution; or
a related corporation of a financial institution.
Subregulation 1
The board of directors of the operator of an approved dispute resolution scheme must consist of —
a chairperson, who is appointed by the board and who is an independent director; and
3 or more other directors, of whom at least half are independent directors.
Subregulation 2
In this regulation, “independent director” means a director who is not a substantial shareholder, officer or employee of —
a financial institution; or
a related corporation of a financial institution.