Establishment of the Council
The ISIA Council is the governing body of the Institute and is responsible for the management and control of the affairs of the Institute. The Council provides governance oversight and leadership in carrying out the objects, functions and powers of the Institute under the Accountants Act 2010.
The Council operates in accordance with the Act, the Rules of the Institute and applicable good governance principles.
Establishment of the Council
The Council of the Institute is established under section 11 of the Accountants Act 2010.
The Council is the governing body responsible for overseeing the affairs of the Institute and exercising the functions and powers conferred on it under the Act and other applicable written law.
Roles and Responsibilities of the Council
The Council is responsible for the management and control of the affairs of the Institute.
In carrying out the objects, functions and powers of the Institute, the Council shall:
- act as the executive body and governing arm of the Institute;
- perform the objects, functions and powers of the Institute conferred by the Accountants Act 2010 or any other written law; and
- carry out any direction or resolution given or passed by the Institute at a meeting of Council members.
Good Governance
The Council is required to perform its duties in accordance with best-practice principles of good governance.
These principles recognize the importance of separating the Council's role in providing governance and oversight of the Institute's performance from the day-to-day management of the Institute's operations.
In observing good governance principles, the Council shall adhere to the guidelines set out in Schedule 4 of the Rules of the Institute.
Composition and Membership of the Council
The Council comprises:
- the President of the Institute;
- the Vice President of the Institute;
- other elected members of the Council; and
- the Auditor General and Accountant General, who are appointed ex officio as co-opted members of the Council.
The President, Vice President and other elected members of the Council are elected at the Annual General Meeting of members of the Institute.
Term of Office
On election, the President, Vice President and other elected Council members hold office for a term of one year and, subject to the Rules in Schedule 5, are eligible for re-election at the expiry of their term.
Eligibility
A person may be elected as President, Vice President or another elected member of the Council if the person:
- is a member of the Institute; and
- is in good financial standing with the Institute.
Co-opted Members
The Council appoints ex officio the incumbent Auditor General and Accountant General as co-opted members of the Council.
The co-opted members have the right to deliberate and vote on matters before the Council.
Operation of the Council
The Council operates in accordance with the rules governing its meetings, procedures and functions as set out in Schedule 5 of the Rules of the Institute.
These rules provide the framework for the effective operation of the Council and its decision-making processes.