Audit committee.

CFR · 2024-01-01 · US · Title 12

(a) (b) (2) The audit committee shall include, to the extent practicable, a balance of representatives of: (i) Community financial institutions and other members; and (ii) Independent directors and member directors of the Bank, both as defined in the Bank Act. (3) The terms of audit committee members shall be appropriately staggered so as to provide for continuity of service. (4) At least one member of the audit committee shall have extensive accounting or related financial management experience. (c) (1) Being employed by the Bank in the current year or any of the past five years; (2) Accepting any compensation from the Bank other than compensation for service as a board director; (3) Serving or having served in any of the past five years as a consultant, advisor, promoter, underwriter, or legal counsel of or to the Bank; or (4) Being an immediate family member of an individual who is, or has been in any of the past five years, employed by the Bank as an executive officer. (d) (2) The board of directors of each Bank shall review and assess the adequacy of the audit committee charter on an annual basis, shall amend the audit committee charter whenever it deems it appropriate to do so, and shall reapprove the audit committee charter not less often than every three years; and (3) Each Bank's audit committee charter shall: (i) Provide that the audit committee has the responsibility to select, evaluate and, where appropriate, replace the internal auditor and that the internal audi

official document · source cfr-2024 · id 12:§ 1239.32