How should a public authority constitute its Audit and Governance Committee?
In accordance with statute, all members must meet the independence requirement. As a best practice, it is recommended that these committees be comprised of three independent members. It is permissible to appoint a private citizen (non-board member) to one of these committees to meet the minimum requirements of this best practice provided that these non-board members are independent and do not constitute the majority of the committee. It is at the discretion of the authority whether to compensate such individuals for serving on the committee.
