Establishment and appointment of members

(1) There is hereby established a Board to be known as “The Petroleum Fund Independent Oversight Board”, and composed of nine members who shall all be appointed by the Governor- General, (a) as to two members; (i) acting in accordance with the advice of the Prime Minister given after consultation with the Leader of the Opposition, an individual who is a member of the National Assembly and 30 Management Fund who is a member of a party forming the Government; and (ii) acting in accordance with the advice of the Prime Minister given alter consultation with the Leader of the Opposition, an individual who is a member of the National Assembly and who is a member of the majority opposition party; (b) as to six members, acting in accordance with the advice of the Prime Minister given after consultation with the Leader of the Opposition, but choosing from candidates recommended to him in writing by the organizations mentioned in the Fifth Schedule with each of those organizations recommending one member; and (c) as to one member, exercising his own deliberate judgment after such consultation as he decides is appropriate, the individual to be from the international community. (2) In appointing members of the Board, the Governor- General shall not be obliged to act on the advice of any person other than as mentioned in subsection (1) and he shall seek, but always subject to paragraphs (a), (b) and (c) of subsection (1) of this section, to ensure both the widest possible representation of Belizean society and that the Board has the skills, experience and standing appropriate to its role. (3) Casual vacancies shall be filled in like manner to the appointment of the vacating member but only for the remaining term of the vacating member. Management Fund 31 (4) The member appointed pursuant to subsection 1 (a) (i) of this section, shall be the Chairperson, and, in his absence, the member appointed pursuant to subparagraph (ii) of that paragraph. (5) A member of the Investment Committee shall not be appointed to be a member of the Independent Oversight Board. (6) The Governor-General shall provide to the Public Information Office in writing the names and qualifications of the members of the Board, within twenty-eight days of their acceptance of appointment, and, if relevant, the names of the respective recommending institutions. (7) With regard to their code of conduct, section 121 of the Belize Constitution shall apply to members of the Board.