Document ID: chunk:federal_register_of_legislation:F2025L00162:body:0:p3
Version: federal_register_of_legislation:F2025L00162
Segment Type: other
Provision Reference: 
Character Range: 5704–8838

be comprised of at least 50% non-executive directors who are independent of its ultimate holding company.
(2) A quorum of a Covered Licensee's board must be able to be formed by the non-executive directors referred to in subrule (1).
(3) An Associated Entity of a Covered Licensee that controls a Covered Licensee must ensure a Covered Licensee's compliance with subrules (1) and (2).

2.1.2 User input
(1) A CS Service Provider's governance framework for decisions that relate to Covered Services (including investment strategy for Covered Services) must incorporate arrangements that:
         1.       provide for one or more representative bodies of Users and Technology Service Providers to meet with the CS Service Provider regularly, and at least quarterly; and
         2.       ensure the representative body or bodies is or are representative of Users and Technology Services Providers; and
         3.       enable the members of the representative body or bodies to contribute to the agenda and format of the relevant body's meetings; and
         4.       ensure that the representative body or bodies have input into the CS Service Provider's strategy setting, priorities, operational arrangements, pricing of Covered Services and design of Core Systems; and
         5.       enable the representative body or bodies to review and provide feedback on:
               1.                   the proposed terms of reference for the Covered Services comparative report required under Rule 2.4.1; and
               2.                any external assurance report required under Rule 2.4.5; and
         1.        ensure that the board of the CS Service Provider considers all relevant issues raised, and any recommendations made, by a representative body; and
         2.       ensure any decision to take action that does not accord with the recommendations of a representative body are documented and given to the representative body, together with reasons for the decision, as soon as practicable after the decision is made.
(2) A CS Service Provider must have regard to feedback provided under paragraph (1)(e) before:
        (a)              finalising the terms of reference for the Covered Services comparative report required under Rule 2.4.1; or
        (b)              a final decision is made by the board of the CS Service Provider to implement a material change to its Core Systems.
(3) A CS Service Provider must:
        (a)              publicly report on the CS Service Provider's interactions with Users, including but not limited to interactions with the representative body or bodies referred to in subrule (1), for:
            (i) the First Reporting Period, within one month after the end of the First Reporting Period; and
            (ii) each subsequent 12-month period, within one month after the end of the period; and
        (b)              publicly report on service developments and investment projects related to Covered Services, for:
            (i) the First Reporting Period, within one month after the end of the First Reporting Period; and
            (ii)  each subsequent 12-month