7 February 2002
Section 1 (and Schedule 1) establishes Invest NI and sets out its status, constitution and procedures.
Schedule 1(Paragraph 2) enables the Department to appoint a chairperson and members to the Board of Invest NI. It is intended that the Board consist of a number of members deemed appropriate to secure the cost-effective discharge of its business, and must contain a chairperson and between 10 and 20 members.
The Department shall ensure that those appointed comprise persons experienced in the various activities of Invest NI and, in so far as possible, are representative of the Northern Ireland community. The Act also allows for a member of Invest NI to be appointed as deputy chairperson.
Schedule 1(Paragraph 3) relates to the tenure of those appointed to Invest NI. Appointments shall be for a period of up to five years. A chairperson (deputy chairperson) or member may resign by notice in writing to the Department and the Department may, if deemed necessary, remove any person from Invest NI by notice in writing.
Schedule 1(Paragraph 4) provides that remuneration and allowances of members shall be matters for the Department. It is intended to remunerate both the chairperson and members of Invest NI. All members shall be entitled to travelling expenses and other costs associated with membership of Invest NI.
Schedule 1(Paragraph 5) provides that the first chief executive of Invest NI be appointed by the Department. This post was filled in advance of Invest NI being fully established which allowed the chief executive (designate) to assist the chairperson with preparatory work including the appointment of key staff. All subsequent appointments to the post of chief executive will be made by Invest NI itself and shall not require the approval of the Department. It also requires Invest NI to appoint such other staff as it considers appropriate.
Schedule 1(Paragraph 6) allows for staff employed within the Northern Ireland Civil Service to be seconded to Invest NI.
Schedule 1(Paragraph 7) requires Invest NI to pay to its employees such remuneration and allowances (as well as paying and maintaining such pensions or gratuities) as it may determine with the approval of the Department and DFP.
Schedule 1(Paragraph 8) enables Invest NI to establish committees but with the proviso that the appointment of committee members who are not members of Invest NI shall be with the Department’s consent.
Schedule 1(Paragraph 9) provides for the powers of delegation to both committees and staff.
Schedule 1(Paragraphs 10 to 12) deal with proceedings governing meetings of Invest NI and its committees.
Schedule 1 (Paragraphs 13 to 15) addresses the application of the seal of Invest NI.
Schedule 1(Paragraph 16) allows for the funding of Invest NI by the Department. As a Non-Departmental Public Body Invest NI can in turn make payments within the terms and conditions set out in the respective relationship documents, as agreed with the Department and DFP.
Schedule 1 (Paragraph 17) requires Invest NI to provide proper accounts for each financial year and to make these accounts available to both the Department and the Comptroller & Auditor General (C&AG). Upon receipt of the subsequent C&AG report the Department shall lay the accounts and report before the Assembly.
Schedule 1(Paragraph 18) requires Invest NI to provide an annual report and for the Department, in turn, to lay this report before the Assembly.