PART 1THE INDEPENDENT FINANCIAL REVIEW PANEL

Establishment and functions

1Establishment and membership of the Panel

1

There shall be a body known as the Independent Financial Review Panel.

2

The members of the Panel are the Chair and two other members.

2Functions of the Panel

1

The functions of the Panel are to make determinations as to—

a

the salaries and allowances payable to members of the Assembly under section 47 of the 1998 Act; and

b

the pensions, gratuities and allowances payable under section 48 of that Act.

2

The Panel shall exercise its functions with a view to achieving the objectives of—

a

ensuring probity, accountability and value for money with respect to the expenditure of public funds;

b

securing for members of the Assembly a level of remuneration which—

i

fairly reflects the complexity and importance of their functions as members of the Assembly; and

ii

does not, on financial grounds, deter people with the necessary commitment and ability from seeking election to the Assembly; and

c

securing for members of the Assembly adequate resources to enable them to exercise their functions as members of the Assembly.

3

The Panel shall keep under review the extent to which, having regard to—

a

experience gained from the operation of its determinations,

b

changes in the functions of members of the Assembly, and

c

any other relevant circumstances,

its determinations appear to be achieving the objectives in subsection (2).

4

The Panel may consider any other matter which is relevant to the discharge of its functions, either on its own initiative or at the written request of the Commission.