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.