Common use of The Steering Committee Clause in Contracts

The Steering Committee. 6.1 The Steering Committee shall consist of between eight and twelve members, and shall, so far as practicable, include a diverse mix of financial institutions. 6.2 The members of the Steering Committee shall be appointed by a vote of the Signatories as members of the Association in accordance with Clause 5.35.3(c). Each member of the Steering Committee shall designate up to two individuals to represent it as provided in Clause 5.35.2(c) but, for the avoidance of doubt, each Signatory shall only have one vote in respect of any decision by the Steering Committee. 6.3 The Steering Committee shall meet on an ad hoc basis. The members of the Steering Committee may where convenient arrange such meetings to be held in Denmark and participants may attend the meetings by any means such as telephone conference call or video conferencing as well as in person or a mix of any of these. Where possible, two weeks' notice in writing will be given for any meeting and a note of any decision or recommendation made by the Steering Committee at any meeting shall subsequently be circulated to all Signatories. 6.4 The quorum for meetings of the Steering Committee shall be two-thirds of its members at the relevant time and more than half of the members of the Steering Committee participating in a vote must vote in favour of the relevant proposal for it to be validly approved. 6.5 Any decision made by the Steering Committee in accordance with this Clause 6 (excluding for the avoidance of doubt any decision that requires the approval of the Signatories as members of the Association as described in Clause 5.3) shall bind the other Signatories. 6.6 The duties of the Steering Committee shall include: (a) reviewing the scope of the Principles and whether any changes should be made and, if so, arranging for a revised draft to be considered by the Signatories; (b) consulting with the Advisory for technical advice where appropriate; (c) reviewing and approving the Association's annual budget and approving its circulation to the Signatories together with the end of year financial statements; (d) making decisions and approving contracts with third parties including the Secretariat and members of the Advisory, conducting a formal tender process where necessary or appropriate; (e) reviewing and approving the scope of work of the Secretariat and the Advisory and their respective charges; (f) procuring that any costs and expenses of the Association, including any tax, are paid when due; (g) arranging for meetings of the Association and agreeing the relevant agenda; (h) approving changes to the authorised signatories for the bank accounts of the Association; (i) deciding how to re-allocate any surplus monies from the Association budget; (j) electing the Chair, Vice Chair, and Treasurer. 6.7 Any Signatory may nominate itself for election to the Steering Committee if: (a) it has complied with its obligations under Clause 4 within the relevant timescales; and (b) it is confident that it can meet its obligations as a member of the Steering Committee and, if required, could assume the role of Chair,Vice Chair, or Treasurer. 6.8 Each Signatory which is a member of the Steering Committee, including the Chair, the Vice Chair, or Treasurer shall, during their appointment: (a) maintain at least two individuals to represent it on the Steering Committee as provided in Clause 6.1 and ensure that one of them attends each Steering Committee and formal Association meeting; and (b) actively participate in the work and decision making of the Steering Committee and at formal Association meetings. 6.9 Subject to the other provisions of this Clause 6, members of the Steering Committee shall retire at the Annual Meeting by rotation after two years of service but may apply for re-election. 6.10 A Signatory may not serve more than two consecutive terms on the Steering Committee but may nominate itself for re-election not less than one year after the end of its second consecutive term. 6.11 Clauses 6.9 and 6.10 are subject to the following: (a) the two-year period of service might be slightly longer or shorter depending on the dates of the relevant Annual Meetings; (b) a Signatory may nominate itself for re-election at the end of a second consecutive term if there are expected to be insufficient nominations to meet the minimum of eight members of the Steering Committee; (c) membership of the first Steering Committee referred to in Clause 6.13 shall not be considered as a term for the purposes of Clause 6.10; and (d) if a Signatory has been elected as the next Chair it shall not retire by rotation until it has ceased to be the Chair. 6.12 Any Signatory may resign at any time from the Steering Committee by giving notice in writing to the Chair and shall be deemed to have resigned if it ceases to be a Signatory. 6.13 The first Steering Committee shall consist of the first Relevant Institutions (or, if fewer than 10 Relevant Institutions successfully apply, the relevant number of Relevant Institutions provided that is eight or more) which successfully apply to become Signatories and they shall all retire at the first Annual Meeting. 6.14 Before each election process, the Secretariat will notify the Signatories and request them to consider nominating themselves, within a specified timescale. 6.15 To nominate itself for election to the Steering Committee, a Signatory must confirm to the Secretariat in writing within the relevant timescale: (a) its commitment and capacity to fulfil the general responsibilities of members of the Steering Committee and, if necessary, of the Chair or the Vice Chair; and (b) the names of the individuals that would represent it on the Steering Committee as specified in Clause 5.2(c).

The Steering Committee. 6.1 The Steering Committee shall consist of between eight 8 and twelve 12 members, and shall, so far as practicable, include a diverse mix of financial institutions. 6.2 The members of the Steering Committee shall be appointed by a vote of the Signatories as members of the Association in accordance with Clause 5.35.3(c5.3(c). Each member of the Steering Committee shall designate up to two individuals to represent it as provided in Clause 5.35.2(c5.3(c) but, for the avoidance of doubt, each Signatory shall only have one vote in respect of any decision by the Steering Committee. 6.3 The Steering Committee shall meet on an ad hoc basis. The members of the Steering Committee may where convenient arrange such meetings to be held in Denmark and participants may attend the meetings by any means such as telephone conference call or video conferencing as well as in person or a mix of any of these. Where possible, two weeks' notice in writing will be given for any meeting and a note of any decision or recommendation made by the Steering Committee at any meeting shall subsequently be circulated to all Signatories. 6.4 The quorum for meetings of the Steering Committee shall be two-thirds of its members at the relevant time and more than half of the members of the Steering Committee participating in a vote must vote in favour of the relevant proposal for it to be validly approved. 6.5 Any decision made by the Steering Committee in accordance with this Clause 6 (excluding for the avoidance of doubt any decision that requires the approval of the Signatories as members of the Association as described in Clause 5.35.4) shall bind the other Signatories. 6.6 The duties of the Steering Committee shall include: (a) reviewing the scope of the Principles and whether any changes should be made and, if so, arranging for a revised draft to be considered by the Signatories; (b) consulting with the Advisory for technical advice where appropriate; (c) reviewing and approving the Association's annual budget and approving its circulation to the Signatories together with the end of year financial statements; (d) making decisions and approving contracts with third parties including the Secretariat and members of the Advisory, conducting a formal tender process where necessary or appropriate; (e) reviewing and approving the scope of work of the Secretariat and the Advisory and their respective charges; (f) procuring that any costs and expenses of the Association, including any tax, are paid when due; (g) arranging for meetings of the Association and agreeing the relevant agenda; (h) approving changes to the authorised signatories for the bank accounts of the Association; (i) deciding how to re-allocate any surplus monies from the Association budget; (j) electing the Chair, Vice Chair, and Treasurer. 6.7 Any Signatory may nominate itself for election to the Steering Committee if: (a) it has complied with its obligations under Clause 4 within the relevant timescales; and (b) it is confident that it can meet its obligations as a member of the Steering Committee and, if required, could assume the role of Chair,, Vice Chair, or Treasurer. 6.8 Each Signatory which is a member of the Steering Committee, including the Chair, the Vice Chair, or Treasurer shall, during their appointment: (a) maintain at least two individuals to represent it on the Steering Committee as provided in Clause 6.1 and ensure that one of them attends each Steering Committee and formal Association meeting; and (b) actively participate in the work and decision making of the Steering Committee and at formal Association meetings. 6.9 Subject to the other provisions of this Clause 6, members of the Steering Committee shall retire at the Annual Meeting by rotation after two years of service but may apply for re-election. 6.10 A Signatory may not serve more than two consecutive terms on the Steering Committee but may nominate itself for re-election not less than one year after the end of its second consecutive term. 6.11 Clauses 6.9 and 6.10 are subject to the following: (a) the two-year period of service might be slightly longer or shorter depending on the dates of the relevant Annual Meetings; (b) a Signatory may nominate itself for re-election at the end of a second consecutive term if there are expected to be insufficient nominations to meet the minimum of eight members of the Steering Committee; (c) membership of the first Steering Committee referred to in Clause 6.13 shall not be considered as a term for the purposes of Clause 6.10; and (d) if a Signatory has been elected as the next Chair it shall not retire by rotation until it has ceased to be the Chair. 6.12 Any Signatory may resign at any time from the Steering Committee by giving notice in writing to the Chair and shall be deemed to have resigned if it ceases to be a Signatory. 6.13 The first Steering Committee shall consist of the first Relevant Institutions (or, if fewer than 10 Relevant Institutions successfully apply, the relevant number of Relevant Institutions provided that is eight or more) which successfully apply to become Signatories and they shall all retire at the first Annual Meeting. 6.14 Before each election process, the Secretariat will notify the Signatories and request them to consider nominating themselves, within a specified timescale. 6.15 To nominate itself for election to the Steering Committee, a Signatory must confirm to the Secretariat in writing within the relevant timescale: (a) its commitment and capacity to fulfil the general responsibilities of members of the Steering Committee and, if necessary, of the Chair or the Vice Chair; and (b) the names of the individuals that would represent it on the Steering Committee as specified in Clause 5.2(c).Clause

The Steering Committee. 6.1 The Steering Committee shall consist of between eight ten and twelve fifteen members, and shall, so far as practicable, include a diverse mix of financial institutionssegments in the industry. 6.2 The members of the Steering Committee shall be appointed by a vote of the Signatories as members of the Association in accordance with Clause 5.35.3(c). Each member of the Steering Committee shall designate up to two individuals to represent it as provided in Clause 5.35.2(c) but, for the avoidance of doubt, each Signatory shall only have one vote in respect of any decision by the Steering Committee. 6.3 The Steering Committee shall meet on an ad hoc basis. The members of the Steering Committee may where convenient arrange such meetings to be held in Denmark and participants may attend the meetings by any means such as telephone conference call or video conferencing as well as in person or a mix of any of these. Where possible, two weeks' notice in writing will be given for any meeting and a note of any decision or recommendation made by the Steering Committee at any meeting shall subsequently be circulated to all Signatories. 6.4 The quorum for meetings of the Steering Committee shall be two-thirds of its members at the relevant time and more than half of the members of the Steering Committee participating in a vote must vote in favour of the relevant proposal for it to be validly approved. 6.5 Any decision made by the Steering Committee in accordance with this Clause 6 (excluding for the avoidance of doubt any decision that requires the approval of the Signatories as members of the Association as described in Clause 5.3) shall bind the other SignatoriesAssociation. 6.6 The duties of the Steering Committee shall include: (a) reviewing the scope of the Principles Charter and whether any changes should be made and, if so, arranging for a revised draft to be considered by the Signatories; (b) consulting with the Advisory for technical advice where appropriate; (c) reviewing and approving the Association's annual budget and approving its circulation to the Signatories together with the end of year financial statements; (d) making decisions and approving contracts with third parties including the Secretariat and members of the Advisory, conducting a formal tender process where necessary or appropriate; (e) reviewing and approving the scope of work of the Secretariat and the Advisory and their respective charges; (f) procuring that any costs and expenses of the Association, including any tax, are paid when due; (g) arranging for meetings of the Association and agreeing the relevant agenda; (h) approving changes to the authorised signatories for the bank accounts of the Association; (i) deciding how to re-allocate any surplus monies from the Association budget; (j) electing the Chair, Vice Chair, and Treasurer; (k) Attempting to resolve any dispute that may arise between Signatories. 6.7 Any Signatory may nominate itself for election to the Steering Committee if: (a) it has complied with its obligations under Clause 4 within the relevant timescales; and (b) it is confident that it can meet its obligations as a member of the Steering Committee and, if required, could assume the role of Chair,, Vice Chair, or Treasurer. 6.8 Each Signatory which is a member of the Steering Committee, including the Chair, the Vice Chair, or Treasurer shall, during their appointment: (a) maintain at least two individuals to represent it on the Steering Committee as provided in Clause 6.1 and ensure that one of them attends each Steering Committee and formal Association meeting; and (b) actively participate in the work and decision making of the Steering Committee and at formal Association meetings. 6.9 Subject to the other provisions of this Clause 6, members of the Steering Committee shall retire at the Annual Meeting by rotation after two years of service but may apply for re-election. 6.10 A Signatory may not serve more than two consecutive terms on the Steering Committee but may nominate itself for re-election not less than one year after the end of its second consecutive term. 6.11 Clauses 6.9 and 6.10 are subject to the following: (a) the two-year period of service might be slightly longer or shorter depending on the dates of the relevant Annual Meetings; (b) a Signatory may nominate itself for re-election at the end of a second consecutive term if there are expected to be insufficient nominations to meet the minimum of eight members of the Steering Committee; (c) membership of the first Steering Committee referred to in Clause 6.13 shall not be considered as a term for the purposes of Clause 6.10; and (d) if a Signatory has been elected as the next Chair it shall not retire by rotation until it has ceased to be the Chair. 6.12 Any Signatory may resign at any time from the Steering Committee by giving notice in writing to the Chair and shall be deemed to have resigned if it ceases to be a Signatory. 6.13 The first Steering Committee shall consist of the first 15 Relevant Institutions (or, if fewer than 10 Relevant Institutions successfully apply, the relevant number of Relevant Institutions provided that is eight or more) Entities which successfully apply to become Signatories and they shall all retire at the first Annual Meeting. 6.14 The Charter will only enter into force when 15 Signatories have successfully joined the Association. 6.15 Before each election process, the Secretariat will notify the Signatories and request them to consider nominating themselves, within a specified timescale. 6.15 6.16 To nominate itself for election to the Steering Committee, a Signatory must confirm to the Secretariat in writing within the relevant timescale: (a) its commitment and capacity to fulfil the general responsibilities of members of the Steering Committee and, if necessary, of the Chair or the Vice Chair; and (b) the names of the individuals that would represent it on the Steering Committee as specified in Clause 5.2(c).

The Steering Committee. 6.1 ● The Network shall establish the Steering Committee as the joint Governing Body, which shall be the ultimate decision-making body of the Network. The Steering Committee shall consist of between eight 6 members and twelve membersin particular: ✔ The Chair of the Steering Committee ✔ The deputy Chair of the Steering Committee ✔ The Secretary of the Steering Committee ✔ Member of the Steering Committee ✔ Member of the Steering Committee ✔ Member of the Steering Committee ● Each party may be represented to the Steering Committee by up to 1 member. ● Every year a new Steering Committee will be elected by the General Assembly and the composition of the Committee will be stated in the respective “Decision on the establishment of the Network’s Steering Committee”. ● The Steering Committee decides on a majority voting, and shallunless a unanimous decision is required. Unanimous decisions are required in the case of: o admission of new members in the Network; o approval of the Network’s Strategy; o any decision related to the resolution of disputes. In the cases where no unanimous decision is achieved for any of the above cases, so far then the Steering Committee will discuss alternative options/solutions/proposals until an unanimous decision is reached. ● The process of voting is as practicable, include a diverse mix follows: Following the discussion of financial institutions. 6.2 The an issue by the members of the Steering Committee shall be appointed by a vote of (either in face-to-face or virtual meetings), the Signatories as members of the Association in accordance with Clause 5.35.3(c). Each member Chair of the Steering Committee shall designate up to two individuals to represent it as provided in Clause 5.35.2(c) but, for will ask the avoidance of doubt, each Signatory shall only have one vote in respect of any decision by the Steering Committee. 6.3 The Steering Committee shall meet on an ad hoc basis. The members of the Steering Committee may where convenient arrange such meetings to be held in Denmark and participants may attend the meetings vote for this issue by any means such as telephone conference call or video conferencing as well as in person or a mix of any of thesevoice. Where possible, two weeks' notice in writing will be given for any meeting and a note of any decision or recommendation made by the Steering Committee at any meeting shall subsequently be circulated to Once all Signatories. 6.4 The quorum for meetings members of the Steering Committee have voted, the Chair and the Secretariat of the Steering Committee will count the votes. A simple majority, i.e. 51% majority, is required for the approval/non-approval of the issue for which the voting process will take place. In the event of a tie, a second round of discussions will take place and upon its finalization, a second vote will take place. In the case of reaching in a tie again, then the Chair of the Steering Committee has a second, casting vote. ● Overall, the Steering Committee shall: ✔ Be the ultimate decision-making body of the Network ✔ Be in charge of the design and implementation of the Network’s strategy ✔ Monitor the achievement of the Network’s Strategy and proposes means to ensure the long term sustainability of the Strategy ✔ Resolve any disputes ● The Steering Committee shall hold monthly meetings (virtual or face-to-face meetings), while additional meetings may also be two-thirds held if and when necessary. Changes in the frequency of its members at the relevant time and more than half Steering Committee’s meetings require the majority vote of the members of the Steering Committee participating in a vote must vote in favour of the relevant proposal for it to be validly approvedCommittee. 6.5 Any decision made by the Steering Committee in accordance with this Clause 6 (excluding for the avoidance of doubt any decision that requires the approval of the Signatories as members of the Association as described in Clause 5.3) shall bind the other Signatories. 6.6 The duties of the Steering Committee shall include: (a) reviewing the scope of the Principles and whether any changes should be made and, if so, arranging for a revised draft to be considered by the Signatories; (b) consulting with the Advisory for technical advice where appropriate; (c) reviewing and approving the Association's annual budget and approving its circulation to the Signatories together with the end of year financial statements; (d) making decisions and approving contracts with third parties including the Secretariat and members of the Advisory, conducting a formal tender process where necessary or appropriate; (e) reviewing and approving the scope of work of the Secretariat and the Advisory and their respective charges; (f) procuring that any costs and expenses of the Association, including any tax, are paid when due; (g) arranging for meetings of the Association and agreeing the relevant agenda; (h) approving changes to the authorised signatories for the bank accounts of the Association; (i) deciding how to re-allocate any surplus monies from the Association budget; (j) electing the Chair, Vice Chair, and Treasurer. 6.7 Any Signatory may nominate itself for election to the Steering Committee if: (a) it has complied with its obligations under Clause 4 within the relevant timescales; and (b) it is confident that it can meet its obligations as a member of the Steering Committee and, if required, could assume the role of Chair,Vice Chair, or Treasurer. 6.8 Each Signatory which is a member of the Steering Committee, including the Chair, the Vice Chair, or Treasurer shall, during their appointment: (a) maintain at least two individuals to represent it on the Steering Committee as provided in Clause 6.1 and ensure that one of them attends each Steering Committee and formal Association meeting; and (b) actively participate in the work and decision making of the Steering Committee and at formal Association meetings. 6.9 Subject to the other provisions of this Clause 6, members of the Steering Committee shall retire at the Annual Meeting by rotation after two years of service but may apply for re-election. 6.10 A Signatory may not serve more than two consecutive terms on the Steering Committee but may nominate itself for re-election not less than one year after the end of its second consecutive term. 6.11 Clauses 6.9 and 6.10 are subject to the following: (a) the two-year period of service might be slightly longer or shorter depending on the dates of the relevant Annual Meetings; (b) a Signatory may nominate itself for re-election at the end of a second consecutive term if there are expected to be insufficient nominations to meet the minimum of eight members of the Steering Committee; (c) membership of the first Steering Committee referred to in Clause 6.13 shall not be considered as a term for the purposes of Clause 6.10; and (d) if a Signatory has been elected as the next Chair it shall not retire by rotation until it has ceased to be the Chair. 6.12 Any Signatory may resign at any time from the Steering Committee by giving notice in writing to the Chair and shall be deemed to have resigned if it ceases to be a Signatory. 6.13 The first Steering Committee shall consist of the first Relevant Institutions (or, if fewer than 10 Relevant Institutions successfully apply, the relevant number of Relevant Institutions provided that is eight or more) which successfully apply to become Signatories and they shall all retire at the first Annual Meeting. 6.14 Before each election process, the Secretariat will notify the Signatories and request them to consider nominating themselves, within a specified timescale. 6.15 To nominate itself for election to the Steering Committee, a Signatory must confirm to the Secretariat in writing within the relevant timescale: (a) its commitment and capacity to fulfil the general responsibilities of members of the Steering Committee and, if necessary, of the Chair or the Vice Chair; and (b) the names of the individuals that would represent it on the Steering Committee as specified in Clause 5.2(c).

The Steering Committee. 6.1 The Steering Committee shall consist of between eight and twelve fifteen members, and shall, so far as practicable, include a diverse mix of financial institutions. 6.2 The members of the Steering Committee shall be appointed by a vote of the Signatories as members of the Association in accordance with Clause 5.35.3(c5.3(c). Each member of the Steering Committee shall designate up to two individuals to represent it as provided in Clause 5.35.2(c5.2(c) but, for the avoidance of doubt, each Signatory shall only have one vote in respect of any decision by the Steering Committee. 6.3 The Steering Committee shall meet on an ad hoc basis. The members of the Steering Committee may where convenient arrange such meetings to be held in Denmark and participants may attend the meetings by any means such as telephone conference call or video conferencing as well as in person or a mix of any of these. Where possible, two weeks' notice in writing will be given for any meeting and a note of any decision or recommendation made by the Steering Committee at any meeting shall subsequently be circulated to all Signatories. 6.4 The quorum for meetings of the Steering Committee shall be two-thirds of its members at the relevant time and more than half of the members of the Steering Committee participating in a vote must vote in favour of the relevant proposal for it to be validly approved. 6.5 Any decision made by the Steering Committee in accordance with this Clause 6 (excluding for the avoidance of doubt any decision that requires the approval of the Signatories as members of the Association as described in Clause 5.3) shall bind the other Signatories. 6.6 The duties of the Steering Committee shall include: (a) reviewing the scope of the Principles and whether any changes should be made and, if so, arranging for a revised draft to be considered by the Signatories; (b) consulting with the Advisory for technical advice where appropriate; (c) reviewing and approving the Association's annual budget and approving its circulation to the Signatories together with the end of year financial statements; (d) making decisions and approving contracts with third parties including the Secretariat and members of the Advisory, conducting a formal tender process where necessary or appropriate; (e) reviewing and approving the scope of work of the Secretariat and the Advisory and their respective charges; (f) procuring that any costs and expenses of the Association, including any tax, are paid when due; (g) arranging for meetings of the Association and agreeing the relevant agenda; (h) approving changes to the authorised signatories for the bank accounts of the Association; (i) deciding how to re-allocate any surplus monies from the Association budget; (j) electing the Chair, Vice Chair, and Treasurer. 6.7 Any Signatory may nominate itself for election or re-election to the Steering Committee if: (a) it has complied with its obligations under Clause 4 within the relevant timescales; and (b) it is confident that it can meet its obligations as a member of the Steering Committee and, if required, could assume the role of Chair,, Vice Chair, or Treasurer. 6.8 Each Signatory which is a member of the Steering Committee, including the Chair, the Vice Chair, or Treasurer shall, during their appointment: (a) maintain at least two individuals to represent it on the Steering Committee as provided in Clause 6.1 and ensure that one of them attends each Steering Committee and formal Association meeting; and (b) actively participate in the work and decision making of the Steering Committee and at formal Association meetings. 6.9 Subject to the other provisions of this Clause 6, members of the Steering Committee shall retire at the Annual Meeting by rotation after two years of service but may apply for re-election. 6.10 A Signatory may not serve more than two consecutive terms on the Steering Committee but may nominate itself for re-election not less than one year after the end of its second consecutive term. 6.11 Clauses Clause 6.9 and 6.10 are is subject to the following: (a) the two-year period of service might be slightly longer or shorter depending on the dates of the relevant Annual Meetings; (b) a Signatory may nominate itself for re-election at the end of a second consecutive term if there are expected to be insufficient nominations to meet the minimum of eight members of the Steering Committee; (c) membership of the first Steering Committee referred to in Clause 6.13 6.12 shall not be considered as a term for the purposes of Clause 6.10term; and (dc) if a Signatory has been elected as the next Chair it shall not retire by rotation until it has ceased to be the Chair. 6.12 6.11 Any Signatory may resign at any time from the Steering Committee by giving notice in writing to the Chair and shall be deemed to have resigned if it ceases to be a Signatory. 6.13 6.12 The first Steering Committee shall consist of the first Relevant Institutions (or, if fewer than 10 Relevant Institutions successfully apply, the relevant number of Relevant Institutions provided that is eight or more) which successfully apply to become Signatories and they shall all retire at the first Annual Meeting. 6.14 6.13 Before each election process, the Secretariat will notify the Signatories and request them to consider nominating themselves, within a specified timescale. 6.15 6.14 To nominate itself for election to the Steering Committee, a Signatory must confirm to the Secretariat in writing within the relevant timescale: (a) its commitment and capacity to fulfil the general responsibilities of members of the Steering Committee and, if necessary, of the Chair or the Vice Chair; and (b) the names of the individuals that would represent it on the Steering Committee as specified in Clause 5.2(c).

The Steering Committee. ‌ 6.1 The Steering Committee shall consist of between eight and twelve members, and shall, so far as practicable, include a diverse mix of financial insurance institutions. 6.2 The members of the Steering Committee shall be appointed by a vote of the Signatories as members of the Association in accordance with Clause 5.35.3(c5.3(c). Each member of the Steering Committee shall designate up to two individuals to represent it as provided in Clause 5.35.2(c5.3(c) but, for the avoidance of doubt, each Signatory shall only have one vote in respect of any decision by the Steering Committee. 6.3 The Steering Committee shall meet on an ad hoc basis. The members of the Steering Committee may where convenient arrange such , depending on what is needed and meetings to can be held in Denmark and participants may attend the meetings by any means such as telephone conference call or video conferencing as well as in person or a mix of any of these. Where possible, two weeks' notice in writing will be given for any meeting and a note of any decision or recommendation made by the Steering Committee at any meeting shall subsequently be circulated to all Signatories. 6.4 The quorum for meetings of the Steering Committee shall be two-thirds of its members at the relevant time and more than half of the members of the Steering Committee participating in a vote must vote in favour of the relevant proposal for it to be validly approved. 6.5 Any decision made by the Steering Committee in accordance with this Clause 6 (excluding for the avoidance of doubt any decision that requires the approval of the Signatories as members of the Association as described in Clause 5.35.4) shall bind the other Signatories. 6.6 The duties of the Steering Committee shall include: (a) reviewing the scope of the Principles and whether any changes should be made and, if so, arranging for a revised draft to be considered by the Signatories; (b) consulting with the Advisory for technical advice where appropriate; (c) reviewing and approving the Association's annual budget and approving its circulation to the Signatories together with the end of year financial Financial Year statements; (d) making decisions and approving contracts with third parties including the Secretariat and members of the Advisory, conducting a formal tender process where necessary or appropriate; (e) reviewing and approving the scope of work of the Secretariat and the Advisory and their respective charges; (f) procuring that any costs and expenses of the Association, including any tax, are paid when due; (g) arranging for meetings of the Association and agreeing the relevant agenda; (h) approving changes to the authorised signatories for the bank accounts of the AssociationAssociation (minimum two members of the Steering Committee); (i) deciding how to invest or re-allocate any surplus monies from the Association budget; (j) electing the Chair, Vice Chair, and Treasurer. 6.7 Any Signatory may nominate itself for election to the Steering Committee if: (a) it has complied with its obligations under Clause 4 within the relevant timescales; and (b) it is confident that it can meet its obligations as a member of the Steering Committee and, if required, could assume the role of Chair,, Vice Chair, or Treasurer. 6.8 Each Signatory which is a member of the Steering Committee, including the Chair, the Vice Chair, or Treasurer shall, during their appointment: (a) maintain at least two individuals to represent it on the Steering Committee as provided in Clause 6.1 6.2 and ensure that one of them attends each Steering Committee and formal Association meeting; and (b) actively participate in the work and decision decision-making of the Steering Committee and at formal Association meetings. 6.9 Subject to the other provisions of this Clause 6, members of the Steering Committee shall retire at the Annual Meeting by rotation after two years of service but may apply for re-election. 6.10 A Signatory may not serve more than two consecutive terms on the Steering Committee but may nominate itself for re-election not less than one year after the end of its second consecutive term. 6.11 Clauses 6.9 and 6.10 are subject to the following: (a) the two-year period of service might be slightly longer or shorter depending on the dates of the relevant Annual Meetings; (b) a Signatory may nominate itself for re-election at the end of a second consecutive term if there are expected to be insufficient nominations to meet the minimum of eight members of the Steering Committee; (c) membership of the first Steering Committee referred to in Clause 6.13 shall not be considered as a term for the purposes of Clause 6.10; and (d) if a Signatory has been elected as the next Chair it shall not retire by rotation until it has ceased to be the Chair. 6.12 Any Signatory may resign at any time from the Steering Committee by giving notice in writing to the Chair and to the Secretariat and shall be deemed to have resigned if it ceases to be a Signatory. 6.13 The first Steering Committee shall consist of the first ten Relevant Institutions (or, if fewer than 10 ten Relevant Institutions successfully apply, the relevant number of Relevant Institutions provided that is eight or more) which successfully apply to become Signatories and they shall all retire at the first Annual Meeting. 6.14 Before each election process, the Secretariat will notify the Signatories and request them to consider nominating themselves, within a specified timescale. 6.15 To nominate itself for election to the Steering Committee, a Signatory must confirm to the Secretariat in writing within the relevant timescale: (a) its commitment and capacity to fulfil the general responsibilities of members of the Steering Committee and, if necessary, of the Chair or the Vice Chair; and (b) the names of the individuals that would represent it on the Steering Committee as specified in Clause 5.2(c).

The Steering Committee. ‌ 6.1 The Steering Committee shall consist of between eight and twelve sixteen members, and shall, so far as practicable, include a diverse mix of financial institutions. 6.2 The members of the Steering Committee shall be appointed by a vote of the Signatories as members of the Association in accordance with Clause 5.35.3(c5.3(c). Each member of the Steering Committee shall designate up to two individuals to represent it as provided in Clause 5.35.2(c5.2(c) but, for the avoidance of doubt, each Signatory shall only have one vote in respect of any decision by the Steering Committee. 6.3 The Steering Committee shall meet on an ad hoc basis. The members of the Steering Committee may where convenient arrange such meetings to be held in Denmark and participants may attend the meetings by any means such as telephone conference call or video conferencing as well as in person or a mix of any of these. Where possible, two weeks' notice in writing will be given for any meeting and a note of any decision or recommendation made by the Steering Committee at any meeting shall subsequently be circulated to all Signatories. 6.4 The quorum for meetings of the Steering Committee shall be two-thirds of its members at the relevant time and more than half of the members of the Steering Committee participating in a vote must vote in favour of the relevant proposal for it to be validly approved. 6.5 Any decision made by the Steering Committee in accordance with this Clause 6 (excluding for the avoidance of doubt any decision that requires the approval of the Signatories as members of the Association as described in Clause 5.3) shall bind the other Signatories. 6.6 The duties of the Steering Committee shall include: (a) reviewing the scope of the Principles and whether any changes should be made and, if so, arranging for a revised draft to be considered by the Signatories; (b) consulting with the Advisory for technical advice where appropriate; (c) reviewing and approving the Association's annual budget and approving its circulation to the Signatories together with the end of year financial statements; (d) making decisions and approving contracts with third parties including the Secretariat and members of the Advisory, conducting a formal tender process where necessary or appropriate; (e) reviewing and approving the scope of work of the Secretariat and the Advisory and their respective charges; (f) procuring that any costs and expenses of the Association, including any tax, are paid when due; (g) arranging for meetings of the Association and agreeing the relevant agenda; (h) approving changes to the authorised signatories for the bank accounts of the Association; (i) deciding how to re-allocate any surplus monies from the Association budget; (j) electing the Chair, Vice Chair, and Treasurer. 6.7 Any Signatory may nominate itself for election or re-election to the Steering Committee if: (a) it has complied with its obligations under Clause 4 within the relevant timescales; and (b) it is confident that it can meet its obligations as a member of the Steering Committee and, if required, could assume the role of Chair,, Vice Chair, or Treasurer. 6.8 Each Signatory which is a member of the Steering Committee, including the Chair, the Vice Chair, or Treasurer shall, during their appointment: (a) maintain at least two individuals to represent it on the Steering Committee as provided in Clause 6.1 and ensure that one of them attends each Steering Committee and formal Association meeting; and (b) actively participate in the work and decision making of the Steering Committee and at formal Association meetings. 6.9 Subject to the other provisions of this Clause 6, members of the Steering Committee shall retire at the Annual Meeting by rotation after two years of service but may apply for re-election. 6.10 A Signatory may not serve more than two consecutive terms on the Steering Committee but may nominate itself for re-election not less than one year after the end of its second consecutive term. 6.11 Clauses Clause 6.9 and 6.10 are is subject to the following: (a) the two-year period of service might be slightly longer or shorter depending on the dates of the relevant Annual Meetings; (b) a Signatory may nominate itself for re-election at the end of a second consecutive term if there are expected to be insufficient nominations to meet the minimum of eight members of the Steering Committee; (c) membership of the first Steering Committee referred to in Clause 6.13 6.12 shall not be considered as a term for the purposes of Clause 6.10term; and (dc) if a Signatory has been elected as the next Chair it shall not retire by rotation until it has ceased to be the Chair. 6.12 6.11 Any Signatory may resign at any time from the Steering Committee by giving notice in writing to the Chair and shall be deemed to have resigned if it ceases to be a Signatory. 6.13 6.12 The first Steering Committee shall consist of the first Relevant Institutions (or, if fewer than 10 Relevant Institutions successfully apply, the relevant number of Relevant Institutions provided that is eight or more) which successfully apply to become Signatories and they shall all retire at the first Annual Meeting. 6.14 6.13 Before each election process, the Secretariat will notify the Signatories and request them to consider nominating themselves, within a specified timescale. 6.15 6.14 To nominate itself for election to the Steering Committee, a Signatory must confirm to the Secretariat in writing within the relevant timescale: (a) its commitment and capacity to fulfil the general responsibilities of members of the Steering Committee and, if necessary, of the Chair or the Vice Chair; and (b) the names of the individuals that would represent it on the Steering Committee as specified in Clause 5.2(c).