Scottish National Investment Bank Bill 5 Part 1—Establishment of the Bank Chapter 2—The Bank’s articles of association on establishment 9 Committees (1) The articles of association must enable the Bank’s directors to set up, and delegate functions to, committees and sub-committees. (2) The articles of association must require— 5 (a) that the Bank have— (i) an audit committee, and (ii) a risk committee, and (b) that each of those committees is chaired by a non-executive director. (3) The articles of association must state that— 10 (a) the audit committee has the function of providing independent review and oversight of the company’s financial reporting processes, internal controls and independent auditors, (b) the risk committee has the function of reviewing the Bank’s risk-management systems. 15 9B Gender equality strategy (1) The articles of association must provide that— (a) the Bank is to prepare, and from time to time update, a gender equality strategy, (b) in doing those things the Bank is to consult persons with experience in or knowledge of the formulation, implementation and evaluation of policies intended 20 to tackle gender inequality, (c) the Bank is to make its gender equality strategy publicly available, (d) the Bank’s gender equality strategy may be in any form that the Bank considers appropriate and (in particular) may be part of another document. (2) The articles of association must provide that the Bank’s gender equality strategy is to set 25 out— (a) what the Bank is committed to doing to advance gender equality in Scotland (in particular through its investing and staffing practices), (b) what information the Bank intends to collect for the purpose of carrying out the evaluations required by section 13A(1). 30 10 Entrenched provisions The articles of association must provide that those provisions of the articles which are framed in accordance with this Chapter may be amended or repealed only in accordance with section 20. 6 Scottish National Investment Bank Bill Part 2—Operational matters P ART 2 O PERATIONAL MATTERS Strategic missions 11 Setting missions 5 (1) The Scottish Ministers are to set strategic missions for the Bank. (2) The Scottish Ministers set the Bank strategic missions by sending it a document— (a) describing the socio-economic or environmental challenges that the Bank is to seek to address, and (b) explaining how, in the Ministers’ opinion, addressing those challenges relates to 10 the Bank’s main object and ancillary objects as set out in its articles of association. (3) The latest document sent to the Bank under this section supersedes the previous one and so, by sending the Bank a new document under this section, the Scottish Ministers can— (a) set a new strategic mission for the Bank, 15 (b) modify a strategic mission, or (c) bring a strategic mission to an end. (4) After sending the Bank a document under this section, the Scottish Ministers must— (a) lay...