No. 4/2018 PuBLIC ENTITIES CoRPORATE GovERNANCE Cap.10:31 40. The board of a public entity should establish a remuneration committee consisting of independent board members, to detenninc remuneration for executive board members and the entity's senior staff members. PART VII RISK MANAGEMENT 41. Boards of public entities should ensure that their entities have and maintain effective, efficient and transparent systems of financial and risk management and internal control. Boards should therefore establish processes and practices within their entities to manage all risks associated with their entities' operations. 42. Boards of public entities should keep the Government informed of risk management strategies by outlining them in corporate plans and progress reports, and in other reports when necessary. TillRD SCHEDULE (Sections 12 (9), 13(9), 14(5), 19{11), 20(4) and 21(2) and 44(2)(1)) SURCHARGES Definitions 1. In this Schedule- "excess payment", in relation to a public entity, means so much of any payment referred to in section 12 (9), 13(9), 14(5), 19(11), 20(4) or 21 (2) as is paid in contravention of any one or more of these sections; "public resources" means public money or State propetty as defined in the Public Finance Management Act that are advanced to any public entity. Application of Third Schedule 2. (1) This Schedule shall apply to(a) persons who are in the employment of a public entity, or are members of its board, or who were in such employment or were such members at the time of any deficiency in or improper payment of, or any payment not duly vouched, or loss or destruction of public moneys for which they were responsible; or (b) any public entity that makes any excess payment to any person who is or was an employee or member of the board of such entity, and does not, in the opinion of the Secretary to Treasury, recover such payment promptly from any such employee or member. (2) In this Schedule any reference to public resources in relation to public moneys shall be construed as including a reference to tokens, stamps or other such instruments which have a face value or are to be sold for an amount shovvn on the face thereof and, in the case of any deficiency in such instruments, a surcharge in terms of this Schedule may be calculated in relation to the face value of such instruments. Power of surcharge in relation to public resources 3. (1) If(a) it appears to the Secretary to the Treasury that any person to whom the provisions of this Schedule apply was responsible for(i) any deficiency in the collection of or accounting for public resources; or (ii) any improper payment of public resources; or (iii) any payment of public resources which is not duly vouched and the Secretary to the Treasury is satisfied that such payment has resulted in a loss of public resources or a further payment of public resources in respect of the same matter; or 164