20.1Credit institutions shall adhere to the following general requirements in relation to the activities of committees of the board:

a) Agendas and all relevant material for the meeting shall be circulated to all committee members in a timely manner in advance of the meeting;

b) Detailed minutes of all committee meetings shall be prepared recording time of meeting, location held, attendees, all key discussions and decisions;

c) When appointing committee members, the board shall review and satisfy itself as to the relevant expertise, skill of members and their ability to commit appropriate time to the committee;

d) Committee members shall attend committee meetings regularly. Where a member is unable to provide sufficient time to attend over the medium to long term, the board shall remove such member from the committee and replace him or her with a member with appropriate availability, experience and expertise;

e) For the committee(s) of which they are a member, directors should attend each committee meeting in person wherever possible. However, due to the location of some directors, physical presence may not always be possible, in which case videoconferencing or teleconferencing is permissible;

f) Cross-committee membership by an individual shall be managed by the credit institution to ensure that no one individual exercises excessive influence or control;