(1) A market operator, which is significant in terms of its size, internal organisation and the nature, scope and complexity of its activities, shall establish a nomination committee composed of members of the management body who do not perform any executive function in the market operator.

(2) The nomination committee shall -

(a) identify and recommend, for the approval of the management body or for approval of a general meeting, candidates to fill vacancies in the management body and, in doing so -

(i) evaluate the balance of knowledge, skills, diversity and experience of the management body,

(ii) prepare a description of the roles and capabilities for a particular appointment, and assess the time commitment expected, and

(iii) if such underrepresentation exists, decide on a target for the representation of the underrepresented gender in the management body and prepare a policy on how to increase the number of the underrepresented gender in the management body in order to meet that target,

(b) at least annually, assess the structure, size, composition and performance of the management body and make recommendations to the management body with regard to any changes,