(1) The Board shall consist of such number of members appointed by the Minister as the Minister may from time to time determine.

(2) The number of members appointed by the Minister shall be not fewer than 5 and not more than 8.

(3) The Minister shall designate one of the members as chairperson.

(4) In appointing persons to be members of the Board, the Minister shall have regard to the desirability of their having knowledge or experience in matters connected to -

(a) the functions of the Authority, and

(b) organisational governance, management, financial administration and financial investment.

(5) Of the members of the Board, other than the chairperson -

(a) one shall be a person who has, in the opinion of the Minister, knowledge or experience in matters relating to the interests of employees, and

(b) one shall be a person who has, in the opinion of the Minister, knowledge or experience in matters relating to the interests of employers.