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Appendix B2Tier 3 Consolidated Codeand Financial StandardThe following table collates and summarises the requirements of the current Code and the Financial Standard.Current CodeRequirementAdditionalFinancialStandardRequirements3from 2016GovernanceFunctioning Board or Management Committee (in the case ofco-operative housing societies) 3Board must have clearly defined roles and responsibilities 3Board and Management have a good working relationship wherestrategic guidance results in agreed goals being achieved 3Board has at least 5 members. 3At least 5 members of the board should be resident in the State 3The chairperson and secretary shall be resident within the State 3No member should serve more than 2 consecutive 5 year terms(1st year of service is deemed to be from July 2013 for board members3already appointed at that date)Expectation that members have appropriate skills and experience. 3Board has an annual general meeting and should meet at least4 times a year. 3No employee should act as chair of the Board 3AHB complies with existing companies law 33. In the 2016 calendar year the Annual Return Form relating to the 2015 Financial Year will issue and will have to be completed in accordance with theCombined Code and Financial Standard provisions.The Financial Standard and Assessment Frameworkvii