Version as at 1 July 2024 42 43 44 45 46 Crown Entities Act 2004 Judges serving as members No compensation for loss of office Resignation of members Members ceasing to hold office Member of corporation sole not to hold concurrent office 31 31 31 32 32 Remuneration and expenses 47 48 Remuneration of members Expenses of members 32 32 Collective duties of board 49 50 51 52 Entity must act consistently with objectives, functions, statement of intent, and statement of performance expectations Manner in which functions must be performed Entity must operate in financially responsible manner Subsidiaries and other interests 33 33 33 33 Individual duties of members 53 54 55 56 57 Duty to comply with this Act and entity’s Act Duty to act with honesty and integrity Duty to act in good faith and not at expense of entity’s interests Duty to act with reasonable care, diligence, and skill Duty not to disclose information 33 34 34 34 34 Effect of non-compliance with duties 58 59 60 Accountability for collective board duties Accountability for individual duties Court actions requiring or restraining board or members 34 35 35 Reliance on information and advice 61 When members may rely on certain information and advice 36 Conflict of interest disclosure rules 62 63 64 65 66 67 68 69 70 71 72 When interests must be disclosed Obligation to disclose interest Who disclosure of interests must be made to What must be disclosed Consequences of being interested in matter Consequences of failing to disclose interest Permission to act despite being interested in matter Entity may avoid certain acts done in breach of conflict of interest rules What is fair value Onus of proving fair value Effect of avoidance on third parties 37 38 38 38 38 39 39 39 40 40 40 3