South Dakota Codified Laws 58-43-16.4. Independence of audit committee members
Current as of: 2023 | Check for updates
|
Other versions
A member of the audit committee may not be considered independent, other than in the member’s capacity as a member of the audit committee, the board of directors, or any other board committee, if the member accepts any consulting, advisory, or other compensatory fee from the entity or be an affiliated person of the entity or any subsidiary thereof. However, if a law requires board participation by otherwise nonindependent members, that law shall prevail, and the members may participate in the audit committee and be designated as independent for audit committee purposes unless the member is an officer or employee of the insurer or one of its affiliates.
Terms Used In South Dakota Codified Laws 58-43-16.4
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 2009, ch 271, § 19, eff. Jan. 1, 2010.