Schedule 3, paragraph 2B(1)

If an exchange is significant the following requirements apply to the management body— members of the management body must not at the same time hold positions exceeding more than one of the following combinations— one executive directorship with two non-executive directorships (or where so authorised by the FCA under regulation 44(1), three non-executive directorships); or four non-executive directorships (or where so authorised by the FCA under regulation 44(1), five non-executive directorships); and the management body must have a nomination committee unless it is prevented by law from selecting and appointing its own members.

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Source: legislation.gov.uk · retrieved 2026-09-04