The internal by-laws determine, in particular,
(1) the duties and obligations of the committee members;
(2) the rules of ethics to which those persons are subject;
(3) the rules governing the appointment of the chair, vice-chair and secretary;
(4) the procedure for meetings and the frequency of meetings;
(5) the measures to be taken to provide professional development to committee members;
(6) the measures to be taken to quantify and manage risks;
(7) internal controls;
(8) the books and registers to be kept;
(9) the rules to be followed when selecting, remunerating, supervising or evaluating delegatees, representatives or service providers; and
(10) the standards that apply to the services rendered by the committee, namely the standards on communicating with plan members and beneficiaries.
In the event of a discrepancy between the text of the pension plan and the text of the internal by-laws as regards the operation and governance of the committee, the latter prevails. However, in the case of the following subjects, the internal by-laws prevail only if the text of the pension plan expressly so provides:
(1) the rules governing the appointment of the chair, vice-chair and secretary of the pension committee as well as their duties and obligations;
(2) quorum and the granting of a casting vote at committee meetings; and
(3) the proportion of committee members who must participate in a decision in order for it to be valid.