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I think it’s overkill. And it runs the risk of turning away people who might be good on the committee. I think it would put me off (I’ve been a member of OC/BCs for 38 years in NSW, ACT, VIC and overseas, mostly as a committee member or chairperson).
FWIW, here are the Victorian requirements:
117 Duties of committees and sub-committees
A member of a committee or sub-committee of an owners corporation—
(a) must act honestly and in good faith in the performance of his or her functions; and
(b) must exercise due care and diligence in the performance of his or her functions; and
(c) must not make improper use of his or her position as a member to gain, directly or indirectly, an advantage for himself or herself or for any other person.
So fairly simple and broad. It’s up to a tribunal to interpret and enforce it. Which would be the case with a more complicated by-law/rule as well.