The Finance Committee (Fincom) of the Union shall consist of the National Treasurer as Chairperson, President as Ex-officio, Deputy President, one Provincial Treasurer who will be invited on a rotational basis and one member with financial background elected by the National Executive Council who will also act as a recording secretary.
The General Secretary shall form part of the Finance Committee but shall have no voting rights.
The Finance Committee shall:-
- Formulate financial policies and procedures;
- Recommend practical ways of implementing these policies;
- Review budgets and recommend to NEC;
- Review financial statements and ensure that financial policies and procedures are adhered to;
- Discuss the audited financial statement and management report with the auditors;
- Discuss and manage the expenditure of the special projects;
- Cash flow management (including treasury functions)
- Recommend investments
- Consider and recommend the acquisition of capital expenditure items within the budget;
- Advice on the closing & opening of bank accounts
- Make recommendations regarding staff salary increases.
A quorum of the Finance Committee shall be four (4) members.