FINANCE COMMITTEE

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:-

  1. Formulate financial policies and procedures;
  2. Recommend practical ways of implementing these policies;
  3. Review budgets and recommend to NEC;
  4. Review financial statements and ensure that financial policies and procedures are adhered to;
  5. Discuss the audited financial statement and management report with the auditors;
  6. Discuss and manage the expenditure of the special projects;
  7. Cash flow management (including treasury functions)
  8. Recommend investments
  9. Consider and recommend the acquisition of capital expenditure items within the budget;
  10. Advice on the closing & opening of bank accounts
  11. Make recommendations regarding staff salary increases.

A quorum of the Finance Committee shall be four (4) members.