Finance Committee – Terms of Reference

Objective
​To prepare an annual budget for DNZ, monitor financial performance against budget, ensure that before any payment is made the requisite authorisation is given and, on a regular basis, keep the Board informed of DNZ's financial activities and performance

Responsible to
The Board

Composition
  • Subject to the requirements of the DNZ Constitution, the Board shall determine the composition of the Finance Committee (the Committee)
  • The Committee may comprise one or more persons. In appointing any person to the Committee the Board shall have regard to the person(s)' financial experience and expertise
  • Where the Committee comprises three or more members, a quorum shall be two thirds of the Committee membership

Term
  • All members of the Committee shall continue in office until otherwise determined by the Board, or until the member resigns, whichever comes first
  • Any resignation shall be notified to the Board

Duties and Responsibilities
  • To prepare the DNZ budget for submission to the Board no later than 1 March in each year Ref: DNZ Constitution C23.2
  • To prepare a set of accounts to be tabled by the Chairman at each Board meeting Ref: DNZ Constitution C23.5
  • To annually review the affiliation fees to be paid by members and recommend to the Board, in a timely manner before each AGM, any changes required to these fees
  • To provide support and advice on areas relevant to finance to the other DNZ Committees
  • To review from time to time the terms of reference for this Committee and provide any recommendations on this matter to the Board
  • To undertake such other actions or activities as may be authorised by the Board from time to time.

Operating Principles
  • In the event that the Committee comprises more than one person, a meeting of the Committee shall be convened if so requested by any Committee member or by the Board, and
  • Note: Meetings may be held by telephone or other means of communication Ref: DNZ Constitution C19.7
  • Minutes of the Committee meetings shall be taken. Ref: DNZ Constitution C19.5

Authority
The Committee is authorised by the Board to carry out any activity covered by its duties and responsibilities 
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