Finance and Audit Committee
The Finance and Audit Committee advises the Board on the financial well being of MSIF and is responsible, in particular, for:
- conducting a detailed examination of the annual budget proposed by the CEO and making recommendations to the Board;
- reviewing the management accounts and monitoring budget variances at regular intervals;
- ensuring that the agreed long-term business plan is properly costed, so that appropriate targets can be developed for the MSIF Fundraising Committee;
- recommending to the Board the appointment/reappointment of external auditors and the audit fee;
- reviewing the audited financial statements prior to submission with recommendations to the Board;
- when appropriate, recommending to the Board:
a) the appointment/reappointment of investment advisors/managers and related fees;
b) a suitable investment policy to be communicated to the investment advisors/managers;
- reviewing at regular intervals the performance of the Investment Advisors/Managers and their adherence to the agreed investment policy;
- considering and proposing amendments to these Terms of Reference, whenever deemed advisable.
The MSIF Treasurer usually chairs the Finance and Audit Committee. There is a minimum of three and maximum of seven other members on the committee, selected by the Treasurer and approved by the Board. They are drawn from Board members and the wider MS community in order to obtain the desired expertise, experience, availability and geographical spread. The MSIF Chief Executive and the individual responsible for preparation and maintenance of the MSIF accounts are ex-officio members.
Membership term of office is fixed at two years, renewable for two further two-year terms. Depending on availability of members, the committee will aim to meet together at least once in each calendar year either before or after a meeting of the Board but it will discharge the majority of its responsibilities by telephone conference calls or electronic exchanges after prior circulation of all relevant papers. |
