TORs of the Finance, Strategy and Administration
The Board of Directors of AWAK resolved to constitute a Finance, Strategy and Administration Committee herein after referred to as the FS&A with the following Terms of Reference:
1. AWAK vision and mission
The Association of Women Accountants of Kenya (AWAK) is a non-political and non-profit making professional women accountants’ organization, which draws its membership from women accountants. Registered in 1994 under the Societies Act, the association continues to pursue the main objective of member empowerment, at the same time contributing to varying needs in society. With its motto “Uplifting our World,” AWAK champions for women empowerment in the society.
2. Specific Objective of the Committee:
The purpose of the AWAK’s Finance, Strategy and Administration Committee is to ensure financial sustainability and governance excellence. The specific responsibilities of the Committee shall include the activities listed under item (6) below.
- The Board shall, by resolution, appoint a treasurer from among the Board Members, who shall be the Chairman / Convener of the committee.
- The Committee members shall appoint a Vice Chairman / Co-convener from its members.
- Membership will be drawn from AWAK members other than the Board
- A call for nomination shall be sent out annually for AWAK members willing to join the committee. Previous committee members interested in continuing to serve shall be nominated based on attendance records.
- At least 12 (twelve) members shall be nominated into the committee annually.
- The Committee Chairman shall have a casting vote in case of a tie.
- All fully paid up members of AWAK in good standing are eligible
- Members must express willingness to serve on the committee, attend meetings and volunteer their time and services
- If the member composition exceeds 18 members the Chair of the FS&A will develop a qualification criterion in consultation with the Board and Nominations Committee to reduce the number to a more reasonable one
5. Meetings and Procedure
- The Secretariat will act as secretary and will take responsibility for recording the deliberations & implementing decisions reached at each meeting.
- Meetings shall be held at least once before every AWAK Board Meeting
- Three members present shall constitute a quorum.
- AWAK secretariat may attend the committee meetings however only members of the Committee shall have a right to vote.
- Notice of meetings together with the agenda be sent at least two weeks to the date of the meeting
- Minutes of all meetings shall be sent to committee members within one week after the meeting
The functions of the Committee shall include (but not be limited) to the following:
- Oversee the implementation of the Strategic Plan and providing progress reports to the board to ensure the participation of members of the Board in Strategic Plan .
- Review and recommend to the Board for approval, the annual budgets and Annual work plan.
- Overseeing long term financial plans and investments and recommending sustainable funding model to the Board of Directors, aligned with the prioritized strategies set by the Board.
- Overseeing financial reporting and Review the Management accounts.
- Review qualifications and terms of engagement of External Auditor and provide recommendations to the Board of Directors for appointment.
- Review and recommend to the Board staff reports on policies, projects and programmes and make recommendations to the Board.
- Advise the Board on strategies to be adopted in order to enhance AWAK’s performance towards achieving its mandate;
- Oversee HR planning to ensure that AWAK has the right number of staff and skills capable of delivering on its mandate.
- Consider and recommend staff establishment, remuneration including bonuses and other incentives, to the Board for approval.
- Review and recommend an Asset Management Plan to the Board of Directors.
- Review and monitor financial controls and safeguards and provide any recommendations to the Board for corrective/remedial action when required.
- Monitor current legal files with pertinent attention to litigation for and against AWAK with periodic reports to the Board on matters of concern.
- Review finance and administration priorities of the organization.
7. Review of the Committee
- The Committee shall undertake an annual self review of its objectives and responsibilities.
- The committee shall also be subject to a review by the AWAK Board on an annual basis
- The Chairman shall report the Committee’s deliberations to the AWAK Board.
- The minutes of all Committee meetings shall be circulated to Members after each meeting.
- The Chairman shall present an annual report to the AWAK Board summarizing the Committee’s activities during the year and any related significant results.
9.Cessation of Membership
One’s membership to the committee shall cease by:
- Resignation by the member giving the committee one months’ notice ad handing over any activities the member has been involved in
- Failure to attend three consecutive meetings unless a waiver is obtained from the Chairman. The waiver will be provided after the meeting considers the support the member is providing to the Committee remotely
- Member is not in good standing
Review of TOR
These terms of reference shall be subjected to review by the Board.
BY ORDER OF THE BOARD