GC44

GCE44 GS 135 Finance Advisory Committee – Update to Terms of Reference for March 2025

1. What is the issue?

In February 2025, the Finance Advisory Committee identified a few additional changes to their terms of reference to more accurately describe their roles and responsibilities and clarify length of term. These changes are in addition to the updates approved by the Executive in September 2023.

2. Why is this issue important?

It is important that committees of the General Council have clear terms of reference to ensure clarity and accountability for their work. Terms of reference need to be reviewed and updated regularly to accurately reflect the responsibilities of the committee.

3. How might the General Council Executive respond to the issue?

The General Secretary proposes

That the General Council Executive approve the following updates to the Finance Advisory Committee Terms of Reference subject to final editing for punctuation, formatting, consistency of terminology and similar editing matters, as may be approved by the General Secretary:

Responsibilities

2(5) add” including the adequacy of reserves”

Membership

3(3) a. add “risk management experience”
Add 3(3) b. "One member of the Finance Advisory Committee may be appointed to the Audit Committee”
Add 3(5) Members will serve for a three-year term. They may be reappointed at the discretion of the General Council Executive for a maximum of one additional term, totaling six years. To ensure knowledge continuity due to the unique work of this committee, members may be appointed for an additional year, ensuring that no more than two members rotate out at the same time.