FINANCIAL AFFAIRS EXECUTIVE COMMITTEE

TERMS OF REFERENCE
PURPOSE
To outline Terms of Reference document, the specific roles and responsibilities of Golden
Groups Financial Affairs Executive Committee.

POLICY
1. COMPOSITION
The committee shall be comprised of the members designated as per the Chairmans directives
memo dated May 15, 2014
2. ROLES & RESPONSIBILITIES
2.1. Annual Budget Process
To facilitate the Financial Affairs Executive Committees (FAEC) involvement in the annual
budget process by:
i.

Providing direction to all program units, via management, in overseeing the process
of budget preparation.

ii.

Assisting the FAEC in establishing the principles and assumptions for the Groups
consolidated budget development.

iii.

Reviewing the base operating needs and all program requests against the principles
and assumptions and make recommendations to FAEC.

iv.

Representing the interests of Committee, Executive Committee, and Group Executive

Committees throughout the budget process.

2.2. Budget and Financial Planning

To facilitate the linkage of the annual strategic planning process with the annual budget process
through:
i.

The interpretation of FAEC's priorities/strategies and related work programs into

resource allocation requirements both for the annual budget and for long range
planning practices.

ii.

Direction to management in the development of long range financial planning and

capital budgeting.

iii.

Facilitating FAECs involvement in the preparation of a three year operational and

capital budget plan.

2.3. Financial and Treasury Management

To report to and make recommendations to the Group Executive Committee regarding the
organization's financial management practices such as:
i.

A regular financial reporting system.

ii.

Development of financial management policies and procedures.

iii.

Assessing/monitoring revenue generating and expenditure control practices,

management recommendations for financial resource allocations within and during
the annual budget.

iv.

Review financial reporting documents for the External/Internal presentation via the
Executive Committee.

v.

Deliberate and recommend corrective measures for negative financial performance

results to Group Executive Committee.

vi.

Oversight of treasury function of the Group and feedback and follow-up regarding
Groups overall debt calibration and capacity for debt servicing.

2.4. Annual Audit

The FAEC will appoint from amongst its members an Annual Audit Committee for the purposes
of the annual audit and will report directly to FAEC by:
i.

Reviewing audit reports.

ii.

Reviewing with management the management letter recommendations and

determining necessary actions.

iii.

Monitoring the implementation of the auditor's recommendations.

iv.

Recommending accounting firm(s) to FAEC, each year, to conduct the annual audit
for Group components.

v.

Reviewing with the auditors the year-end audit (and interim audit) work program.