FRC Finance Committee Charter
1. Objective
To assist the Financial Reporting Council (FRC) in performing its functions by advising on:
- the FRC’s budget, including the distribution of funds between the FRC, the AASB and the AUASB;
- the risk management processes of the FRC, and
- the FRC annual stock-take against its functions.
In carrying out its functions the Committee has full authority to investigate all matters that fall within the terms of reference of this Charter. As needed, the Committee may request from the FRC Chairman the use of FRC funds to obtain independent professional advice in discharging its functions.
2. Composition
The Committee is chaired by a member of the FRC and includes at least two other FRC members. The Chairman and members of the Committee are appointed by majority agreement of the FRC.
A quorum will comprise of any two Finance Committee members.
The Committee may invite the auditor, FRC staff members and/or other relevant persons to attend meetings and to provide information as necessary.
A non-Finance Committee FRC member may attend Finance Committee meetings as an observer.
3. Meetings
The Committee shall meet not less than three times a year and more frequently as circumstances require. Minutes of meetings of the Finance Committee will be confirmed at the following meeting of the Committee and should ordinarily be included in the papers for the next full FRC meeting.
4. Reporting
The key matters discussed at each committee meeting are to be reported by the Finance Committee Chairman to the FRC at the next FRC meeting. The report should include all matters relevant to the role and responsibilities of the Committee.
5. Other matters
The Committee shall also perform any other activities consistent with this Charter that the Committee or FRC deem appropriate.