THE FINANCE COMMITTEE Clause Samples

THE FINANCE COMMITTEE. 1. There is hereby established a Finance Committee. The Committee shall be composed of 15 members with appropriate qualifications relevant to financial matters. States Parties shall nominate candidates of the highest standards of competence and integrity. 2. No two members of the Finance Committee shall be nationals of the same State Party. 3. Members of the Finance Committee shall be elected by the Assembly and due account shall be taken of the need for equitable geographical distribution and the representation of special interests. Each group of States referred to in section 3, paragraph 15 (a), (b), (c) and (d), of this Annex shall be represented on the Committee by at least one member. Until the Authority has sufficient funds other than assessed contributions to meet its administrative expenses, the membership of the Committee shall include representatives of the five largest financial contributors to the administrative budget of the Authority. Thereafter, the election of one member from each group shall be on the basis of nomination by the members of the respective group, without prejudice to the possibility of further members being elected from each group. 4. Members of the Finance Committee shall hold office for a term of five years. They shall be eligible for re-election for a further term. 5. In the event of the death, incapacity or resignation of a member of the Finance Committee prior to the expiration of the term of office, the Assembly shall elect for the remainder of the term a member from the same geographical region or group of States. 6. Members of the Finance Committee shall have no financial interest in any activity relating to matters upon which the Committee has the responsibility to make recommendations. They shall not disclose, even after the termination of their functions, any confidential information coming to their knowledge by reason of their duties for the Authority. 7. Decisions by the Assembly and the Council on the following issues shall take into account recommendations of the Finance Committee: (a) Draft financial rules, regulations and procedures of the organs of the Authority and the financial management and internal financial administration of the Authority; (b) Assessment of contributions of members to the administrative budget of the Authority in accordance with article 160, paragraph 2 (e), of the Convention; (c) All relevant financial matters, including the proposed annual budget prepared by the Secretary-General of ...

THE FINANCE COMMITTEE. (a) The Shareholders shall cause the Board to establish and maintain a finance committee (the “Finance Committee”) to perform such duties and have such responsibilities as are delegated to it from time to time by the Board, including coordinating all elements of the Project Debt and proposing the timing and size of all dividend distributions in accordance with the Dividend Policy. (b) The Finance Committee shall consist of four (4) members, with each Founding Shareholder having the right to appoint two (2) of its nominated Directors as members of the Finance Committee.

THE FINANCE COMMITTEE recommends the adoption of the subject matter of this article. Vote 5-

THE FINANCE COMMITTEE. 1. There is hereby established a Finance Committee. The Committee shall be composed of 15 members with appropriate qualifications relevant to financial matters. States Parties shall nominate candidates of the highest standards of competence and integrity. 2 . No t wo members same State Party. of the Finance Committee shall be nationals of the

THE FINANCE COMMITTEE. A Committee consisting of at least three (3) Directors, elected from the Board, shall serve as the Finance Committee. The Treasurer shall serve as the Chair of the Finance Committee. The Finance Committee shall work directly with the Executive Director and the Treasurer on matters related to the financial health and well-being of the Corporation. The Finance Committee shall discuss budget issues and review the annual budget and interim budget reports with the Executive Director, receive the auditor’s report, report on finance matters to the Board and Membership, and regularly assess the financial condition of the Corporation.