Terms of Reference: Finance Committee

The Finance Committee’s mandate was agreed by the EITI Board in March 2010 through Board Circular 67 and modified by the 2013-2016 EITI Board through Board paper 24-5. Its mandate is to advise the EITI Board on strategic issues relating to the financing of the EITI International Management (EITI Board and EITI International Secretariat). This includes advising on securing funding to the levels agreed by the EITI Board when approving International Secretariat work plans and budgets, financial reporting, investment of liquidity, approving levels and use of the reserve fund, and oversight of financial operations in general. The Committee is also tasked with monitoring and reviewing the EITI's expenditure.

With support from the EITI International Secretariat, the Finance Committee shall:

1. Advise the EITI Board on strategic issues relating to the financing of the EITI International Management (EITI Board and International Secretariat). This includes advising on the securing of funding to the levels agreed by the EITI Board when approving International Secretariat work plans and budgets, financial reporting, investment of liquidity and accepting of financial operations.
2. Monitor and review the EITI's expenditure, including ensuring that it understands what the International Secretariat uses its funds for, whether the International Secretariat has appropriate processes for taking decisions with financial implications and whether it considers that the International Secretariat makes effective and appropriate use of its funding within its budget.

The Finance Committee was established through Board Circular 339. The members are listed on this page.

The Committee follows the EITI Observer Policy for EITI committees as approved on January 2018. Stakeholders interested in observing Committee meetings will find information on upcoming meetings here.

The Committee also follows the EITI Board’s Policy on quorum for committees as established at its 18^th EITI Board meeting in Jakarta in 2011 and reaffirmed in 2014:

For a meeting to be considered quorate, each constituency should have at least one member present and there should be at least one member from implementing countries. If a meeting is not quorate, decisions may be taken by correspondence on a no-objection basis following the circulation of meeting minutes. Any committee member can call for a non-quorate meeting to be ended. In the absence of a committee member, a colleague or a Board member from the same constituency may convey the position of the committee member.

The Committee follows the Board-endorsed “Good practices for committee calls”, available on pages 11 and 12 of the EITI Board manual, including deadlines for the submission of papers and individual responsibilities of Committee members.

The Committee follows the EITI’s Openness Policy. Committee members should be judicious in their sharing of the internal working documents of the Committee, which are not considered public in accordance with provision 4 of the EITI Openness Policy.

Members of the Finance Committee are expected to familiarise themselves with – and abide by – the EITI Association Code of Conduct.