Composition of FAC

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FAC Size

Members of the FAC can consists persons who are or are not Commissioners. A person to be appointed as a Member of the the FAC shall be chosen for their ability, experience, professional qualification and suitability for the appointement. Such persons shall hold office for such periods as the Board may determine.

The size of the FAC is determined by the Board. Generally, the Board at its first meeting following their appointement by the Minister and publication in the Gazette elects members of the FAC by a majority vote. Subsequently, the Chairperson, with consideration of the desires of individual Commissioners and after consultation with the DG, is responsible for assigning Commissioners to the FAC.

The Board through the Chairperson shall ensure as a whole, the FAC has sufficient qualifications and experience to fulfil its duties. Each member shall be both independent and financially literate. At least one member shall be designated as the “financial expert,” as defined by applicable legislation and regulation.
Board membership criteria set out in the Board Charter shall be used in the appointment of an individual as a member of the FAC, who is not a Commissioner. Membership is determined with a view to providing some continuity to the FAC.

FAC Chairperson and Vice Chairperson

The FAC shall be headed by an independent non-executive Chairperson who shall be elected by the Board. The Vice-Chairperson shall be elected by the FAC from among its Members.

Term Limit

A Member shall hold office for a period of three (3) years and shall be eligible for re-appointment for another three (3) year term. Members positions are not permanent. Members serve only as long as they add value to the FAC. A Member’s ability to continue to contribute to the FAC is examined each time the Member is considered for re-appointment. The Office of a Member shall fall vacant as defined in the Board Charter.

Functional Committees
The FAC may create functional/sub-committees at any time to perform specific tasks or responsibilities. Terms of reference, membership and reporting arrangements are to be specified at the time of establishing the sub-committee.