The Institute Board is supported in its corporate governance and management responsibilities by an active committee structure. The following committee structure provides a mechanism for increasing the effectiveness of the Board and its meetings by ensuring that a full and focussed debate can take place at a committee level.
The Board's committees comprise the following:
The Audit Committee links the Institute Board with the Institute's continuous improvement programs, as determined by internal and external auditors. This committee promotes continuous improvement in Institute controls, financial reporting and risk assessment. The Committee makes recommendations to the Board on areas for improvement.
The Audit Committee meets at least quarterly.
The purpose of the Finance Committee is to monitor the Institute's performance against budget and to make recommendations to the Board on the Institute's Annual Budget Plan and expenditure. The role of the Finance Committee is also to consider and respond to financial reports, audit reports and other matters of a similar nature in relation to the Institute's financial operations.
The Finance Committee meets monthly.
The purpose of the Executive Committee is to deal with specific issues delegated by the Board, as well as urgent issues arising between Board meetings. It is the role of the Committee to determine and monitor the Chief Executive Officer's performance-related incentive payment along with Board membership issues.