The Finance Committee will:
1. Provide financial assurance to the members (and the Organisation) during the pre-construction phase
2. Provide advice to the Board on the financial aspects of planning for the construction phase.
3. Establish and plan for continuity of financial oversight for the lifetime of the SKA.
Terms of Reference of the Finance Committee
The Finance Committee shall evaluate the reliability, credibility, relevance, and timeliness of information in order to improve the quality of information and advice for decision makers.
The Finance Committee shall advise the Board on matters including, but not limited to:
- The annual budget proposals submitted by the Director;
- Proposals from the Director General for transfers within the budget during the Financial Year;
- The processes implemented by the Director General to identify, manage and monitor risks having a potential financial impact on the Organisation, and the risk reports from the Director General;
- The terms of reference of the external auditors;
- The need for the external auditors to make any additional, specific audits;
- The Financial Statements together with the external auditors’ report and the Director General’s comments;
- Reports from the Director General on matters of finance and industrial policy as regards their impact on the financial situation of the Organisation;
- Financial aspects of the medium term implementation plan submitted by the Director General;
- Financial aspects of the long-term planning for the SKA construction and operation, and for the SKA Organisation, including the continuity of the financial oversight;
- Such other matters as may be explicitly required by the Financial Rules and Regulations or requested by the Board, or that the Finance Committee considers should be drawn to the attention of the Board
The Finance Committee shall operate in accordance with its Rules of Procedure, as determined from time to time by the Board.
Either now or in the future, it may be desirable to consider including the following:
- The thresholds for reporting to the Finance Committee or for approval by the Finance Committee;
- The adjudication criteria for the award of contracts;
- The award of contracts in excess of the thresholds approved by the Board;
- Sales of SKA property;
- Use of financial instruments (e.g. if short-term loans were to be required to cover cash-flow issues)
- Changes that may be required to the Financial Rules (this assumes that Financial Rules are established).
Chairman of the Finance Committee: Mr David Luchetti (Dept of Industry, Innovation and Science)
|Canada||Mr. Morrick Vincent, NRC|
|China||Mrs. Xiaoyun Sun, CASTED|
|France||Mr Sébastien Borel, CNRS|
|India||Ms. Anita Shah Akela, DAE|
|Italy||Mr. Fabio Iannaccone, MEF|
|Netherlands||Mr Mark Brocken, NWO|
|New Zealand||Not Represented|
|South Africa||Mr Bishen Singh, NRF (Vice-Chair)|
|Sweden||Prof. Hans Olofsson, Chalmers University|
|United Kingdom||Dr Colin Vincent, STFC|
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