FAC Meetings

meeting, decision making process

The Finance and Audit Committee policy must also include the steps for committee meetings, including that:

  • there must be the senior manager and the senior financial officer at all committee meetings, allowing for some exceptions. These officers attend the meetings to present information and answer any questions. They cannot vote and are not members of the Finance and Audit Committee
  • the committee must keep written records of who came to the meetings (committee members, the senior manager, and the senior financial officer)
  • the number of committee members required at a meeting must be at least half (50%) of the total number of committee members, including at least one Councillor
  • each member of the committee can have one vote on any question, so long as there are no conflicts of interest
  • votes that end in a tie will be decided as it is outlined in the First Nation’s FAL
  • the committee must meet at least once every quarter (once every three months). The committee must meet as soon as possible after they get the audited annual financial statements and report from the auditor
  • notes must be kept for each meeting, and these notes must include all important information discussed in the meeting
  • the committee must report to Council shortly after each meeting with what was discussed in the meeting
  • all outlines and information for each meeting are to be sent to the chairperson of the committee if the chairperson is not a Councillor
  • when the chairperson is not a Councillor, the chairperson is to be given any materials or information that is given to Council

If the First Nation has specified in its FAL that the Finance and Audit Committee can make rules for its meetings, the Finance and Audit Committee policy must include steps that the committee must put these rules in writing and that these rules must not conflict with any other directions given by Council.

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