Finance
Background
The Roundtable on Sustainable Palm Oil is a not-for-profit organisation registered in Zurich and funded largely by membership funds. Ordinary members pay €2 000 per year, small growers (less than 500 hectares) pay €500 per year, affiliate members pay €250/year and Supply Chain Associate members pay €100/year. The organisation has also been assisted by intergovernmental, governmental and non-governmental organisations, especially in its early years. Members have also supported by provide support-in-kind and a great amount of volunteerism.
Funding is used in activities and projects to further the RSPO's objectives and to operate the Secretariat in Kuala Lumpur and a Liaison Office in Jakarta. The annual audited accounts of the organisation in recent years may be viewed below:
Responsibilities
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Ensure that the finances of the RSPO are sound and commensurate with the RSPO’s needs. |
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Recommend to the Executive Board revenue and project budgets for each year. |
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Ensure that risks to the RSPO’s financial security are identified and managed appropriately. |
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Ensure compliance with the regulatory requirements of countries in which the RSPO operates. |
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Discharge these fundamental responsibilities within the terms of reference set out below. |
Terms of Reference
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Agree, prior to Executive Board approval, a budget for each year. |
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Monitor performance against budget and ensure that the Executive Board is kept fully informed. |
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Monitor cash flow and reserves and ensure that the Executive Board is kept fully informed. |
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Monitor the payment of subscriptions and recommend action in case of default. |
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From time to time initiate studies into the RSPO’s long term financial strategies and into current financial issues. |
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Monitor the preparation of the annual accounts and review the accounts with the auditorsprior to presentation to the Executive Board. |
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Ensure that regular reviews of risks are undertaken and that the RSPO management has appropriate procedures and controls in place. |
Composition
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The Committee will comprise up to four Executive Board members, including the Treasurer, as well as the Secretary General and the Finance and Administration Director. |
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The Chairman of the Committee shall be the Treasurer |
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Three members will constitute a quorum. |
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The Committee will meet quarterly and more often as required. |
(d.d.16 September 2010)
