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Finance Standing Committee

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 at the bottom of the page.

Responsibilities

  • Ensure that the finances of the RSPO are sound and commensurate with the RSPO's needs.
  • Recommend to the Executive Board revenue and project budgets for each year.
  • Ensure that risks to the RSPO's financial security are identified and managed appropriately.
  • Ensure compliance with the regulatory requirements of countries in which the RSPO operates.
  • Discharge these fundamental responsibilities within the terms of reference set out below.

Terms of Reference

  • Agree, prior to Executive Board approval, a budget for each year.
  • Monitor performance against budget and ensure that the Executive Board is kept fully informed.
  • Monitor cash flow and reserves and ensure that the Executive Board is kept fully informed.
  • Monitor the payment of subscriptions and recommend action in case of default
  • From time to time initiate studies into the RSPO's long term financial strategies and into current financial issues.
  • Monitor the preparation of the annual accounts and review the accounts with the auditorsprior to presentation to the Executive Board.
  • Ensure that regular reviews of risks are undertaken and that the RSPO management has appropriate procedures and controls in place.

Composition

  • 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.
  • The Chairman of the Committee shall be the Treasurer
  • Three members will constitute a quorum.
  • The Committee will meet quarterly and more often as required.