Objective

The Oversight Committee shall carry out oversight function as delegated by the Council under “Scope and Authority” below.

Scope and Authority

1. To review the Institute’s annual operational plan and budget, and recommend to the Council for approval;

2. To oversee the Institute in its key operational collaborations with stakeholders;

3. To oversee the financial and operational performance of the Institute and table to Council for information;

4. To review annual financial statements of the Institute;

5. To review relevant strategic policies of the Institute and recommend to the Council for approval;

6. To review and approve key operational policies of the Institute;

7. To approve expenditure and other financial commitments as per the approved Limit of Authority and where expenditure and other financial commitments are above the authorities delegated to the Committee, make recommendations to the Council seeking the necessary approvals;

8. To approve the acquisitions or disposal of assets, investments, transactions or commitments of any kind as per the approved Limit of Authority and where acquisitions or disposal of assets, investments, transactions or commitments are above the authorities delegated to the Committee, make recommendations to the Council seeking the necessary approvals;

9. To approve the write off of bad debt/inventories as per the approved Limit of Authority;

10. As delegated by the Council through a resolution with any subsequent modifications, to have power to:

    • Open, operate and close a bank account(s) in the name of the Institute with the bank or banks approved in the resolution including authorising any change in signatories;
      and/or
    • Open, operate and close any bank instruments or provide instructions made for and on behalf of the Institute including authorising any change in signatories.

11. To review and approve bonus pool and range of annual increment for all employees;

12. To review and approve the hiring, contract renewal, performance assessment and promotion for employees who are in Grades 8 and 9;

13. To review and approve the performance assessment of employee in Grade 10;

14. To review and approve the overall salary grading structure, remuneration packages and terms of service as and when necessary;

15. The Committee shall receive reports from the other Committees on activities which would have significant financial implications to the Institute;

16. The Committee is authorised to delegate any of its powers to a sub-committee if it considers this appropriate;

17. To initiate, recommend and carry out other matters/functions in relation to the Institute delegated by the Council; and

18. To oversee and review the governance practices of the Institute including:

    • Stakeholder management;
    • Annual Strategic Key Performance Indicators;
    • Human Resource Management;
    • Financial Management;
    • Internal Control System;
    • Risk Management;
    • Strengthen values and ethics of organisation;
    • Handling of fraud and corruption;
    • Encourage innovation in management