Objective

The Oversight Committee is established by the Council as a committee which functions as a medium between Council and Management to ensure that policies, business strategies and any major operational issues are managed efficiently and effectively and that the requirements of good corporate governance practices are observed.

Scope and Authority

Within the authorities delegated to it by the Council, the key tasks of the Oversight Committee are to:

1. To oversee, monitor and prioritise strategic issues and chart strategic directions for action by the Management and employees of the Institute.
2. To guide the Institute in its relations with stakeholders including government, public, regulators and employees;
3. To oversee the financial, operational and performance of the Institute;
4. To review the Institute’s budget and recommend to Council for approval;
5. To review the monthly management accounts and table to Council for information;
6. To review yearly financial statements of the Institute and recommend to Council for approval;
7. To approve expenditure and other financial commitments up to the amount as per 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 revision of operation manuals and relevant key policies & procedures;
9. To approve the acquisitions or disposal of assets, investments, transactions or commitments of any kind where the actual or potential liability or value as per 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;
10. To approve the write off of bad debt/inventories as per Limit of Authority.
11. As delegated by the Council, to have power by resolution with any necessary modifications, if need be:
    1. to open and operate a bank account(s) in the name of the Institute with the bank or banks approved in the resolution; and/or;
    2. to open and operate any bank instruments or provide instructions made for and on behalf of the Institute.
12. To oversee senior employee appointments and development as well as succession planning;
13. To determine employee salary review, bonuses, remuneration packages and terms of service;
14. The Committee shall receive reports on all business issues from the other Committees which would have financial implications to the Institute;
15. The Committee is authorised to delegate any of its powers to a sub-committee or an ad-hoc committee if it considers this appropriate;
16. To initiate, recommend and carry out other matters/functions in relation to the Institute delegated by the Council or deemed appropriate by the Oversight Committee; and
17. To oversee and review the governance practices of the Institute.