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Skills Development Act, 1998 (Act No. 97 of 1998)


Standard Constitution of SETA Regulations

11. Finance Committee


(1) Establishment and composition of Finance Committee


The Accounting Authority must establish a Finance Committee consisting of a suitable number of persons with the knowledge and skills needed to perform the functions of the Committee.


(2) Functions of Finance Committee


(a) The Finance Committee must perform all. functions delegated to it by the Accounting Authority in order to ensure that the SETA meets the requirements of the Act, the SDLA, PFMA and the Treasury Regulations that relate to finance and the remuneration of the Chief Executive Officer, members, committee members and staff.
(b) The Finance Committee must evaluate and must make recommendations to the Accounting Authority in respect of—
(i) the budget, cash flow and financial statements of the SETA;
(ii) the financial policies of the SETA;
(iii) actions to implement the recommendations of the Auditor-General's Report and the internal and external audit reports of the SETA;
(iv) the execution of the legally mandated financial functions of the SETA; and
(v) the financial implications of policies, decisions and changes to the budget and Business Plan of the SETA.