The Finance, Audit and Risk Monitoring (FARM) Committee is part of the Australian Pharmacy Council (APC) governance structure.
The Committee monitors and manages our financial and compliance risks.
The FARM Committee:
The Board appoints two of its Directors and an independent financial expert as members of the Committee.
The Finance, Audit and Risk Monitoring (FARM) Committee is a standing committee of the Australian Pharmacy Council Ltd (APC).
As per Section 24 of the APC Constitution, this By-Law sets out the objectives and role of this Committee. In the event of any inconsistency between the APC Constitution and this By-Law, the APC Constitution prevails.
The Finance, Audit and Risk Monitoring (FARM) Committee is established by the APC to monitor the APC’s financial and compliance risks.
Minutes of the FARM Committee will be circulated with the Board agenda papers prior to the Board meeting.
The primary function of the FARM Committee is to provide advice to the APC and address the following issues:
The FARM Committee will consist of:
The Board may appoint a fourth person as an Observer. As an Observer position does not carry any decision-making authority, the position with be non-remunerated. The Observer position will be for a maximum term of one year.
The term of office for each appointment shall be for three years, with a maximum of three terms for Director members and two terms for Independent members.
In the case of a vacancy occurring before the expiration of the term of office, the Board may appoint a replacement for the remainder of the period of office.
The Board will appoint the Chair who will be a Director of the Board. The appointment as Chair will be for a three-year term. The Board reserves the right to withdraw the appointment should it so desire.
The FARM Committee Chair is paid according to the Remuneration Policy.
Meetings shall be held four times per year, two of which shall be face-to-face. Special meetings may be called by any member with two weeks’ notice and requested in writing (electronic or other).
The quorum shall be two FARM Committee members.
The Committee will review its performance against its rationale and terms of reference and shall apply continuous quality improvement processes.