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.

Tasks

The FARM Committee:

  • oversees the APC’s finances
  • assesses risks
  • reviews business policies and practices
  • ensures we continue to meet standards and best practice
  • improves our reporting
  • builds an ethical culture

Members

The Board appoints two of its Directors and an independent financial expert as members of the Committee.

  • Gayle Ginnane (Chair)
  • Professor Iqbal Ramzan
  • Paul Groenewegen

FARM Committee By-Law

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.

  1. Assist the APC to discharge its responsibility to exercise due care, diligence and skill in relation to the entity’s:
    • finances
    • risks
    • business policies and practices
    • compliance with applicable laws, regulations, standards and best practice guidelines
  2. Improve the efficiency of the Board by delegating tasks to the Committee and thus allowing more time for issues to be discussed in sufficient depth.
  3. Improving the quality of internal and external reporting of financial and non-financial information.
  4. Assisting in fostering an ethical culture throughout the organisation.

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:

  1. Monitor the APC’s finances and ensure budgets are prepared;
  2. Monitor the APC’s ability to assess, monitor and manage risks;
  3. Monitor and review the APC’s risk management plan as per the Risk Management Policy;
  4. Review the APC’s policies related to the FARM By-Law and make recommendations to the Board;
  5. Review and monitor the APC investments as per the Investment Policy
  6. Review the APC’s periodic financial reports and annual audited financial statements prior to their submission to Board;
  7. Liaise with the APC’s external auditor in relation to the scope, planning and follow up of audits;
  8. Periodically review the APC’s delegations and management systems;
  9. Provide a forum for discussion with senior management on corporate risks and related matters;
  10. Seek independent advice/expertise where this is believed warranted for due diligence; and
  11. Consider other related matters as referred to the Committee by Board.

The FARM Committee will consist of:

  1. Two APC Directors with relevant expertise appointed by the Board;
  2. an independent person appointed by the Board who has expertise in financial management.

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.

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.

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