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Financial Advisory Committee (FINAC)

Terms of reference (Resolution 39 (Cg-XV))

Purpose

To provide advice from WMO Members to Congress and the Executive Council in a transparent fashion on:

(a) The affordability, sustainability and implementation of the results-based budget;
(b) Financial matters of the Organization;

 

Functions

(a) To advise on the adequacy of the linkage between results-based budget and the WMO Strategic Plan;
(b) To advise on the adequacy of regular and extrabudgetary resource allocations against expected results;
(c) To advise on financial matters, such as proportional contributions and Financial Regulations and any surplus;
(d) To advise on the overall budget level, taking into account issues of affordability and sustainability;
(e) To consider the reports of the External Auditor, the Audit Committee and other relevant bodies as necessary in the deliberation of these functions;

 

Composition

(a) President of WMO serves as chairperson;
(b) Core membership comprising the President of WMO and the presidents of the WMO regional associations;
(c) Open to all WMO Members;

 

Working arrangements

(a) The President should convene the meeting in time, and for a long enough period, to prepare a report prior to the commencement of Congress and the Executive Council;
(b) Relevant documents should be made available to the Members at least three weeks before the Financial Advisory Committee meeting;
(c) The Committee should follow the traditional procedures of such WMO bodies, seeking to formulate its recommendations through consensus views;
(d) The Committee should make its reports available to all WMO Members.

 

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