The Finance Committee (the “Committee”) is a committee of the Corporation’s Board of Directors (the “Board”) established to support the Board in fulfilling its responsibility to oversee the Corporation’s financial strategy and performance and support the Corporation’s mission, including the Corporation’s commitment to health equity.
The Committee is chaired by a Board member appointed by the Chair of the Board and the Committee shall have at least three (3) members at all times. Members should have corporate finance and/or business operational experience. Committee membership is appointed by the Chair of the Board and approved by the Board. Committee members serve one-year terms beginning January 1st and ending December 31st of that same year or until the new Committee is appointed by the Chair of the Board.
Committee membership is restricted to Board members but as needed, external expert ad-hoc individuals may be invited to Committee meetings or workgroups by the Chair of the Committee to assist with its work. Ad-hoc members are advisory only and are not considered voting Committee members.
The Committee will:
In carrying out its responsibilities, the Committee's policies and procedures should remain flexible in order to react to changing conditions and to ensure that the accounting and financial reporting practices of the Corporation are in accordance with all applicable requirements and are of the highest quality.
The Committee will meet at least annually and as often as its Chair or a majority of its members deems necessary or appropriate, either in person or virtually, and at such times, places and manner as its Chair and the Chair’s staff may determine. Deliverables, budget, and alternative meeting methods should be included in the decision-making process. The Committee Chair and the management team lead will develop an agenda in advance of each meeting and communicate meeting details to Committee members in a timely fashion.
As necessary, the Committee will meet in a joint session with other committees regarding items of concern to both committees.
The Committee will produce written minutes at the conclusion of each meeting, which will include an attendance record, a copy of the agenda and a full report of Committee discussions with documented recommendations and decisions. These minutes will be completed no more than three weeks following the meeting and forwarded to the Committee membership and the Office of General Counsel for review. Upon approval, Committee minutes, to the extent not confidential, will be posted on the ACS, Inc. Board Portal so all Board members may access them.
The Committee will conduct periodic performance evaluations to review the performance of the Committee in relation to the requirements of this Charter and such other matters as the Committee deems appropriate.