The Special Session of the Conference adopted the following financial regulation concerning the specific delegation of powers to the Committee on Financial Control.
“The Council may delegate to the Committee on Financial Control such specific financial and related function as it may determine. The delegation of such functions shall be incorporated in the Rules of Procedure of the Council.”
The Administrative Division has considered this matter and has prepared the following draft regulations for the consideration of the Council.
Functions of the Committee on Financial Control
Pursuant to Regulation XVI (2) of the Financial Regulations (amended by the Special Session of the Conference) the Committee on Financial Control shall have the following financial functions:
to review financial implications of the Director-General's budgetary proposals, including proposals for supplementary estimates and the details furnished by the Director-General on appropriations voted by the Conference for the ensuing second financial year and to make recommendations thereon to the Council;
to review budgetary transfers effected by the Director-General under the terms of Financial Regulation IV, paragraphs 6(a) and 6(c) and recommendations submitted by him for proposed transfers under the terms of Regulation IV, paragraph 6(b);
to review the quarterly statement of contributions received and outstanding, and the quarterly statement of receipts and expenditures, and submit recommendations thereon to the Council;
to review the Director-General's requests to make withdrawals from the Working Capital Fund for extraordinary and unforeseen expenditure and to make recommendations thereon for the approval of the Council;
to review the Director-General's actions with regard to the establishment of Trust and Special Funds;
to examine the Director-General's proposals with regard to the acceptance of voluntary contributions which involve additional financial liability to the Organization or member nations, and to submit recommendations thereon to the Council;
to note the reports of the Director-General to the Council concerning the bank or banks which he has designated as depositories for the Organization;
(a) to note the action which the Director-General has taken with regard to short-term investments of the funds of the Organization.
(b) to approve, on behalf of the Council, the Director-General's proposal with regard to the long-term investments of the funds of the Organization.
to consider and/or recommend proposals for the amendment of the Financial Regulations of the Organization and to submit recommendations to the Council for transmission to the Conference;
(a) to determine, on behalf of the Council after consultation with the External Auditors, the scope of the audit.
(b) to examine the annual accounts of the Organization and the auditor's report thereon, and to submit appropriate comments to the Council for its examination and transmission to the Conference.
to note communications from the Director-General with regard to detailed financial rules and procedures he has established in order to ensure an effective financial administration and the exercise of economy.
to submit to the Council reports of all its meetings, including recommendations for the circulation of such reports to member nations if the Committee on Financial Control so desires.
In addition, the Committee on Financial Control will be responsible for such other financial matters not included in the above as may be provided for in the Financial Regulations or specifically referred to the Committee by the Council.