Definition of Investment Committee
The Investment Committee shall consist of three members from the Board including the treasurer who is preferably an accountant by profession and who shall serve as its Chairperson.
Who Can be Investment Committee Member?
- Must be a member of the K-NADS.
- Must be Over 18 years.
- Cannot be A leader of another SACCO.
- Has no criminal record.
- Hold a degree in accounting, finance, or related field.
- Good communication skills.
- Does not hold political office at any level.
- The status of account MUST be up to date.
- Should not be a defaulter
The duties and responsibilities of the Investment committee include:
- Review and make recommendations to the Board on the financial plans of the SACCO ensuring its adequacy and soundness in providing for the SACCO current operations and long term stability.
- Review, discuss and make recommendations to the Board concerning significant financial planning, Management issues of the SACCO.
- Review periodic financial statements of the SACCO.
- Consider and advice the Board on investments and borrowings.
- Make recommendations to the Board on capital expenditure projects.
- Ensure all expenditure of the SACCO are within the approved budgets
- Review and make recommendation on finance related policies including investments, capital adequacy and financial performance monitoring.
- Ensure the SACCO liquidity is managed in good sound.
- Ensure establishment of Management succession plan in the SACCO.
- Ensure the Management adheres to approved human resource and related policies when spending SACCO funds.
Meetings of the Investment Committee
- Investment Committee shall meet only when the need arises for the benefit of members e.g when there is realization on inflation and deflation in the economies of scale.
- Minutes of all Investments Committee meetings should be recorded and maintained as permanent records of the society.
- The Accountant of the society shall meet at all times make available to the Investment Committee.