1. Legal Status and Governance  EAGC (Reg. 2006) is a limited liability Company by Guarantee. It has no share capital and no shareholders.  It dropped the right to use ‘Ltd’ in its name  In the event of winding up, there are no shares that guarantees liability. This is an inherent RISK  It is a ‘Not for profit’ organization. This means it can make surplus, but will not be distributed.  Board of Directors are volunteers and do not earn any income, but will be reimbursed for expenses incurred in the course of duty to the Council. EAGC Board Induction May 2013

2. Role of the Board  To provide direction by setting policies.  Approval of annual work plans;  Approval of annual budgets and monitor progress;  Seeking additional resources to support the activities of the Council;  Establishing and improving internal procedures and systems;  Representation and networking at local and international forums. EAGC Board Induction May 2013

3. Roles of the Board Cont’d  The Board has approved a Finance and Administrative Manual.  The manual describes flow of funds, authorities and delegation of authority, disbursement procedures, internal controls, financial and accounting policies and procedures, transaction flows, budget preparation, procurement, asset management etc.  The manual may be reviewed from time to time as recommended by management but this comes into effect after approval by the Board. EAGC Board Induction May 2013

4. AUTHORISATION  In General the Executive Director is responsible for authorization of all transactions up to US$ 10,000.00.  This role has been delegated to FM for amounts up to US$ 1,000.00.  The Board gives authority for amount over US$ 10,000.00  The Council has Insured Board Indemnity US$ 180,000.00  No person should authorize transaction that S/he will benefit.  No subordinate should authorize a payment for manager senior to him/her. EAGC Board Induction May 2013

5. DIRECTORS RESPONSIBILITY  Preparation of Financial Statements that give a true and fair view of the state of affairs of the Council viz: 1. Statement of Comprehensive income 2. Statement of Financial Position 3. Statement of changes in Funds 4. Statement of cash flows EAGC has been audited from 2007 to 2012 with unqualified opinion (successful smooth Audits) EAGC Board Induction May 2013

6. Contd…  Design, Implement, and Maintain Internal controls - Policy  Preparation of Financial statement that are free from material misstatement whether due to error or fraud using IAS, IFRS and laid down policies.  This responsibility is part of Corporate Governance and is implemented by management.  Management should be held accountable by the Board for its performance.  The Board is however still responsible for this function. EAGC Board Induction May 2013