Charter for the Finance Committee — W3C Inc Board of Directors

• Status: Approved by W3C Inc Board of Directors on 20 October 2022

Purpose

The Finance Committee assists the Board in fulfilling its oversight responsibilities to hold the Consortium to account regarding:

• On-going financial viability;
• Financial budgets and the availability of all analysis relevant to Consortium finances;
• Internal controls and financial/accounting processes;
• Accuracy and timeliness of financial statements.

Composition

The Committee consists of at least three Directors appointed by the Board. The Chair or Chairs of the Committee are appointed by the Board.

The Treasurer (CFO) will serve as ex-officio member of the Committee. Only the Directors may vote on matters pertaining to the Committee. The Committee may invite others with relevant knowledge or expertise. Any Director may attend meetings.

Delegated Powers

None, all decisions of the Committee are recommendations to the Board.

Confidentiality

The proceedings of the Committee operate under the same dissemination and confidentiality requirements as those of the Board.

Special conflict of interest rules

No Director shall vote on matters relating to or affecting their own employment or compensation.

Meetings

The Committee will meet at least quarterly, or more often as circumstances require.

Responsibilities and Duties

These following duties are not exclusive, and the Board may modify or supplement them as appropriate:

• Review the proposed operating budget for W3C (including partners) and make recommendation to the Board for approval;
• Recommend and monitor W3C’s financial performance against the approved budget and benchmarks; and recommend any necessary corrective actions to the Board for approval;
• Assess and communicate the on-going financial health, potential financials risks, and future needs of the W3C including recommendations for funding ;
• Review the accuracy of accounting and financial statements (Income Statement, Balance Sheet and Cashflow Statements);
• Review compliance with all tax regulations and reporting requirements;
• Provide oversight of the organization's financial controls (i.e., bank accounts and signers);
• Review any reports and information received from the organization's auditors, as applicable;
• Review the member dues and make recommendations to the Board.