Board of Directors
Finance & Audit
The Finance and Audit Committee (FAC) is accountable for both traditional finance and traditional audit responsibilities, which include providing guidance, review and oversight to the development of the annual budget and monitoring organizational performance versus budget; reviewing and recommending investment policy to the board; assessing overall financial risks and overseeing management’s risk mitigation strategies; and providing oversight to CFTC’s internal controls.
The FAC recommends the appointment of the external auditor to the board, monitors their independence, and reviews and recommends approval of the audited statements by the board. It also recommends the annual budget to the board, with the board responsible for final budget approval
NOMINATION & GOVERNANCE
The Nomination and Governance Committee’s (NGC) mandate is to assist the CFTC Board in fulfilling its oversight responsibilities in relation to nomination of directors; the size, composition and structure of the board and its committees; the overall approach to corporate governance; and the orientation and continuing education for directors.