The FAM Statutes provide a clear separation between strategic and oversight functions on the one hand and executive, operational and administrative functions on the other. The Congress is FAM’s Supreme and Legislative body. The Executive Committee is the strategic and oversight body, and the general secretariat is the executive, operational, and administrative body of FAM. The Standing Committees advise and assist the Executive Committee and the General Secretariat in fulfilling their duties, while the Independent Committees conduct their activities and perform their duties entirely independently but always in the interest of FAM and in accordance with the Statutes and regulations of FAM.
FAM’s Five standing committees report to the Executive Committee, advising and assisting the Executive Committee in their respective fields of function. The composition and structure, including qualification and number of members fulfilling independence criteria as well as the specific duties and powers of the individual committees, shall be stipulated in the FAM Statutes. For more information on the standing committees, please see article 47 of the FAM Statutes
Audit and Copliance Committee
The committee shall ensure the completeness and reliability of the financial accounting and review the financial statements, the consolidated financial statement and the external auditors’ report. It shall also advise and assist the Executive Committee in monitoring the Association’s financial and compliance matters and issue and monitor compliance with the relevant regulations of FAM. The committee members shall be knowledgeable and experienced in financial and/or regulatory and legal matters and may not be involved in any decision affecting the operations of FAM. The chairman, deputy chairman and the members of the Audit and Compliance Committee shall be proposed by the Executive Committee and endorsed by the General Assembly for a period of four years and may only be relieved of their duties by the General Assembly
The Appeal, Disciplinary and Ethics Committees are FAM’s judicial bodies and are three of FAM’s four independent committees. The three judicial bodies are to be composed in such a way that the members have the knowledge, abilities and specialist experience that is necessary for the due completion of their tasks. The chairperson, deputy chairperson and members of the FAM Statutes. They are elected by the FAM Congress to terms lasting four years, for a maximum of three terms. For more information on the independent committees, please see article 52. of the FAM Statutes.