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IFAC 2013 Ordinary Council Meeting Minutes
financial management, as well as a European Commission (EC) report that called IPSASs an
“indisputable reference” for accrual-based public sector standards. Finally, Mr. Choudhury
provided a summary of his participation in meetings and conferences and articles for which he
had been interviewed.
Mr. Choudhury also highlighted his three crosscutting themes (or enablers) that are critical to IFAC’s
success:
Enhanced Stakeholder Engagement Management is implementing a stakeholder engagement
process and rolling it out across the organization. The process prioritizes our various
stakeholders and identifies relationship strategies and roadmaps.
Diversified Funding Diversified funding has been a key focus during the year as work continues
on both a revised new dues formula and various alternative funding sources.
Streamlined Processes Fit for Purpose All IFAC processes are being evaluated to determine
whether they are fit for purpose. From a governance perspective, fit for purpose is also being
considered as part of the Constitution Review.
3.3 The status of the implementation of the Operational Plan for 2013 (service delivery and financial
information)
The Council received a report from the Executive Director, Governance and Operations, Alta Prinsloo, on
the status of the implementation of the Operational Plan for 2013. Ms. Prinsloo noted that most of the
projects included in the plan are on target for completion by December 31, 2013. There are three services
that have revised targets within this year (one for an independent SSB and two for IFAC committees and
activities), 18 services that will be delayed into next year (12 for independent SSBs and 6 for IFAC
committees and activities), and one service that has been eliminated for an IFAC committee.
The reasons for the revised targets and eliminated service were highlighted on the summary dashboard.
None of the delays have been highlighted as a major concern, although there have been numerous open
staff positions which affected service delivery throughout 2013. Management continues to monitor the
risks associated with staffing pressures/unfilled positions and will continue to report on the implications for
service delivery. It is envisaged that many of the positions will be filled during the fourth quarter.
Ms. Prinsloo also reported that the full-year (FY) forecast shows a deficit of $224,000, while the budget
shows a deficit of $892,000. This significant favorable variance of $668,000 is mainly due to new
Member/Associate dues not included in the budget, limited Member dues adjustments/discounts, and cost
savings due to a number of staff vacancies and cost-cutting initiatives.
Finally, Ms. Prinsloo reported that during 2013, management, in consultation with the Planning and
Finance Committee (PFC), performed a detailed review of the Developing Nations Travel Subsidy. The
objective of the revised programwhich is now called the Travel Support Program for Board and
Committee Membersis to facilitate self-nominations, as well as developing country representation on
the boards and committees. The program is effective November 2013 and applies to IFAC Board
membership commencing on or after November 15, 2013 and other board and committee membership
commencing on or after January 1, 2014.
3.4 The proposed strategic initiatives and budget parameters for 2014
3.4.1 The proposed Strategy Implementation Plan2014 and 3.4.2 the proposed budget for 2014
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