Board of Directors

The board of directors (BOD) is the governing body of the Sacco and includes the Chairman, Vice chairman, Treasurer and Honorary Secretary who are elected by the board from amongst the members of the board. Members of the board hold office for a period of three (3) years with one-third of the board members retiring every year but are eligible for re-election.

To assist the BOD in its service delivery, there are two main units complimenting each other:

a)Central Management Committee- which through the Management Staff is charged with operations of the Sacco.

b)Supervisory Committee- Which is responsible for oversight and advisory responsibilities.

Central Management Committee

Finance and Adminstration Sub-committee
FINAD Committee duties are to:-

• Review and make recommendations to the board on the financial plans of the Sacco and ensure their adequacy and soundness in providing for the Sacco’s current operations and long term stability.
• Review, discuss and make recommendations to the board concerning significant financial planning, management and reporting issues of the Sacco society

Credit Sub-committee
The Credit Committee holds such meetings as the business of the Society may reasonably require.
The credit committee’s duties are to:-

• Ensure establishment and review of appropriate credit policy consistent with the relevant provisions of the Regulations and by-laws.
• Ensure that the problem in loan accounts are adequately identified and classified as prescribed in the Regulations.

Internal Audit Sub-committee

The audit committee has a duty to:

• Ensure establishment and review of the internal control system.
• Review performance and findings of the internal auditor and recommend remedial actions regularly and at least once in every three months.

  Education Sub-committee
Education committee duties among others are:

• Review and recommend education programs for members, board members, and the management for approval by the board.
• Monitor implementation of educational programs formulated to ensure that the members and the board are well trained and prepared for the tasks they are entrusted with.

Supervisory Committee

The Supervisory Committee consists of three members who must not be employees of the Society’s or serving on the Management Committee or any other Committee of the Society. The Supervisory Committee is responsible for the Society’s compliance and internal control and oversight. It is also responsible for the truth and accuracy of the Society’s financial condition, and for making sure that the Society’s administrative practices and procedures are adequate to safeguard the members’ and the Society’s rights and interest.

The supervisory committee counter checks the effectiveness of the society’s internal controls through:

• Verification of all transactions of the Sacco society
• Writing periodic report to be tabled at board meetings
• Presenting its reports to general meeting