BOARD OF DIRECTORS
Composition of the Board
The operations of the RFA are directed and controlled by a Board of Seven (7) directors appointed by the Minister of Finance, Economic Planning and Development and coming from both the public sector and the private sector.
Four (4) of the directors are nominated by and represent designated institutions, namely:
a) The financial institutions (represented by the Bankers Association of Malawi);
b) The Malawi Confederation Chamber of Commerce and Industry (MCCCI);
c) The fuel pricing authority (currently the Malawi Energy Regulatory Authority – MERA); and
d) The National Local Government Finance Committee (NLGFC).
Two (2) of the directors are ex-officio members – The Secretary to Treasury and the Secretary for Economic Planning and Development. One (1) member represents the general interest of the public.
The Board appoints a Chairperson and Vice-Chairperson from amongst themselves. The ex-officio members or any member employed in the public service are however not eligible for election as Chairperson or Vice-Chairperson of the Board.
The tenure of office for each director, other than ex-officio members, is three (3) years and directors are eligible for reappointment at the expiry of this period. For those directors nominated by and representing designated institutions, their tenure also expires on their ceasing to be representatives of the institutions which nominated them.
Board and Committee Meetings
The RFA Board is assisted in its oversight functions by two Board Committees: The Finance and Audit Committee and the Administration Committee.
The Finance and Audit Committee is responsible for assisting the Board in overseeing the RFA’s financial reporting process, the system of internal controls, the risk management process, the audit process, and the process for monitoring compliance with laws and regulations.
The current members of the Finance and Audit Committee are:
a) Mr Mac Fussy Kawawa Chairperson
b) Mr Alifeyo Banda Member
c) The Secretary to Treasury
The principal function of the Administration Committee is to assist the Board in directing the RFA’s human resources and administration policies. The following directors are the current members of the Administration Committee:
a)Matthews Chikankheni Chairperson
b)Chimwemwe Dunkalo Member
c) Secretary for Economic Planning and Development Member
The RFA Board, by law, meets at least once every two months. The Committees meet prior to and in preparation of every Board meeting.