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Finance and Audit Committee (FAC) 

FAC was established by MEC to develop and agree the MRASCo's business plan for the next three years and associated budget for MRASCo including provision of MRA Services under the terms of the Services Agreement ('Agreement') with Gemserv Ltd. and in line with MRASCo's Objectives. 

FAC Objectives

The objectives of the committee are to:

  • Ensure that the Services Agreement continues to reflect the best balance of commercial requirements of MRA Parties (via MRASCo) and Gemserv;
  • Make recommendations to the MRASCo Board in relation to the annual accounts, and accounting policies and procedures; appointment of the auditors and the auditors’ report.

Meeting Frequency

FAC meet at the beggining of year to agree the budget before the next financial year. 

FAC Membership

Membership is fixed and comprises of a cross-section of relevant members from within:

  • Gemserv;
  • 2 Suppliers;
  • 1 Distribution representative; and 
  • Settlement Bodies (if required) as nominated by MEC.


Documents can be downloaded using the links below:

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