SSMACS
SMACS Ecosystem Sign Up Login
Leadership · Governance · Accountability

SMACS BOARD OF TRUSTEES

The SMACS Board of Trustees provides strategic leadership, governance, oversight and accountability in accordance with the objectives and interests of the SACCO.

Governance mandate

THE BASIC RESPONSIBILITIES OF THE BOARD

01 —

Determines the Mission and Purpose

It is the Board's responsibility to create and review a statement of mission and purpose that articulates the organization's goals, means, and primary constituents served.

02 —

Guides in the Formation of the Executive

The Board must reach consensus on the Executive's responsibilities and undertake a careful search to find the most qualified individual for the positions.

03 —

Supports and Evaluates the Executive

The Board should ensure that the Executive has the moral and professional support they need to further the goals of the SACCO.

04 —

Ensures Effective Planning

The Board shall actively participate in an overall planning process through reports from the Executive and assist in implementing and monitoring the planned goals.

05 —

Monitors and Strengthens Programs and Services

The Board's responsibility is to determine which programs are consistent with the organization's mission and monitor their effectiveness.

06 —

Protects Assets and Provides Proper Financial Oversight

The Board must assist in developing the annual budget and ensuring that proper financial controls are in place.

07 —

Ensures Legal and Ethical Integrity

The Board is ultimately responsible for adherence to legal standards and ethical norms.

Stewardship policy

FUNDING, BENEFITS & OPERATIONAL COSTS

Most SACCO management officials can't be paid anything, even after serving for long. Unpaid trusteeship is a distinctive feature of a SACCO which contributes greatly to how public confidence and trust in them is lost.

If the correct policies and processes are created, then followed, a Trustee Fund may be the best start to find ways of rewarding the work of the Board of Trustees of the SACCO.

In exceptional circumstances and again, if the correct processes are followed, the SACCO may also seek to remunerate a trustee for their trusteeship.

When considering the issue of payments to trustees, it is done in the best interests of the SACCO members and ensuring that the SACCO interests are prioritized.

Example of defined funding

EXAMPLE OF DEFINED FUNDING

Recommended profit-sharing range

2.8% — 6.5%
  • There is no set amount that must be contributed each month.
  • There should be a maximum amount that can be contributed.
  • The maximum contribution may fluctuate with inflation.

Any remuneration remains subject to the appropriate policies, processes and exceptional circumstances described above. It is not an automatic entitlement.

Governance structure

COMPOSITION OF THE BOARD OF TRUSTEES

Board leadership

EXECUTIVE DIRECTOR

Responsible for steering the SMACS Board of Trustees and managing its operations.

BOARD / EXECUTIVE FUNCTIONS

CHIEF HUMAN RESOURCES OFFICER

CHRO

Responsible for developing and executing human resource strategy in support of the overall business plan and strategic direction of the SACCO.

  • Succession planning
  • Talent management
  • Change management
  • Organizational structure
  • Performance management

CHIEF INFORMATION AND PROGRAMS OFFICER

Responsible for the SACCO's information technology and computer systems.

  • Assessing current processes
  • Recommending software upgrades
  • Approving programs
  • Directing the Executive Team on the best processes

CHIEF MARKETING & INVESTMENTS OFFICER

CMIO

Responsible for overseeing the planning, investments, development and execution of the SACCO's marketing and advertising initiatives.

The CMIO ensures the organization's message is distributed across channels and to targeted audiences in order to meet sales objectives.

CHIEF ACCOUNTING OFFICER

The senior executive responsible for monitoring the financial actions of the SACCO.

  • Tracking SACCO cash flow
  • Financial planning
  • Analyzing the SACCO's financial strengths and weaknesses
  • Proposing corrective actions and decisions related to finances
Accountability in practice

BOARD MEETINGS

Formal Board Meetings

A Board Meeting is a formal meeting of the Board of Trustees of SMACS LTD, including invited guests, held at definite intervals and as needed so as to review performance, consider policy issues, address major problems...

  • Review of performance
  • Policy issues
  • Major problems
  • Invited guests where applicable