GSG 20-22 CWU Finances Review
18/August/2022
Description
You will be aware from previous correspondence and the Biennial Conference, that the Union engaged Fóla Partners to conduct a detailed review of the CWU financial activities over the past four years. The purpose being to comprehensively review our financial operations to ensure they are placed on a sound footing going forward.
Fóla found, that while financially healthy, the appropriate and necessary financial controls, procedures and systems, are not in place. Neither does the Union have the required experienced professional skill sets and disciplined financial management and oversight, to ensure financial probity, efficiency and good governance.
Following consideration of the report and recommendations, the National Executive Council decided to recruit professional assistance to ensure the following activities are put in place as soon as possible.
- Update the Finance administrative systems and upgrade the finance systems to allow more streamlined management and financial reporting going forward
- Update Financial controls in line with Union policy
- Move to annual budgeting and forecasting processes
- Prepare quarterly/monthly accounts in-house, including variance reporting to Budget.
- Review Payroll and Pension procedures
- Review Investment Strategy
- Examine Social Benefit Fund
- Simplify the presentation of accounts
I am pleased to advise the Union has recruited Stephen O’Kelly as Head of Finance to assist with implementation of the above.
Stephen is a qualified accountant with the relevant financial experience working in large organisations such as RTÉ, The National Museum of Ireland, Bausch & Lomb and Philips in senior finance positions, as well as various senior finance project roles for various SME companies. He brings a wide range of financial control expertise to help us achieve our aims.
Reporting to the General Secretary and working with the Finance Sub Committee of the National Executive Council, we will put in place the necessary financial controls that ensures accuracy and integrity of our financial performance from a management and statutory perspective.
On a separate note, I wish to advise that Canford Danga, Financial Assistant, has departed for pastures new and we wish him well and thank him for his service with the Union for the past number of years.