The Finance Committee assists Council in the financial management and control of EMBL.
Council ensures that the financial requirements of the agreement establishing the EMBL and of the agreements with host member states are complied with.
The Finance Committee ensures that appropriate mechanisms are in place to monitor the financial activities of the EMBL, and will review the effectiveness of the Laboratory's financial reporting and internal control policies and procedures for the identification, assessment and reporting of risks.
The committee undertakes duties and responsibilities as may be attributed to it by Council and exercises on behalf of Council authorities delegated to it.
Council elects the chair and the vice-chair of the committee.
The committee examines the budget estimates and report thereon to Council, lays down the terms on which contributions of member states shall be paid, decide on the form of budget estimates and accounts, examines the annual accounts and receives the reports of the internal and external auditors and report thereon to Council, approves the carrying forward of provisions, authorises the establishment and defines the purpose and conditions (including investment conditions where appropriate) of all funds and accounts, notifies Council of the consequences of currency fluctuations and makes recommendations for remedial measures where such fluctuations are likely to disturb the balance of the budget, reports to Council on the financial implications of the admission of new member states, considers matters which, in accordance with the provisions of the staff rules and regulations, require the approval of the committee or recommendations from it to the Council, approves equipment purchases and building and engineering works valued at more than €250,000, authorises payments 10% in excess of contract prices, authorises writing off of losses of cash, stores or other assets of a value greater than €5,000 per loss.