Roles & Responsibilities of Committees

Purpose:
To provide members and stakeholders with a comprehensive, high-level understanding of each committee’s function, decision-making power, and impact on Monivest operations, projects, and cooperative governance.

Overview
Monivest is structured to balance operational efficiency, strategic oversight, and member participation. Committees form the backbone of cooperative governance, ensuring that every project, loan, and financial decision aligns with legal requirements, ESG principles, and cooperative objectives.

1️⃣ Key Committees and Their Functions

a) Finance & Audit Committee

• Monitors savings, loans, and project disbursements

• Conducts periodic audits to ensure transparency and compliance

• Reviews financial risks and implements mitigation strategies

• Approves budgets for cooperative projects and operations

b) Projects & Operations Committee

• Evaluates and approves new cooperative projects

• Oversees daily execution and monitors KPIs for project performance

• Ensures projects comply with legal, ESG, and cooperative standards

• Coordinates with field teams and leaders to optimize impact and profitability

c) Advisory & Leadership Committee

• Provides strategic mentorship to members and leaders

• Guides decision-making for major proposals and cooperative policies

• Monitors member engagement and community impact initiatives

• Supports the recruitment and training of field associates and growth leaders

d) Compliance & Legal Committee

• Ensures adherence to Nigerian cooperative law and financial regulations

• Reviews contracts, loan agreements, and project terms for legality

• Monitors AML/KYC compliance and regulatory reporting

• Investigates disputes and ensures transparent resolution processes

e) Risk Management Committee

• Assesses financial, operational, and market risks

• Develops mitigation strategies for projects and cooperative investments

• Monitors collateralized loans, insurance, and project safeguards

• Provides risk reports to the board and members

2️⃣ Committee Interaction & Decision Flow

• Committees review proposals and recommend approvals or adjustments

• Final decisions are ratified through dashboard voting or board approvals

• Transparent reporting mechanisms ensure members see how decisions are made

3️⃣ Member Involvement

• Active members can submit project proposals to relevant committees

• Shareholders vote on major cooperative initiatives

• Advisors provide mentorship and oversight without conflict of interest

• Committees facilitate training sessions to integrate new members into governance

4️⃣ Advanced Governance Practices

• Data-Driven Decisions: Committees rely on analytics dashboards for savings, loans, and project KPIs

• ESG & Compliance Integration: Every committee considers environmental, social, and regulatory impact

• Continuous Audit & Feedback Loop: Monthly reports are reviewed by finance and risk committees for proactive intervention

5️⃣ Pro Tips

• Familiarize yourself with committee charters and mandates to know where to contribute

• Track updates and minutes via the dashboard to influence decisions

• Engage actively in project reviews and compliance updates for strategic insights

• Use committee reports to guide personal savings, loan, or project participation