The Advisory Board has responsibility to provide advice on the service and commercial activities and affairs of the Association. It shall work to protect and enhance the value of the assets of the Association in the interests of both current and future members, in line with the Strategic Vision of the Association.

Specifically, the Advisory Board is responsible for:

• assisting with any review of appropriate financial frameworks of governance and oversight of the Association to the Executive Committee;
• reviewing and recommending the financial components of the annual plan for approval by the Executive Committee;
• monitoring financial targets and providing feedback on these to the Executive Committee;
• ensuring there are adequate financial resources available to meet the Association's objectives;
• promoting ethical and responsible decision-making;
• determining overall financial targets, and recommending these to the Executive Committee;
• safeguarding the integrity of financial reporting;
• ensuring that effective risk management procedures are in place and are being used;
• monitoring the Chief Executive's financial performance within the strategic direction and operating frameworks of the Association;
• ensuring the Chief Executive provides the Executive Committee with a monthly summary of progress made towards commercial objectives, and highlighting any major issues that need attention;
• investigating reasons that any financial targets cannot be reasonably met, recommending strategies to the Chief Executive, and to the Executive Committee.

There are up to six (6) Advisory Board members, who are individually appointed for two (2) year terms. The Chair is then appointed from within those members. The Advisory Board may choose to delegate audit responsibilities to an appropriate member of the Advisory Board or form an Audit Committee to deal with these matters.