SADC Financial Regulations Effective 1 April 2013 Signed PREAMBLE   IN EXERCISE of powers conferred on the Council of Ministers by Article 30 of the Treaty (as amended) for the Establishment of the Southern African Development Community, the Council hereby makes the following Financial Regulations. PRINCIPLES  OF  SOUND  FINANCIAL  MANAGEMENT   1. SADC financial resources shall be administered in accordance with the principles of good corporate governance, sound financial management and enterprise risk management. 2. Good corporate governance is a combination of processes and organisational structures implemented by management to inform, direct, manage and monitor the organisations resources, strategies and policies towards the achievement of the organisations objectives. 3. Good governance principles require that where SADC personnel may be deemed beneficiaries in a transaction or have conflict of interests shall recuse themselves from decisions relating to the transaction. 4. The principles of Sound financial management of economy, efficiency and effectiveness generally apply as follows: (a) the principle of economy requires that the resources used by the institution for the pursuit of its activities shall be made available in due time, in appropriate quantity and quality and at the best price; (b) the principle of efficiency is concerned with the best relationship between resources employed and results achieved; and (c) the principle of effectiveness is concerned with attaining the specific objectives set and achieving the intended results. 5. SADC financial resources shall be appropriated within its annual budget and such budgets shall be established and implemented in compliance with the principles of transparency and accountability. Whilst delegation of Authority is permitted by these regulations, ultimate accountability for the financial administration of SADC Secretariat shall always remain with the Accounting Officer. 6. Specific, measurable, achievable, relevant and time bound objectives shall be set for all sectors of activity covered by the budget. Page 4 of 100