Camco has formed a new audit and risk committee (ARC) to oversee the company’s system of internal controls and compliance with laws and regulations.
Meeting four times a year, the ARC will assist Camco in managing and mitigating its risks and oversee internal and external audit functions, as well as the general financial wellbeing of the company. This will include supporting Camco in maintaining compliance with the Green Climate Fund’s fiduciary standards, after the company was approved to become an accredited entity on 11 November.
The committee was appointed by Camco’s Board and is made up of three distinguished professionals with collective experience across finance, accounting, energy and sustainability. They are: David Ekabouma, Group Executive Director of Monitoring & Evaluation at the African Guarantee Fund; Jenny Knott, a highly experienced board-level investment banker and leading innovator in financial technologies; and Scott McGregor, an energy and technology specialist who has been a pioneer of the energy storage sector for over a decade.
Geoff Sinclair, Managing Director at Camco, said: “Auditing and risk is a critical aspect of being a fund manager and so I am delighted to have such a pedigree of experts join and advise the ARC, providing their expert support as we continue to grow as a business.
“As a new accredited entity of the GCF we must ensure that our audit and risk policies and producers meet the highest standards, and I have every confidence we will deliver with David, Jenny and Scott by our sides.”
One of the ARC’s first actions will be to oversee the establishment within Camco of an internal audit function focusing on knowledge and compliance with all policies, adherence to the process on investment decisions and the robustness of staff training with respect to anti-money laundering/financial crime.
The formation of the ARC follows the creation of a sustainable business board committee (SBC) in July to reinforce Camco’s long-standing commitment to positive impact and corporate responsibility.