The Financial Review Committee (FRC) shall be comprised of a Chairman and two (2) members. The MEC shall select the FRC Chairman by resolution from the sitting Status Block Representatives by a majority vote. The Chairman of the FRC shall select two (2) members in good standing from the membership, subject to MEC confirmation by a majority vote.
Duties and Responsibilities
The Financial Review Committee (FRC) is established to conduct periodic internal reviews of flight pay loss payees as well as expenditures of FDX MEC funds. The FRC shall meet a minimum of twice per year to review MEC financial matters as directed by this policy. One of these reviews shall be a comprehensive system review and shall be concluded to provide a report no later than the second scheduled MEC meeting of the year. The second of these reviews shall be concluded to provide a report no later than the last regularly scheduled MEC meeting of the year. This second review should be based upon a cross section review of selected expenditures, unless otherwise directed by the MEC through resolution. Copies of these reports shall be made available for review at the MEC office to any member in good standing.