8 REGIONAL GENERAL COUNCIL - NTUC

c) General Fund Contribution 2012
The ITUC contributed a sum of SGD 1,264,371 (Euros 726,692. based on
exchange rate of SGD 1.74 = Euro 1). Consultation has been made between the
ITUC and the ITUC-AP to find projects to cover for the fall in income. The projects
should cover not only activities but also general administration. The consultation
had been supported by a group of the ITUC Executive Bureau Members from the
ITUC-AP, consisting of the ACTU, the INTUC, the JTUC and the SNTUC.
d) Exchange Loss
There was no clear decision or policy by the ITUC on how to deal with the
exchange fluctuations.
II. Auditors’ Observations and Comments
6. After having examined the financial report and related information, and clarification
obtained from the ITUC-AP General Secretary, we submit herewith our observations
and comments as follows:
a) Financial Position 2011 and Beyond
We express our concern about the serious impact of the foreign exchange
variations between the Euro Dollars and Singapore Dollars which resulted in a
considerable amount of reduction in the general fund contribution from the ITUC to
the ITUC-AP, and the ITUC has yet to give us a clear policy on how to settle the
exchange fluctuations.
Accordingly, in order to maintain a firm financial sustainability of the ITUC-AP
Secretariat, we request the ITUC to set the principles of regional allocations with
transparent criteria as soon as possible, so that the regional governing bodies, with
a certain degree of predictability, can take the necessary action accordingly.
b) Affiliation Fees
We have noted that the affiliation fees structure had been revised. We appeal to all
affiliated organisations to strictly comply with the constitutional obligation to pay up
their affiliation fees fully and timely.
c) ITUC-AP Activities
We have noted, with appreciation, that the ITUC-AP activities are based on the
Decisions of the 2 nd Regional Conference, consisting of 16 Resolutions, the
Platform of Action for Gender Equality and the ITUC-AP Youth Charter, which are in
line with the ITUC Congress decisions and programmes, giving due consideration
to regional particularities. We further request that the current level of activities
should be maintained despite the existing financial constraint.
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