Finance and Resources Committee
Terms of reference
The committee shall consist of the Chief Executive and 5 other members of the Board (not including staff or student members). The Chief Executive cannot be elected as chair.
The Group Director (Commercial Strategy, Finance and Operations), the Group Director (Planning and Performance) and the Group Director (Human Resources and Organisational Development) shall be in attendance. Other staff may be invited to be in attendance for specific agenda items, with the purpose of answering questions from committee members if it is deemed appropriate.
The Director of Governance shall be in attendance and be responsible for:
- advising the committee on matters in relation to the Instruments and Articles of Government and other associated regulations;
- taking or overseeing the taking of minutes of the meetings.
- The committee shall normally meet five times per year.
- The quorum for meetings of the committee shall be 3 members of the committee.
- Outcomes of the committee meetings will be reported to the next scheduled meeting of the Board.
3.Access to meetings
The public shall not be admitted to the meetings.
4.The Role of the Committee
The role of the committee is as follows:
- To initiate and consider detailed planning associated with major strategic issues;
- To have oversight of the financial planning and value for money arrangements;
- To recommend adoption of the Annual Income, Expenditure and Capital Budget and medium term financial forecast to the Board;
- To request and receive reports on income and expenditure including major variations against approved budgets;
- To request and receive reports from other committees on any matter having a financial implication;
- To have strategic oversight of physical resource planning and facilities management;
- To consider strategic planning associated with major changes or development of the Group’s premises;
- To initiate and receive reports on the state of repair of the premises and planned maintenance within the allocated budget;
- To oversee and make recommendations where appropriate to the Board concerning any matters related to repair, maintenance and facilities management of the Group’s premises and to report to the Board when funds are insufficient to maintain the Group’s premises in a fit state of repair;
- To oversee the Group’s Human Resources strategy and practice including the monitoring of employment trends, including staff turnover, headcount, diversity, disciplinary cases and Employment Tribunals;
- To receive information reports on organisational changes and to advise the Board as appropriate of significant changes to the management structure;
- To monitor staff pay settlements and receive confirmation from the senior management team that fall within the Group’s annual budget as recommended for approval by the Board;
- To oversee employment policy including the consideration of changes to the Group’s employment policy, where new or substantial change is involved and to recommend for approval by the Board;
- To determine or advise the Board on any matter within its remit or other matter the Board remit to them.
The committee has the following additional delegated functions:
- within the approved annual budget, authorise any contract to purchase goods or services valued at over £750,000, subject to management monitoring reports being submitted on contracts over £100,000;
- approve the Group’s fees policy;
- consider and approve proposals to write off any debt having a value in excess of £150,000:
- recommend revisions to the financial regulations of the Board.
F&R minutes 3rd May 2016 [PDF]