Finance and Resources Committee
Secretary: Mike Edge, Email: firstname.lastname@example.org
Terms of Reference
The Committee’s responsibilities and decision-making powers are as follows:
On behalf of the Council, to provide strategic oversight of the University’s planning, performance, finances and resources, staff, capital and investment strategy.
- To review institutional budgets, activity plans, and frameworks, and to recommend them for approval to Council.
- On behalf of Council, to oversee financial sustainability through monitoring high-level delivery of financial performance. To also consider the quarterly financial performance reports in advance of submission to Council.
- To oversee longer-term financial plans for the University and to review and recommend the framework within which planning and resource allocation should take place.
- To review the financial elements of the University’s Annual Financial Statements prior to their consideration by Council.
- To review and recommend to Council the University’s Financial Regulations.
- To regularly review the financial elements of the University’s Scheme of Delegation and advise Council accordingly.
- To approve the University’s annual Transparent Approach to Costing (TRAC) returns to the Office for Students.
- Under delegated authority, to approve policies and procedures relating to financial management, and oversee the effective implementation of such policies.
- On behalf of Council, to monitor compliance with regulatory requirements (e.g. relevant OfS conditions and funding requirements).
- On behalf of Council, to receive reports on the financial performance and operations of the University’s Subsidiary Companies.
Planning and Performance:
- To approve plans for the annual planning and performance cycle, including theproposed planning parameters.
- To monitor the achievement of strategic plans and institutional budgets.
- To oversee the strategic planning governance framework.
- To review and recommend to Council Human Resources strategies and major new policy developments.
- On behalf of Council, to approve Human Resources related policies and procedures, and oversee the effective implementation of such policies; providing general oversight of the University’s compliance with relevant regulations, standards and codes of practice.
- To monitor and report to Council on progress in achieving improvements to key Human Resource metrics (e.g. progress against diversity and inclusion targets).
- In advance of submission to Council, to receive and consider reports on employee pension arrangements and consider any consultation response proposals regarding changes to the rules or terms of the pension schemes.
Capital and Estates:
- To monitor performance and delivery against the Estates Strategy.
- To monitor performance of the Capital Plan, including financial and non-financial elements and post-project completion Capital Plan.
- To approve, under delegated authority, capital schemes of a value between £5m-£15m.*
- To review and recommend to Council approval of capital schemes in excess of £15m.
- To monitor performance and delivery against the Digital Strategy.
- To monitor performance of investment in Digital Technologies, including financial and non-financial elements and post-project benefits analysis.
- To approve, under delegated authority, capital investment in technology infrastructure schemes of a value between £5m - £15m.*
- To review and recommend to Council approval of digital technology capital schemes in excess of £15m.
- Through quarterly reporting from the Investments Sub-Committee, to oversee the implementation of the University’s Investment Strategy, monitor the performance of investments and to advise Council on any matters of concern.
- On the advice of the Investments Sub-Committee, to consider and make recommendations to Council on the University’s overall Investment Strategy and objectives, including in relation to the University Ethical Investment Policy, and ESG considerations generally.
- To monitor and keep under review the effectiveness and the activities of the Investments Sub-Committee.
The Finance and Resources Committee reports to Council.
The Finance and Resources Committee will receive reports from the Investments Sub-Committee, the University’s main Subsidiary Companies, and the Enterprise Board.
Frequency of Meetings
The Finance and Resources Committee usually meets on four occasions during the academic year.
The quorum for meetings of the Finance and Resources Committee shall be four members, including at least two lay members of Council.
* Capital financial delegated authority levels stated only apply to those projects already identified in the Capital Plan.
Any projects that could be considered sensitive should still be reported to Council for approval, even if these projects are lower in value.