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Financial Regulations

Article

Corporate Governance

Section 4: Committees

4.1 Finance and Resources Committee

Monitoring of the College's financial position and financial control systems is undertaken by Finance and Resources Committee. The Committee will examine the draft annual budget and accompanying financial forecast and recommend their approval to Council. It will also receive periodic management accounts. The Committee will ensure that short-term budgets are in line with agreed longer-term plans and that they are followed. It will consider any other matters relevant to the financial duties of Council and make recommendations accordingly. The Committee will also ensure that Council has adequate information to enable it to discharge its financial responsibilities.

[See further information about the financial and other responsibilities of Finance and Resources Committee.]

4.2 Audit Committee

Institutions are required by their Financial Memorandum with HEFCE and by its Audit Code of Practice to appoint an Audit Committee. The committee is composed entirely of independent members and reports to Council. It has the right of access to obtain all the information it considers necessary and to consult directly with the internal and external auditors. The Committee is responsible for identifying and approving appropriate performance measures for internal and external audit and for monitoring their performance. It must also satisfy itself that satisfactory arrangements are in place to promote economy, efficiency and effectiveness. For further information about the financial and other responsibilities of Audit Committee, please see its terms of reference, which are based on the Model Terms of Reference for Audit Committees published by HEFCE.

4.3 Remuneration Committee

Remuneration Committee has the power to agree the Senior Management Team's remuneration and any severance payments. (Other conditions are approved by Council directly or by the Chair of Council on its behalf.)

4.4 Estates Committee

Estates Committee considers strategic planning matters relating to the College's Estate and monitors the implementation of College strategy as approved by Council.

4.5 Academic Board

Academic Board, which has powers defined by Ordinance, is responsible for overseeing the academic affairs of the College, and Council must by Statute (Statute 4) consult Academic Board before "determining any question or taking any decision on the allocation of resources which the Council considers to affect the academic policy of the College".