Terms of Reference and Membership
A. Make recommendations to the Council on the University's annual revenue and capital budgets,within the strategies and plans approved by the Council, and monitor performance in relation toapproved budgets to ensure the long term financial sustainability of the University.
B. To approve revenue and capital projects in line with the limits outlined in the DelegatedAuthority Policy; such limits to be reviewed from time to time and adjustments to be approved byCouncil. To approve revenue and capital projects.
C. To review the Financial Statements.
Review and recommend to the Council the University's annual revenue, operating cost andcapital budgets and thereafter monitor performance against these budgets.
Review and approve the University's systems and procedures for accounting and exercisingfinancial control, taking account of the report of the Audit and Risk Committee.
Advise the President and Vice-Chancellor as the University's Designated Officer on the financialstatus of the University.
Review and recommend to Council appropriate funding arrangements to underpin financialsustainability.
Review and recommend to Council a medium-term financial plan.
Receive, review and consider generally the Chief Financial Officer’s report on the draft annualfinancial statements of the University and its subsidiary companies and entities, and the draftannual financial statements themselves, specifically, in relation to ‘going concern’ status.Following such review and consideration, to make recommendations within a report to the Auditand Risk Committee.
Formulate responses to relevant Audit and Risk Committee reports that have been submitted tothe Council for review and approval by the Council, and monitor implementation of approvedactions.
Review and approve the University's investment policy in the light of advice from the University'sprofessional investment advisers, subject to the approval of the Council as required.
Ensure proper oversight of strategic initiatives.
Establish expert and working groups as necessary to consider proposals in detail and receivetheir reports.
Consider reports on relevant financial matters relating to the University of Nottingham Malaysiaand the University of Nottingham Ningbo China.Membership
- The membership of the Committee shall comprise:
- Treasurer (Chair): Giles Willits
- Chair of Council: Sir Keith O'Nions
- President and Vice-Chancellor: Professor Shearer West
- Two Pro-Vice-Chancellors: Professor Robert Mokaya, Professor Zoe Wilson
- Up to three further external members of Council: Piyali Mitra, Sonya Leydecker, Stephen Odell
- One Senate representative on Council: Professor Joanne Lymn
- Students' Union Representative: Sean Nolan
- Up to three co-opted members
- Secretary: Margaret Monckton (Chief Financial Officer)
- No member of Finance Committee may also be a member of the Audit and Risk Committee.
- The Committee may invite members of UEB and other officers as necessary to attend as business requires.
- The Chair of Audit and Risk Committee and the Deputy Vice-Chancellor may also be in attendance at Finance Committee as an observer.
- Any member of Council who is not on Finance Committee may be in attendance as an observer for an individual meeting.
- The Chair may nominate an external Council member to chair the meeting in their absence.
The quoracy for the Committee is five to include two external Council members.
(Terms of Reference approved on 19 September 2023)
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