The purpose of the Finance and Resources Committee is to support Council fulfil its statutory responsibilities by agreeing the budget to be recommended to Council and scrutinising the finance and HR functions of the RSE. Minutes of meetings will be circulated with Council papers for information and discussion as required.
In performing this role, the committee will have regard to best practice for charities promulgated by OSCR and to current legislation and advice relating to corporate governance.
A) To support financial planning and budgeting through:
- Detailed scrutiny of the annual budget and business plan prior to presentation to and approval by Council
- Monitoring financial performance through reviewing quarterly management accounts
- Advising Council on medium-term (3-5 years) financial strategy with reference to overall strategy agreed by Council and business plan objectives
- Considering major infrastructure projects and disposal / acquisition of property and providing advice to Council on financial impact
B) To oversee risk management and internal systems and controls as they relate to finance and resourcing through:
- Reviewing the financial procedures of the RSE annually and reporting to Council on any systems and control failures and actions required to remedy
- Reviewing the risk register annually and feeding back to Audit and Risk Committee any comments or suggested amendments
C) To consider wider financial and investment policy through:
- Reviewing the reserves policy and strategy annually, including consideration of designated and restricted funds, and plans for investment
- Receiving and approving reports from the Investment Committee regarding the investment strategy being followed
- Monitoring and advising Council on pension arrangements and the pension liabilities of the RSE (with advice from the pensions sub-group)
D) To receive and approve the Reports from the Investment Committee on the implementation of Ethical, Social and Governance policy, and reporting to Council for guidance or decision, or otherwise as Council requires
E) To recommend to Council annual pay award to staff. To advise Council on strategic staffing matters, including consideration of additions or changes to contractual terms and conditions; equality and diversity; health and safety.
F) Consider any other business as may be brought to it from time to time by Office Bearers, the Chief Executive or Council
Ambit of authority
- Reviewing the annual operating budget
- Reviewing the financial procedures and limits
- Recommending the reserves policy
- Reviewing the investment strategy
- Reviewing infrastructure disposal / acquisition
- Approving the appointment of investment managers
- Reviewing the fundraising strategy
- Approving the opening / change of bank accounts and signatories
- Reviewing the pay grading structure
- Reviewing contractual changes to terms and conditions
- Recommending the annual pay award
- Meeting frequency/purpose: Four times a year (quarterly), with specific focus on budget and pay award at appropriate points in the annual cycle
- Committee quorum: four members, including Convenor or Vice Convenor
- Delegated budgetary responsibility: none
- Reports to: RSE Council
Appointment of members is by RSE Council except those who are ex-officio.
Length of Service: Ex-officio member serves for the duration of their period of office in the role which generates the ex-officio appointment. Other members may serve for four years.