Resources & Finance Committee

Standing Committee of Council

1.    Membership

1.1     Appointment of Chair

An external member of Council with appropriate business, finance and resource experience appointed by Council on the recommendation of Membership Committee.

1.2     Current membership

1.3     Duration of term

1 year or until Membership Committee and Council have considered and approved revised memberships, whichever is the latter.

Each year Councillors are invited to nominate for membership of Committees of Council.  Nominations are considered by Membership Committee and recommendations on membership forwarded to Council for its consideration.

1.4     Co-option of members

Resources & Finance Committee may co-opt additional persons, whether or not members of Council, who have expertise of particular value to the Committee’s proceedings.  Approval of each such co-option shall be reported to the Council meeting following the decision to co-opt.  At least half the members of the Resources & Finance Committee must be Council members and thus any such co-option is made subject to this requirement.

2.    Terms of reference

2.1       To seek to achieve the best possible disposition of physical and financial resources for the University, including the financial evaluation of physical resource developments and financial proposals.

2.2       To advise Council on financial and investment matters, including borrowings, and the annual plan and budget.

2.3       To review and monitor the financial performance of the University, including its investments, controlled entities and major commercial activities, and advise Council accordingly.

2.4       To recommend to Council annual key performance indicators[1] in relation to resources and finance, review performance against these indicators, and advise Council accordingly.

2.5       To advise Council on proposals to form, participate or be members of companies and other entities.

2.6       To take decisions on behalf of Council in accordance with financial delegations approved by Council.

2.7       Where matters are outside that delegation, the Committee will review the matter and provide a recommendation for Council approval. In the event that a significant matter of commercial-in-confidence is to be considered, the Vice Chancellor will consult with the Chancellor and the Chair of this Committee and request Council to appoint small oversight committee[2].

2.8       To review the Annual Consolidated Financial Statements and recommend their adoption to Audit & Risk Committee.

3.    Meetings

3.1     Frequency of meetings

As required.  Meetings by circulation are permitted provided the Chair deems it appropriate.

3.2     Quorum

Given the number of members is nine, the quorum is four.

4.    Reporting to Council

Following each meeting, the Committee shall submit a written report to the next meeting of Council.

5.    Sub-Committees of Resources & Finance Committee

Subcommittees of Resources & Finance Committee are to be Chaired by a member of Resources & Finance Committee.