Finance and Investment Committee Terms of Reference

Authority

Terms of Reference

Particulars

University Budget & Financial Performance

1. The Committee will, prior to their referral to Council, review and endorse:

a. the annual University budget, including targets, key performance indicators, and 5-year plan;

b. significant financial commitments; and

c. matters with significant financial impact on the University, including but not limited to:

i. human resources;

ii. physical resources;

iii. education; and

iv. research.

2. The Committee will:

a. monitor progress against the University budget, including any deviations from planned expenditure and performance against targets;

b. determine financial risk appetite and review risk related to financial matters;

c. monitor the financial performance of controlled entities, subsidiaries and joint ventures; and

d. monitor the financial ability of the University to deliver on its commitments.

Investment

3. The Committee will, subject to the Investment Policy, approve the Investment Strategy including, but not limited to,

a. the size of the University investment portfolio;

b. asset balances and classes;

c. restrictions or limitations on investment;

d. investment return targets and timelines;

e. investment funds managers; and

f. any other matters relating to the investment settings.

4. The Committee will monitor and review investment performance quarterly.

5. The Committee will review the Investment Strategy annually.

Delegation

6. The Committee, on the authority of Council, has the power to:

a. approve the write off of bad debts over and above the delegation of the Chief Financial Officer; and

b. approve investment-related matters in line with the Investment Policy.

Policy framework

7. The Committee will review policies which are reserved for Council approval (per the Policy Framework) and are relevant to these terms of reference. The Committee will monitor compliance with the Policy Framework in relation to relevant policies, in particular that policies are reviewed and updated as required.

Quorum

8. Quorum is half of the full membership plus one (ignoring any fraction).

Procedures

9. Papers will ordinarily be circulated to members one (1) week prior to the meeting, and late papers will be circulated no less than two (2) days prior.

10. Apologies must be tendered in writing to the Executive Officer.

Frequency of meetings

11. The Committee will meet at least four times per year, on dates agreed by the Committee.

Review

12. The Committee will review its Terms of Reference and operation every two years.

13. Council will review the effectiveness of the Committee annually.

14. The Committee will be subject to the External Review of Council as per the Council Charter.

Membership

Membership requirements

15. The Committee shall comprise of at least three members and not more than five members, including at least two appointed members of Council. Ex officio members are in addition to these five members

16. The Chancellor will not be a member of the Committee.

17. At least two members of the Committee must have formal qualifications and extensive knowledge of:

a.  Accounting and/or

b. Financial management

Ex Officio

18. The Vice-Chancellor shall be an ex-officio member of the Committee.

Appointment process

19. The membership of the Finance & Investment Committee will be appointed by Council taking into account the advice and recommendations of the Finance & Investment Committee Chair and the Executive Committee.

Chair

20. The Chair shall be appointed by Council.

Gender balance and Diversity

21. The Committee should as far as reasonably practicable be constituted of 40% men and 40% women, with the balance being of any gender.

Term of Office

22. Committee members shall be appointed for a term determined by Council, which will ordinarily be for two (2) years and shall be eligible for reappointment.

23. Service in excess of six (6) terms, or 12 years, requires a special resolution of Council.

Observers

23. The following persons will ordinarily be observers at the Committee, but may be requested to leave or remain for any item as the Chair deems fit:

a. General Counsel & University Secretary;

b. Senior Governance Officer (Council & Committees);

c. Vice-President (Corporate Services);

d. Chief Financial Officer; and

e. Treasurer.

Current Membership