Finance Business Development and Resources Terms of Reference

Authority

• The Committee operates under the authority of, and reports to, the Board.

Remit

• Review, approve and monitor the implementation of the College’s Finance and Commercial Strategies and associated plans, and submit appropriate reports and make recommendations to the Board of Management on these strategies and plans.
• Review regular reports and key performance information in relation to all matters relating to the College’s finance and procurement functions, capital, estates and IT infrastructure functions, and its commercial income activities. Periodically review and approve the College’s policies and strategies concerning such matters.
• Carry out the oversight duties assigned to the Committee in the Financial Regulations, ensuring, on an annual basis, that these are fully compliant with the SFC’s Financial Memorandum.
• Provide advice to the Board of Management on all significant matters related to the College’s finances.
• Receive and approve the annual budget for recommendation to the Board of Management.
• Authorise, within the terms set out in the Financial Memorandum, the writing off of individual student debt.
• Receive and discuss College procurement reports.
• Review reports on the College’s commercial and international activities, to consider, assess, and manage associated risks, and new opportunities, and to oversee the implementation of new business, global and commercial activities.
• Review and monitor external engagement and commercial partnership activity, in line with the Edinburgh College Engagement Plan.
• Ensure that the College’s existing buildings, estates and IT infrastructure comply with statutory and regulatory requirements, are maintained to an appropriate standard and remain fit for purpose.
• Recommend to the Board of Management any matters of significance that fall within the Committee’s remit.

Membership and Attendance

• At least three Board members will be represented on the Committee. More than one-half of the Committee’s membership will comprise non-executive Board members. The remaining members may include the Principal, Chief Executive, and staff and/or student Board members.
• Additional members may be co-opted to the Committee with the approval of the Board of Management. Co-opted members shall contribute to the business of the Committee but will not have the right to vote.
• Members of the Committee shall elect a Chair from among their number. In accordance with the Standing Orders, approved and issued by the Board of Management, the Chair should be a non-executive member. The Committee may also choose to elect a Vice Chair.
• The Chief Operating Officer and the Vice Principal Corporate Development shall act as Executive Leads for the Committee.

Meetings and Quoracy

• The Committee shall meet at least three times in each academic year. Meetings will be conducted in accordance with the Standing Orders as approved and issued by the Board of Management.
• The quorum for a meeting of the Committee shall be no less than one-half of the members, as outlined in Membership and Attendance, who are entitled to vote. At least one-half of those attending must be non-executive members to complete a quorum.

Review

• Members will review the Committee’s Terms of Reference at least annually. Any amendments shall be submitted to the Governance and Nominations Committee for consideration and approval.