Terms of Reference

1 Purpose

To provide strategic oversight of the University’s financial, investment, estates and people affairs and to advise Court on any other business of particular importance or complexity.

2 Composition

2.1 The Committee shall consist of eleven members.

2.2 The Principal, the University Secretary, and the Vice-Principal with responsibility for planning and resources shall be ex officio members of the Committee.

2.3 The other members of the Committee shall consist of: one staff member of the Court, one member appointed on annual basis by the Students’ Association (normally the President) and the remaining to be lay members of Court at least one of whom shall be a General Council Assessor.

2.4 Court shall appoint members of the Policy and Resource Committee on the recommendation of the Nominations Committee.

2.5 The Nominations Committee shall take cognisance of ex officio members of the Committee when making recommendations and in particular take regard of the expertise required of members of this Committee in the areas of finance, investment, estates and people matters.

2.6 The term of office of lay members will be no longer than their membership of Court and will be for a maximum of three years.

2.7 The term of office of the staff member and General Council Assessor will be no longer than their membership of Court and will be for a maximum of three years.

2.8 Previous members are eligible for re-appointment up to a normal maximum of two consecutive terms of office.

2.9 The Convener of the Committee shall be a lay member of Court appointed by Court on the recommendation of Nominations Committee.

2.10 Members of the Audit and Risk Committee are not eligible for membership of this Committee other than in exceptional circumstances and in any case the Convener of the Audit and Risk Committee cannot also be a member of the Policy and Resources Committee.

2.11 All members of the Policy and Resources Committee are expected to comply with the University’s Code of Conduct as set out in the University’s Handbook and declare any interests which may conflict with their responsibilities as members of the Policy and Resources Committee.

2.12 Senior Officers of the University may be in attendance at the Committee, in particular the Director of Corporate Services, the Director of Finance, the Deputy Secretary, Strategic Planning, the Director of Estates and Buildings and the Director of Human Resources shall be invited to attend all meetings.

2.13 Other individuals from within or out with the University may also be invited to attend meetings from time to time to provide the Committee with information on specific items on the agenda.

3 Meetings

3.1 The Committee will meet as required to fulfil its remit and will meet at least five times each academic year. Meetings may be held in person or virtually by the means of videoconference, teleconference or other means. With the prior approval of the Convener of the Committee urgent matters may be considered through correspondence.

3.2 Meetings will be timetabled on an annual basis and will take account of the schedule for Court meetings to ensure appropriate reporting.

3.3 Minutes, agendas and papers will normally be circulated to members of the Committee at least five working days in advance of the meeting. Late papers may be circulated up to two days before the meeting. Only in the case of extreme urgency and with the agreement of the Convener will papers be tabled at meetings of the Committee.

3.4 Non-contentious or urgent matters not on the agenda may be considered at a meeting subject to the agreement of the Convener of the meeting and the majority of members present.

3.5 Minutes, agendas and papers will also be circulated to those routinely in attendance at meetings at least four working days in advance of the meeting unless the originator of the paper otherwise determines. Any other person in attendance at the meeting will be issued with papers appropriate to their reason for attendance.

3.6 Papers will indicate the originator/s and purpose of the paper, the matter/s which the Committee is being asked to consider and any action/s required and confirm the status of the paper in respect of freedom of information legislation.

3.7 Four members of the Committee shall be a quorum. This number must include two lay members one of whom shall be appointed Convener by the majority of members present for the duration of the meeting should the Convener not be present.

3.8 A formal minute will be kept of proceedings and submitted for approval at the next meeting of the Committee. The draft minute will be agreed with the Convener of the Committee prior to circulation and in the case of the absence of the Convener at a meeting the Committee member appointed to act as Convener for the duration of that specific meeting.

4 Remit

Strategic direction

4.1 To advise on the strategic direction of the University taking cognisance of the interests and responsibilities of the Senate.

4.2 To consider and recommend approval to Court of the University’s Strategic Plan.

4.3 To monitor progress against agreed targets and goals as set out in the University’s Strategic Plan and to advise Court on any matters of concern.

Financial

4.4 To oversee the University’s financial affairs, and in particular:

4.4.1 To advise the Court on the proper control and management of the University’s financial resources;

4.4.2 To approve the design of the planning and budgeting process, ensuring that it brings together academic, physical, and financial aspects and to recommend to Court approval of the resulting plan and budget on an annual cycle in the context of the University’s Strategic Plan;

4.4.3 To monitor the agreed annual plan and budget and to advise Court on any matters of concern, and to consider and recommend to Court any proposals for significant subsequent amendments to the plan or budget during the year;

4.4.4 To advise the Court on any factors, whether internal or external to the University, which might have a significant effect on the University’s plan or budget.

4.5 The Committee can approve, in accordance with the levels as set out in the approved delegated authorisation schedule the following:

4.5.1 Approve secured loans to third parties;

4.5.2 Approve unsecured loans to third parties;

4.5.3 Approve the formation, membership, acquisition, investment, wind up or divestment of all equity investments, including subsidiaries and associated companies by the University or its subsidiaries and associates and the nature of the relationship between the University and such companies (excluding spin out companies);

4.5.4 Approve transactions in respect of the formation, acquisition, investment, dilution, sale, divestment of companies incorporated to exploit the research know-how of the University (spinout companies) by the University or its subsidiaries;

4.5.5 Approve long term borrowing;

4.5.6 Approve short term borrowing.

Investment

4.6 To oversee the University’s investment strategy, and in particular:

4.6.1 To consider and make recommendations to Court on the University’s overall investment strategy and objectives on the advice of the Investment Committee taking cognisance of ethical and social responsibility issues;

4.6.2 To monitor and keep under review the effectiveness and the activities of the Investment Committee and to receive reports after each meeting of the Investment Committee;

4.6.3 To monitor the performance of investments and to advise Court on any matters of concern.

Estates

4.7 To oversee the University’s estates strategy, and in particular:

4.7.1 To consider and make recommendations to Court on the University’s overall estates strategy on the advice of the Estates Committee;

4.7.2 To recommend to Court approval of the group estate development programme on the advice of the Estates Committee, to monitor progress in taking forward the agreed programme, to advise Court on any matters of concern and to recommend to Court any proposals for significant subsequent amendments to the agreed group estate development programme during the year;

4.7.3 To monitor and keep under review the effectiveness and the activities of the Estates Committee and to receive reports after each meeting of the Estates Committee.

People

4.8 To oversee the University’s people strategy and in particular:

4.8.1 To consider and make recommendations to Court on the University’s overall people strategy on the advice of the Staff Experience Committee taking cognisance of equality and diversity issues;

4.8.2 To monitor the implementation of the people strategy and to advise Court on any matters of concern;

4.8.3 To consider regular reports from the Director of Human Resources.

5 Other

5.1 The Committee will from time to time undertake a review of its own performance and effectiveness as part of the overall review of Court and its Committees and report thereon to Court.

5.2 In order to fulfil its remit the Committee may obtain external professional advice as necessary.

5.3 A report on specific points discussed at each meeting will be provided to the subsequent meeting of Court.

5.4 Agendas, papers and approved minutes will be published on the University’s website in accordance with the University’s agreed publication scheme and status of the above listed in respect of freedom of information legislation. This will include details on the membership of the Committee and attendance at Committee meetings.

5.5 To undertake such other responsibilities as the Court may determine.

Last updated on 15 June 2020