Finance and Resources Committee

Committee description

Secretary: Mike Edge, Email: mikeedge@liverpool.ac.uk

Terms of Reference

The Committee’s responsibilities and decision-making powers are as follows:

On behalf of the Council, to provide strategic oversight of the University’s planning, performance, finances and resources, staff, capital and investment strategy.

Financial Strategy:

To review institutional budgets, activity plans, and frameworks, and to recommend them for approval to Council. To oversee longer-term financial plans for the University and to review and recommend the framework within which planning and resource allocation should take place.
On behalf of Council, to oversee financial sustainability through monitoring high-level delivery of financial performance. To also consider regular financial performance reports in advance of submission to Council.
To review the financial elements of the University’s Annual Financial Statements prior to their consideration by Council. To review and recommend to Council the University’s Financial Regulations.
To receive and assess compliance with the University’s annual Transparent Approach to Costing (TRAC) Statement of Requirements.
Under delegated authority, to approve policies and procedures relating to financial management, and oversee the effective implementation of such policies.
On behalf of Council, to monitor compliance with regulatory requirements (e.g. relevant OfS conditions and funding requirements).
On behalf of Council, to receive reports on the financial performance and operations of the University’s Subsidiary Companies.

Planning and Performance:

To approve plans for the annual planning and performance cycle, including theproposed planning parameters.
To monitor the achievement of strategic plans through regular assessment of performance.
To oversee the strategic planning governance framework and recommend to Council new strategic frameworks (institutional strategy).

People:

To review and recommend to Council People strategies and major new policy developments.
On behalf of Council, to approve People related policies and procedures, and oversee the effective implementation of such policies; providing general oversight of the University’s compliance with relevant regulations, standards and codes of practice.
To monitor and report to Council on progress in achieving improvements to key Human Resource metrics.
To receive reports on decisions taken by the University’s Pensions Sub-Group.

Capital and Estates:

To monitor performance and delivery against the Estates Strategy.
To monitor performance of the Capital Plan, including financial and non-financial elements and post-project completion Capital Plan.
To approve, under delegated authority, capital schemes of a value between £5m-£15m.*
To review and recommend to Council approval of capital schemes in excess of £15m.

Digital Technologies:

To monitor performance and delivery against the Digital Strategy.
To monitor performance of investment in Digital Technologies, including financial and non-financial elements and post-project benefits analysis.
To approve, under delegated authority, capital investment in technology infrastructure schemes of a value between £5m - £15m.*
To review and recommend to Council approval of digital technology capital schemes in excess of £15m.

Investments:

Through quarterly reporting from the Investments Sub-Committee, to oversee the implementation of the University’s Investment Strategy, monitor the performance of investments and to advise Council on any matters of concern.
On the advice of the Investments Sub-Committee, to consider and make recommendations to Council on the University’s overall Investment Strategy and objectives, including in relation to the University Ethical Investment Policy, and ESG considerations generally.
On the advice of the Investments Sub-Committee, to approve, under delegated authority, decisions related to the University’s Investment Portfolio of a value up to £15m.
To review and recommend to Council approval of Investment Portfolio decisions in excess of £15m.
To monitor and keep under review the effectiveness and the activities of the Investments Sub-Committee.

Reporting Relationship

The Finance and Resources Committee reports to Council.

The Finance and Resources Committee will receive reports from the Investments Sub-Committee, the University’s main Subsidiary Companies, the Pensions Sub-Group and the Enterprise Board.

Frequency of Meetings

The Finance and Resources Committee usually meets on four occasions during the academic year. Additional meetings can be convened as required.

Quorum

The quorum for meetings of the Finance and Resources Committee shall be four members, including at least two lay members of Council.

* Any projects that could be considered sensitive should still be reported to Council for approval, even if these projects are lower in value.

Members or key people

(Where a title is given, this indicates that the appointment is ex officio.)

Ex-Officio Members
The President of the Council (Chair)	Carmel Booth
The Vice-Chancellor	Professor Tim Jones
Provost and Deputy Vice-Chancellor	Professor Richard Black
The Chief Financial Officer	Nicola Davies
The Chief Operating Officer	Lucy Everest
Lay Members
Five other lay members of the Council appointed by the Council	Barry Flynn (2022-25)
	Fiona Cullen (2023-26)
	Dr Alison Campbell (2023-26)
	Hans van Mourik Broekman (2023-26)
	Matthew Reed (2023-2026)
Appointed Members
Two Pro-Vice-Chancellors nominated by the Vice-Chancellor	Professor Anthony Hollander
Two Pro-Vice-Chancellors nominated by the Vice-Chancellor	Professor Gavin Brown

In attendance:

University Secretary and General Counsel – Kevan Ryan
Interim Director of Human Resources – Jo Squires

Other members of the Senior Leadership Team may attend the Committee as required.

Meeting dates

11 September 2024, 9.00 am
13 November 2024, 10.00 am
29 January 2025, 9.30 am
5 March 2025, 10.00 am
19 June 2025, 2.00 pm

A full schedule of Committee meeting dates can be viewed here.