Council Committees

Finance Committee

1.

Terms of Reference

The following Terms of Reference and associated responsibilities of the Finance Committee cover all the operations of the University and its subsidiary companies:

1.1

to advise the Council of the financial implications of the University's strategic and operational plans;

1.2

to advise and recommend to Council the financial strategy for the University's long term development;

1.3

to recommend to Council the annual and triennial budgets of the University;

1.4

to oversee the formulation and review the investment policies and strategies, including borrowing of monies for any purpose, to approve the appointment of financial institutions and professionals, and to monitor the performance of fund managers;

1.5

to monitor the Pension Committee's management of the superannuation schemes;

1.6

to approve the financial management policies and procedures of the University and to monitor their effectiveness;

1.7

to approve the establishment of subsidiaries and associated companies of the University, to oversee the establishment of "spin-off" companies under CityUE Group and to review their performance and possible disestablishment; and

1.8

to consider any matter referred to the Committee by the Council.

Notes:

(a)

The Committee should receive for information the annual financial statements reviewed by the University's auditors which present the final outcome of the University's investments for the financial year.

(b)

To enhance communication between the Finance Committee and the Audit Committee for matters relevant to both Committees, cross-membership between the committees is recommended.

2.

Membership

Chairman:

Treasurer

Members:

Four lay members of Council

One external member

President

One elected staff member on Council

In attendance:

Vice-President (Administration)

Vice-President (Research & Technology)

Secretary to Council

Secretary:

Director of Finance