|Restricted Area for Members of the Finance and General Purposes Committee|
Membership 2020/21 - subject to approval at the Finance & General Purposes Committee on 23 September 2020
The Treasurer (Chair)
The Chair of Council
The Vice-Chancellor and President
Professor Stuart Croft
Professor Christine Ennew
Five independent members appointed by the Council, of whom a minimum of two will be serving independent members of the Council
Dr Deborah Keith
Four members of the Academic staff, nominated by the Vice-Chancellor
Professor Natalie Chen
Professor Sue Newell
Professor Patrick Unwin
Professor Nick Vaughan-Williams
The President of the Students' Union
The Democracy and Development Officer of the Students' Union
The role of the FGPC is to act as a general purpose and executive committee with the delegated power to:
- Deal with any day-to-day matters not within the province of any other committee of the Council.
- Deal with matters of importance requiring urgent decisions, which would normally be referred to the Council, on the agreement of the Chair of Council and the Vice Chancellor.
The Terms of Reference are to be read as covering the activities of the University and also the University’s interests in related entities, joint ventures and the University of Warwick Foundation and its related entities.
(a) To advise and make recommendations to the Council regarding the financial management of the University within the context of the University Financial Plan and in particular:
(i) to monitor the implementation of the University’s financial strategy;
(ii) to review and approve, on behalf of Council, the University’s financial regulations and procedures;
(iii) to oversee the University’s strategic financial planning, and to recommend to the Council the University’s annual capital and revenue budget and financial plan;
(iv) to approve the release of resources in line with the University’s annual budget and financial plan;
(v) to monitor on a quarterly basis (or more frequently if required) the financial performance against budget of the University and its group entities;
(vi) to approve the University’s accounting policies, oversee the preparation of the University’s annual financial statements, and to recommend these to the Council.
(b) To have oversight, on behalf of the Council, of the University’s investments and borrowing
(i) to review and approve the University’s Investment Strategy and Treasury Management Policy;
(ii) to approve loans and borrowings in line with the University’s annual budget and financial plan, and to recommend these to Council;
(iii) to approve the allocation of funds for investment and to monitor the performance of the University’s investments in line with approved strategy and policy;
(iv) to approve the opening of bank accounts in line with the University’s approved Treasury Management Policy and subject to the provisions of the University statutes.
(c) To have oversight, on behalf of the Council, of the University’s interests in related entities, joint ventures, and the relationship with the University of Warwick Foundation and its related entities:
(i) to approve the structure, establishment or winding up of all University trading entities;
(ii) to approve the appointments to the Boards of any entities and activities that are within the power of the University;
(iii) to approve on behalf of Council a Memorandum of Understanding (Governance and Services Agreement) between the University and each of its related entities;
(iv) to monitor the performance of the University’s entities;
(v) to approve on behalf of the Council the financial statements of the University’s subsidiary companies and other entities;
(vi) to advise the Council on investment in the University’s subsidiary and related entities.
(d) To approve on behalf of the Council the financial plan for the Students’ Union, and to consider financial reports from the Students’ Union no less than annually.
(e) To consider and recommend to the Council plans for major new activities that do not fall within the scope of the approved financial plan, and to monitor the performance of such activities
(f) To monitor the strategy and performance of the University’s commercial activities. (g) To keep under review and to advise the Council on the University’s employee pension arrangements.
(h) To have oversight, on behalf of the Council, and subject to the powers of the Senate, of policies and procedures in relation to the exploitation of the University’s Intellectual Property, and to monitor the performance of the University’s technology transfer activities and ventures.
(i) To have oversight, on behalf of the Council, of the University’s Endowment and Fundraising strategy and policies, to monitor the University’s fundraising activities, and to monitor the performance and use of donated funds and endowments.
(j) To have oversight, on behalf of the Council, of the University’s IT strategy and the progress of major IT projects.
(k) To have oversight, on behalf of the Council, of any action that may be considered necessary, including the instigation and negotiation of any legal proceedings, in pursuance of the management and protection of University property and reputation and the maintenance of good order.
(l) To monitor the economy, efficiency and effectiveness of the deployment of the University’s resources, liaising with the Audit and Risk Committee as appropriate.
(m) To approve any policy or proposed course of action that will have a significant impact on the financial or budgetary position of the University.
(n) To monitor key risks and performance indicators for those areas within the remit of the committee.
(o) To deal with other matters referred to it by the Council.
The Finance and General Purposes Committee reports to the Council.
The Finance and General Purposes Committee (FGPC) has established the following Sub-Committees which report to the FGPC and have oversight of specific areas of financial business:
(a) Fees Working Group
(b) Financial Plan Sub-Committee
(c) Investment Sub-Committee
(d) University Executive Board (Finance)
Secretary: Sharon Tuersley, Secretary to Council
Assistant Secretary: Emma Tew, Assistant Registrar (Governance)
Correspondence should be sent to FGPC at warwick dot ac dot uk.
The timetable for submission of reports to the Finance and General Purposes Committee is available here.
Templates for reports should be requested from the email above.
Minutes of the Finance and General Purposes Committee are available upon request from the Secretary.
Dates of meetings of the Finance and General Purposes Committee can be found within the University Committee Timetable.