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Governance

Investment Sub-Committee

Membership 2024/25

Treasurer (Chair)

Neil Sachdev (2025)

Vice-Chancellor and President

Professor Stuart Croft

Provost

Professor Emma Flynn

Group Finance Director

Rosie Drinkwater

Academic Member of Staff, co-opted and approved by FGPC

Professor John Colley (2025)

Three Independent Members, who may be a serving independent member of the Council, appointed by FGPC

Professor Moorad Choudhry (2025)

Alison Hatcher (2025)

Peter Norton (2025)

Note: The year after a member's name indicates that their term of office expires on 31 July of that year.

In attendance

Finance Director

Head of Finance Treasury

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Terms of Reference

Purpose:

  1. To ensure the University's investment decisions are made responsibly and with integrity, in accordance with the Treasury Management Policy and Responsible Investment Policy, and to support the development of these policies.
  2. To recommend to the FGPC the annual report prepared for the University on treasury management and on other matters relating to the management of investments.
  3. Dealing with other matters relating to University investment, loan financing and treasury management issues as referred by FGPC.

To oversee:

  1. The University of Warwick Investment Fund and University of Warwick Endowment Fund (“the Funds”), including:

(a) Keeping under review the Funds' list of “considerations in determining investment strategy” (available on request), recommending changes to FGPC where appropriate and monitoring compliance with the items within this list.

(b) Keeping under review the spread and type of the asset allocation of the Fund and advising FGPC of any changes to the allocation.

(c) Monitoring the performance of the Funds as a whole against expectations.

(d) Negotiating a fee scale for the Fund Manager(s) and other terms in the contract with the Fund Manager(s) and making recommendations to FGPC on these matters.

(e) Agreeing the broad investment guidelines with the appointed Fund manager(s).

(f) Determining and monitoring the ranges within which the Fund manager(s) operate(s).

(g) Reviewing the performance and continued suitability of the Fund manager(s) and recommending changes to the FGPC as appropriate.

(h) Holding regular meetings with the Fund manager(s).

(j) Monitoring the terms of appointment of the Fund manager(s).

(k) Monitoring the corporate governance activity and policies of the Fund manager(s).

  1. The appointment of Investment Managers and the taking of other relevant professional advice where appropriate, ensuring that costs involved are reported to FGPC and that the University’s Financial Regulations and Procedures are adhered to where relevant.
  2. Liaison with the Investment Sub-Committee of the University of Warwick Pension Scheme as required.

To recommend to Finance and General Purposes Committee:

  1. Matters pertaining to the Funds (see 4 (a), (b), (d), and (g) above).
  2. Policies on the management of all other cash (i.e. that not invested in the University Investment and Endowment Funds); money market investments; capital market investments and all borrowings.
  3. Changes to the University Treasury Management Policy and Responsible Investment Policy.
  4. The investment of endowments (to also be recommended to the Trustees of the University of Warwick Foundation as appropriate.
  5. As a point of general clarification, where items considered by ISC relate to a change in policy, being material, these will be referred to FGPC for approval. Where items considered by ISC relate to items which need to be approved within already agreed policies then approval may be given by ISC and the outcomes of decisions reported through to FGPC.

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Reporting Structure

The Investment Sub-Committee reports to the Finance and General Purposes Committee.

Click here to see a diagrammatic representation of the Committee Structure.

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Secretariat

Secretary: Steve Wilkes, Deputy Finance Director

Assistant Secretary: Governance Team. Please use investsubcommittee at warwick dot ac dot uk in the first instance to make contact with the Investment Sub-Committee Secretariat.

Correspondence should be sent to investsubcommittee at warwick dot ac dot uk.

Papers for consideration by the Investment Sub-Committee should be submitted two weeks in advance of the meeting at which they are to be considered.

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Meetings

Dates of meetings of the Investment Sub-Committee can be found within the University Committee Timetable.

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