Strategy, Finance & Planning Committee - Terms of Reference

The Strategy, Finance and Planning Committee advises Governing Council on matters relating to strategy, financial performance, planning, employment, safeguarding, equality and diversity and corporate responsibility of the members of the University Group. 

Framework

The Committee adheres to the University reporting classifications:

• Approve - where the Committee has authority or requirement for approval
• Ratify - confirmation of a decision/recommendation delegated by the Board to a lower level Committee
• Recommend - where the Committee has responsibility to consider the detail and make recommendations to the higher level body
• Consider - where the Committee is being asked to give feedback/suggestions
• Note - where no action is required other than the Committee's oversight/knowledge

In addition the Committee:

• Reviews - where the Committee commissions a report on a specific matter that it considers falls within its mandate
• Monitors - where the Committee keeps an evolving or going matter under review prior to taking further action
• Advises - where the Committee of its own volition wishes to draw the attention of another body of the University to a particular matter

More specifically the Committee is expected to:

General

1. Consider and advise on proposed corporate strategy and planning for the University and the University Group
2. Consider the financial performance of the University and the University Group
3. Consider the recognition, assessment and management of corporate risks
4. Consider other items by exception which may have relevance to the Committee

Finance and Planning

1. Consider and recommend to Council the annual budget for the University and the University Group
2. Monitor the financial performance of the University and the University Group through consideration of the year-to-date and year-end management accounts and financial forecasts in relation to the agreed budget and other performance targets
3. Recommend to Council the treasury policy and investment strategy and to monitor investment performance
4. Approve expenditure on major capital items and other items as permitted by the financial regulations or as powers delegated to the Committee by the Council in accordance with the University’s financial regulations

Commercial

1. Consider and recommend the establishment of major external operations and the establishment of associated businesses of the University and monitor their conduct and financial performance
2. Advise Council regarding the performance of wholly owned subsidiaries of the University as an integral part of the University Group

Human Resources

1. Consider and agree on the human resources strategy and monitor the effectiveness of the University’s management of HR through the performance management framework
2. Advise the Council regarding staffing policies, procedures and working arrangements
3. Advise the Council on the affordability of pay and remuneration arrangements for staff (except those covered by the Remuneration Committee)
4. Review information relating to human resources, employment legislation and industrial relations

University estates

1. Consider and approve the proposed strategy relating to the planned development of the estates
2. Monitor and advise the Council regarding progress in the implementation of estates plans

Composition

The membership shall include:

• An independent governor appointed as Chair of the Committee
• In addition, at least three governors including the Chair of Governing Council, the majority of whom must be independent
• The Vice-Chancellor
• 1 Staff Governor
• 1 Union of Students' Sabbatical Officer member of Governing Council

Members of the Committee are not permitted to serve on the Audit and Risk Committee while they serve on SFPC.

Officers in attendance and quorum

The senior managers in attendance are nominated by the Vice-Chancellor subject to agreement by the Chair.

Quorum is three members, with the majority being independent.

Meetings

The Committee is expected to meet at least four times per year. Members and attendees may attend in person or by video or telephone link subject to prior approval of the Chair.

Approved by Governing Council: 1 July 2022

Next review by Strategy, Finance and Planning Committee due: October 2023