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Corporate Governance Framework

Our corporate governance framework sets out the necessary responsibilities and procedures that guarantee we operate properly.

Published
29 October 2021

Last updated
27 February 2023 - Changes

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  1. Contents
  2. Appendix 10 – Finance and Performance Committee terms of reference
  3. Functions and Duties

Functions and Duties

9. In particular, the FPC is responsible for the following:

Business planning and budget setting

Provide in-depth scrutiny of the Business Plan and associated budget to ensure that they are fit for purpose and in line with Corporate Strategy.

Advise the Board on the approval of the Business Plan and associated budget.

Provide in-depth scrutiny on the coherence and rigour of the financial modelling and underlying projected income.

Financial performance

Review the quarterly accounts and other financial reporting to enable the Board to hold the Executive to account in terms of financial performance.

Assist the Board with consideration of any amendments to the current year budget.

Advise the Board on the reserves policy, including any calls on reserves.

Advise the Board on any contracts or purchases which require Board approval.

Advise the Board on treasury and investment policies.

Advise the Board on any borrowing which the Commission needs to undertake.

Operational performance

Develop with the Executive a meaningful performance data set which enables the Board to scrutinise and understand the performance of the organisation, including compliance with targets and tracking delivery of the business plan and strategy.

Review with the Executive and report to the Board on the continued appropriateness of key performance indicators, and the reliability of the data.

Review operational performance and report quarterly to the Board on organisational performance against targets, plans and strategies, and the effectiveness of proposals to tackle any under-performance, with an emphasis on areas of particular risk or sensitivity.

Corporate services performance

Review plans and strategies of corporate functions, including People Services, Finance, Legal, Digital and Technology and Estates.

Review the performance of corporate services and report quarterly to the Board on performance against targets, plans and strategies, and the effectiveness of proposals to tackle any under-performance, with an emphasis on areas of particular risk or sensitivity.

Review of effectiveness

Periodically review its own effectiveness and report the results of that review to the Board.

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