Finance Committee Remit
Purpose
The Finance Committee acts with delegated authority from the Board of Trustees and is responsible for overseeing OCN North East Region's management of its financial and human resources and for giving initial consideration and making recommendations in areas of responsibility.
Duties
The Finance Committee will:
- Advise the Trustees on the appointment, reappointment, dismissal and remuneration of the external auditor and the internal audit service.
- Review OCN North East Region's internal control systems and risk strategy. To advise Trustees on the annual report and the external auditor’s management letter and monitor the implementation of the agreed recommendations.
- Undertake an annual review of fees and charges and to recommend to the Trustees any changes or additions to ensure the financial viability of the charity.
- Recommend to the Trustees that the Annual Accounts may be approved.
- Consider and recommend the annual budget and any subsequent variations. Monitor it against the quarterly summary report and advise the Trustees on the financial viability of the charity, its cash flow management and recommend actions where necessary.
- Review and recommend to the Trustees financial regulations and controls to assist in proper and efficient financial administration.
- Keep under review and make recommendations to the Board on all matters concerning insurance, banking, investment and pension arrangements.
- Review and comment on the draft OCN North East Region Business and Strategic Plan and review progress against annual business objectives.
- Receive reports on Key Performance Indicators and Business Development performance.
- Receive regular reports from the Personnel Monitoring and Advisory Group and make recommendations to the Board, as appropriate.
- Receive recommendations from the Staff Representatives Committee relating to the pay, conditions of service and other contractual rights and responsibilities of staff and to make recommendations to the Board on the annual pay award.
- Keep under review the remit of the Staff Representatives Committee and on procedures for conducting business with them, and to make recommendations to the Board.
- Monitor the financial reporting requirements of OCN North East Region's regulatory and licensing bodies.
- Review and monitor policies and strategies for accommodation, business continuity planning and management information systems.
Membership
The Finance Committee will comprise the following:
A Chair, who shall be a member of the Board of Trustees
At least six members covering expertise or significant working knowledge in the following areas:
- Finance (including pensions and investments)
- Internal and/or external audit
- Business Development
- Personnel
A Vice Chair will be appointed from the members of the Committee.
Each member will be required to record any interests in a register kept by the Company Secretary. This will be updated on an annual basis.
In addition to the members of the Committee the Chief Executive, Director of Business Development and Finance and Information Manager will be invited to attend meetings but shall have no voting rights. The Administrator (Finance) will carry out the role of Minute Secretary to the Committee.
Frequency of Meetings
The Committee will meet three times per year. Special arrangements may be put in place to hold an additional meeting should urgent matters should arise.
Quoracy
The Committee shall have the powers of decision making within its remit if three voting members are present, one of whom must be the Chair or the Vice Chair. Chair’s action on Committee business shall be allowed subject to subsequent ratification by the Board of Trustees.
Reporting Procedures
The Committee will report to each routine meeting of the Board of Trustees.
Related Matters
Negotiations and consultations will take place outside of this Committee between the Chief Executive and the Staff Representatives Committee on both a formal and informal basis.
The Finance Committee shall have power to co-opt additional members.
