STFC is committed to maintaining high standards of corporate governance at all times. To this end it has established an independent Audit Committee to help to address the key financial and other risks facing the Council.
Audit Committee is a sub-Committee of Council, to support them in their responsibilities for issues of risk, control, governance and associated assurance.
The Committee acts in an advisory capacity and has no executive powers.
The Committee is authorised by the Council to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee and all employees are directed to co-operate with any request made by the Committee.
The Audit Committee reports to Council after each meeting, such report to include the Minutes.
The Council appoints members to the Committee. A quorum shall consist of two members, one of whom must be a Council Member who shall act as Chairman.
All members are subject to periodic performance appraisal by the Audit Committee Chair. The Audit Committee Chair is subject to appraisal by the STFC Council Chair.
Members are appointed for three years. Current membership is:
Secretariat services are provided by the Governance Team.
The Audit Committee meets at least four times a year. The Chairman of the Audit Committee is responsible for convening meetings and may convene additional meetings, as deemed necessary.
Audit Committee meetings will normally be attended by the Chief Executive as Accounting Officer, the Executive Director Finance and representatives of Internal Audit and the National Audit Office (External Audit).
View the full Terms of Reference of the Audit Committee.