STFC Council has established this Finance Committee as an advisory group reporting to Council. It will consider proposals that carry financial exposure and risk and are subject to Council approval, including reviewing large project proposals and scrutinising productivity of the facilities.
The Committee will not act in an executive capacity or be a decision-making body in its own right, nor will it assume responsibility on behalf of Council for financial assurance. The committee will provide advice and guidance to Council, but Council remains responsible as a whole for discharging its oversight responsibilities.
Membership of the Finance Committee will be as follows:
The identity of these members will be published on the STFC web pages.
Council will appoint Members to the Committee on the recommendation of the Council Chair. Members’ terms will run concurrently with their membership of Council. In the case of any additional co-opted independent external member, their term will be for an initial period of 3 years with scope for one extension of up to 3 years.
The Finance Committee will be provided with a secretariat function by the Council Secretariat.
The Committee will formally report to Council and be chaired by a non-executive Council member, and it will provide advice to Council in accordance with its terms of reference.
The Finance Committee will:
The Finance Committee will normally meet six times per annum and meetings should be held so as to allow timely consideration of relevant business before the next Council meeting. However, meetings may be cancelled if the Chairman of the Finance Committee considers that there is no significant business to be considered. Meetings may be held by means of telephone conference or in person as required. The Chairman of the Finance Committee is responsible for convening such meetings.
Council, the Chief Executive or the Executive Director, Finance may ask the Finance Committee to convene further meetings to discuss particular issues on which they want the Committee’s advice.
Finance Committee meetings will normally be attended by the Executive Director, Finance. Finance committee may require any other official of the Council to attend to assist it with it discussions. If not otherwise requested by the Chairman in the context of the business to be conducted, the Chief Executive and other Executive Directors may attend Finance Committee meetings at their own discretion.
A quorum shall consist of at least 2 members.