1 Role

The duties and responsibilities of the Committee are:

1. Financial and Business Operations

   1. monitoring the strategic planning basis for, and assessment of, the University’s financial position;

   2. considering and recommending for Council’s approval, the annual budget;

   3. considering and recommending to the Audit and Risk Committee for Council’s approval, the annual accounts and financial aspects of the Annual Report;

   4. reviewing and monitoring the financial performance indicators;

   5. maintaining guidelines for the financial budgeting process and reviewing any variations to the budget on a semester basis;

   6. reviewing and monitoring the financial aspects of endowments and donations and making recommendations to Council;

   7. reviewing fees and charges for award bearing Courses imposed by the University and recommending same to Council;

   8. reviewing the level of any service fee payable by students;

   9. reviewing and monitoring the Operating Resource Management Plan and making recommendations to Council;

   10. reviewing funding levels of the Capital Management Plan and making recommendations to Council;

   11. reviewing financial statements and making recommendations to Council on adoption of such statements;

   12. reviewing finance policies and practices and levels of debt arrears and monitoring recovery actions;

   13. reviewing and monitoring cost reduction strategies and initiatives;

   14. monitoring financial performance of University controlled entities; and

   15. reviewing changes to financial delegation and making recommendations to Council.

2. Asset Management

   1. approving significant asset acquisition and disposal;

   2. reviewing and monitoring asset replacement programs and effectiveness of same;

   3. reviewing and monitoring the management and utilisation of buildings and grounds within a campus plan;

   4. monitoring program status against contractual arrangements;

   5. reviewing and monitoring capital projects and works programme of the University; and

   6. monitoring insurance arrangements for University assets.

3. Investment Management and Contract

   1. reviewing and monitoring the investment strategy of the University and making recommendations to Council as appropriate;

   2. monitoring the level of assets to be held in investment pools;

   3. monitoring the performance of investment pools including the performance against benchmarks relative to marked performance;

   4. receiving regular reports on changes in the management of investment portfolios and contractual agreements;

   5. overseeing, monitoring and reviewing business case, contract development and contract performance for University projects; and

   6. overseeing, monitoring and reviewing arrangements for commercialisation of Intellectual Property.

2 Authority

The Council authorises the Committee, within the scope of its responsibilities, to:

1. perform activities within its terms of reference;

2. engage independent counsel and other advisers as it deems necessary to carry out its duties;

3. require the attendance of University officers at meetings as appropriate;

4. have unrestricted access to employees and management; and

5. receive any relevant information it requires from any officer or employee of the University or any of its controlled entities.

3 Membership

1. Council nominates and appoints the Committee members

2. Members will be appointed for a term of office, to run concurrently with the term of office of the Council.

3. Membership of the Committee consists of:

   • Chancellor

   • Deputy Chancellor

   • Vice-Chancellor

   • Chair of Academic Board

   • Elected Academic Staff member of Council

   • Elected Professional Staff member of Council

   • Chair Audit & Risk Committee

   • Deputy Vice-Chancellor (Scholarship)

4. The Chair shall be elected annually by the Committee from and by the members.

4 Meetings

1. Meetings are to be held at least 4 times per year;

2. The Chair shall call all meetings as required or if requested to do so by any Committee member, the Chancellor or the Vice-Chancellor;

3. A quorum consists of at least half the members of the Committee; and

4. The Committee may invite other persons including members of management and staff, to attend meetings and provide information as necessary.

5 Ethical Practices, Confidentiality And Independence

Members of the Committee are to:

1. exercise objectivity, and probity in the discharge of their duties and responsibilities;

2. refrain from entering into any activity that may prejudice their ability to carry out their duties and responsibilities objectively and independently;

3. act in a proper and prudent manner in the use of information acquired in the course of their duties and responsibilities;

4. exercise sound judgement guided by highest personal standards of honesty and integrity in all matters relating to membership of the Committee;

5. ensure that they do not place themselves in situations which could lead to, or be perceived to give rise to a conflict of interest; and

6. disclose to the Committee any matter which could compromise, or be seen to compromise, the performance of their duties on the Committee or give rise to a perception of a conflict of interest.

6 Secretary

The Secretary to Council shall act as Secretary to the Committee.

7 Performance evaluation

On an annual basis, the Committee will undertake a self-evaluation of performance utilising the Governance and Risk Management Self Assessment Program for Universities prepared by the QLD Audit Office, or such other self assessment tool as the Committee shall approve. The evaluation shall be submitted to Council.

If directed by Council, the Committee will arrange for an external review of its activities.

8 Review Of Terms Of Reference

These Terms of Reference will be reviewed annually by the Committee to ensure the Terms remain consistent with the Committee objectives and responsibilities. Any proposed amendments to the Terms of Reference will be referred to Council for approval.

9 Other Policy Information