19.1. The Finance Committee shall consist of:
(1) the Vice-Chancellor, who shall Chair the committee;
(2) the Chief Financial Officer;
(3)–(6) four external persons appointed by Council, of whom at least two shall be members of Council;
(7), (8) two persons appointed by Council from among the members of Council elected by Congregation;
(9) a Head of House appointed by the Conference of Colleges.
19.2. Subject to the approval of Council on each occasion, the committee may co-opt up to two additional members.
19.3. No member of the Audit and Scrutiny Committee or a Head of Division or an Associate Head of Division (or equivalent), may also serve as a member of the Finance Committee.
19.4. The committee shall be responsible for:
(1) the consideration of the financial resources available to the University, and the proposal of a five-year financial strategy for the University incorporating:
(i) the overall income and expenditure budget; and
(ii) the overall capital expenditure budget consisting of (a) an allocation for the strategic capital investment plan and (b) an allocation for the annual rolling capital programme;
for approval by Council and communication, in the case of (ii)(a) to the Strategic Capital Steering Group, and in the case of (i) and (ii)(b) to the Planning and Resource Allocation Committee;
(2) making recommendations to Council for:
(i) the use of any capital resources which are not delegated or allocated to the academic divisions, services or other bodies on major new initiatives; and
(ii) expenditure on strategic investments on the University’s physical estate and other academic resources, other than centrally run IT projects, and any associated space allocations;
as advised by the Strategic Capital Steering Group in accordance with the allocation limits set out in Statute XVI and the Financial Regulations;
(3) the provision of advice to Council on the needs of the University as established by its plans, in order that Council can take these views into account when establishing capital investment policy;
(4) as appropriate, consideration of, and provision of advice to Council on, the Office for Students financial forecast together with aspects of the financial relationships between the University, the Office for Students, and other external funding bodies;
(5) the review of, and provision of advice to Council on, University's annual financial statements , prior to their approval by Council;
(6) the review of, and provision of advice to Council on, the annual accounts of the Delegates of the University Press and the report on the accounts produced by the Finance Committee of the Delegates;
(7) the approval of the University's banking and treasury arrangements;
(8) such other action on behalf of Council in relation to the University's financial business as may be required from time to time.
19.5. Regulations 1.6 and 1.7 in Part 1 apply to this committee except that the quorum is one third plus one of those members eligible to vote upon the business of the committee (rounded to the nearest integer).
