Finance & Resourcing Committee

Purpose

To oversee the University’s financial affairs with a focus on ensuring that University’s approach to revenue, resource and capital planning mature in support of Aberdeen 2040.   

Composition

Members are appointed for terms of three years.

• Chair - Independent Member of Court
• Five other Independent Members of the University Court
• An elected Staff or Trade Union appointed Court Member
• A Students’ Association nominated Member of Court
• An Assessor elected by the Senate

The Chair of the Finance & Resourcing Committee shall not be a member of the Audit & Risk Committee and overlap in membership between the two committees would be exceptional.

The University Secretary and the Clerk will normally attend meetings.  

Membership 2024-25

Court

• Ms Caryn Miller (Chair) (Register of Interests)
• Ms Julie Ashworth (Senior Governor) (Register of Interests)
• Mr Gary McRae (Register of Interests)
• Ms Fiona Islam Choudhury (Register of Interests to follow)
• Dr Robert Traynham (to 30 September 2024) (Register of Interests)
• Ms Christina Schmid (SU) (Register of Interests to follow)
• Mr Ewan Cameron (from 1 October 2024) (Register of Interests to follow)
• Prof. Neil Vargesson (Senate) (Register of Interests)
• Ms Helen Martin (Staff) (Register of Interests)

External/Co-opted Member: Mr Duncan Fraser (Register of Interests)

Clerk: Jan Whitfield

In attendance

• Principal
• Senior Vice-Principal
• University Secretary & Chief Operating Officer
• Chief Financial Officer

Meetings

• The Committee shall meet at least five times a year.
• The quorum is 50% of formal membership (including Chair).

Remit

Planning & Resourcing

• Oversight of the University’s annual and medium-term planning and budgeting processes, ensuring it brings together academic, physical, human and financial aspects and to recommend to Court approval of the resulting plan and budget on an annual cycle in the context of Aberdeen2040; making recommendations to Court on the University’s Annual Budget and Capital Plan.
   
• To monitor the agreed plan and budget and to advise Court on any matters of concern/risk including the impact of changes in the external environment.

Financial Management

• Approval of treasury, cash management, and borrowing policies as well as monitoring compliance with banking covenants, USS covenants and ensuring compliance with the Financial Memorandum.
   
• Scrutiny and approval authority for projects included within the Capital or Revenue Plan with a value between £1 million and £5 million.
   
• Financial scrutiny of novel or contentious projects, providing advice to Court.

Investments

• To consider and make recommendations to Court on the University’s overall investment strategy and objectives, on the advice of the Investment Committee and with cognisance of ethical and social responsibility issues.
   
• Oversight of the management and performance of the University’s investments by Investment Committee.
   
• To monitor the effectiveness of the Investment Committee and the performance of investments, advising Court on any matters of concern.