Finance Committee

Terms of reference

The Finance Committee is a committee of The University of Auckland Council, with the delegated responsibilities, authorities and accountabilities set out in this Terms of Reference approved by Council on 07.03.2016.

1. Purpose
The purpose of the Finance Committee is to monitor the finances of the University so as to satisfy Council that they are managed in a way that:

  • maintains solvency at all times, and
  • minimises the risk of external intervention in the affairs of the University, and
  • promotes achievement of the University’s annual budget, mission and strategic objectives

The Committee supports the Council in carrying out its duty under s.181(e) of the Education Act 1989 to ‘ensure that the institution operates in a financially responsible manner that ensures the efficient use of resources and maintains the institution’s long-term viability’.

2. Responsibilities
The Committee is responsible for reporting and recommending to Council concerning:

  • approval of major financial decisions, and
  • financial policy and regulatory matters, and
  • financial strategy and planning, and
  • the financial position and performance of the University, and
  • any other matter that Council or the Vice-Chancellor may refer to the Committee

2.1 Approvals
The Committee is to make recommendations to Council concerning approval of:

  • the University’s annual budget (capital and operating)
  • annual reviews of the Capital Plan and Financial Projections
  • student fees
  • financial delegations to and by the Vice-Chancellor

2.2 Policy and Regulation
The Committee is to make recommendations to Council concerning the adoption and review of financial policies, including policies relating to:

  • investment
  • borrowing
  • financial management

2.3 Strategy and Planning
The Committee is to report and recommend to Council concerning:

  • Strategic Plan objectives relating to financial and resource management
  • major and sensitive assumptions in the University’s financial projections
  • consistency of the University’s financial projections with the Strategic Plan
  • major areas of financial risk and related risk management strategies

2.4 Financial Position and Performance
The Committee is to monitor and report to Council on the University’s performance against:

  • budget
  • TEC financial risk criteria
  • the University’s own financial management parameters
  • Strategic Plan objectives related to financial and resource management
  • debt-related or any other external covenants

The Committee is also to report to Council and make recommendations where, as a result of its monitoring activity, it believes that corrective action or any changes to policy, practice or financial parameters are appropriate.

3. Review of Terms of Reference
The Committee shall review its Terms of Reference and report to Council the outcome of that review every three years.

4. Membership
The Committee shall comprise the Chancellor, Vice-Chancellor, up to three lay members of Council at least one of whom has financial expertise, the professional staff member of Council, the academic member of Council and the student member of Council.
The Council will appoint as the Committee’s Chairperson a lay member of Council who has financial expertise, and the Committee may, if it sees fit, appoint a Deputy Chairperson.

5. Term of Appointment
The term of office of each member (other than the Vice-Chancellor) shall be three years.

6. Meetings
The Committee shall normally meet four times a year.

7. Management Attendance
The following members of management will normally attend meetings of the Committee:

  • Director of Administration and Registrar
  • Chief Financial Officer

Additional members of management may be invited to attend for particular items by either the Chairperson or the Vice-Chancellor.

8. Secretarial Support
The Chief Financial Officer will designate a person in Financial Services to provide secretarial support for the Committee who is to ensure that a complete record of the proceedings of the Committee including agendas, minutes and papers, proposals, advice and reports provided to the Committee is maintained in permanent form with the Registrar.

9. Authority
The Committee has no delegated authority.

10. Reporting
Minutes of each meeting of the Committee shall be provided to the following meeting of Council.
Where a recommendation is made to Council and the papers before the Committee are not sent to Council, the minutes shall summarise the major issues considered by the Committee in coming to its recommendation.

11. Conflicts of Interest
Committee members must declare any real or perceived conflicts of interest in line with the requirements of the University’s Conflicts of Interest Policy.

12. Confidentiality
Committee members have a responsibility to treat all information with appropriate confidentiality. This includes matters tabled or discussed at the Committee meetings, as well as any additional issues that are raised outside meetings.

Committee members and term of office

Chancellor Holds office until
Mr S St John Ex-officio
Vice Chancellor
Holds office until
Professor S McCutcheon
Ex-officio
Up to Three Lay Members of Council (one who has Financial Expertise)
Holds office until
Mr M Daniell (Chair)
31.12.18
Sir R Norris 31.12.18
Associate Professor A Kawharu 31.12.18
The Professional Staff Member of Council
Holds office until
Ms C Dunphy
31.12.18
The Academic Member of Council
Holds office until
Associate Professor A Sims
31.12.18
The Student Member of Council
Holds office until
Mr W Matthews
31.12.17

Committee Secretary

Mrs J Metcalf
Extn: 82441.

Schedule of meetings

Date DateTime
28.02.17 8.00am
30.05.17 8.00am
25.07.17 8.00am
27.09.17 8.00am
29.11.17 8.00am