This page contains a Flash digital edition of a book.
16 Financial Statements 2011-12

Corporate Governance Statement

Corporate Governance and Accountability Arrangements

The University is a body incorporated by Royal Charter. The University’s governing body is Council, which is committed to achieving high standards of corporate governance in line with accepted best practice.

The University Council

Members of Council are the trustees of the University which is an exempt charity. The University’s Council comprises ex officio external members, a student member, ex officio appointed employees, and elected employee members. The roles of Chancellor and Pro-Chancellors (including the Chair of Council) are separated from the role of the University’s Chief Executive, the Vice-Chancellor.

The Council of the University has adopted a Statement of Primary Responsibilities which is published on the University website. The statement sets out the Council’s responsibilities in respect of powers of appointment and employment, financial and legal powers, planning, monitoring, control and student welfare.

The University is fully compliant with the Committee of University Chairman (CUC) Governance Code of Practice issued in March 2009.

The Council met four times during the year. Of its 25 members a majority are external members drawn from outside the University.

The Committees of Council

The Council delegates some business to a number of committees:

n Audit and Risk Management; n Equality and Diversity; n Strategy and Resources; n Health and Safety; n Nominations; and n Remuneration.

All of these committees are formally constituted with published terms of reference. With the exception of the Health and Safety Committee, the chair of each committee is an external member of Council. The disclosures in relation to these committees follow those in respect of Council itself.

The Audit and Risk Management Committee comprises solely external members, two of whom are external members of Council, and has no executive responsibility. The Committee has members with recent relevant financial

experience in line with HEFCE guidance. The Audit and Risk Management Committee relies on the work of internal and external audit, on information provided by management and on the response of management to the questions it raises. The Committee met four times in the year.

The responsibilities of the Audit and Risk Management Committee include:

n reporting to Council annually on the effectiveness of the internal control system and the pursuit of value for money, together with an opinion on risk management and data quality;

n advising on the appointment of the internal auditor and approval of the internal audit plan;

n receipt of both an annual report from internal audit, which includes an opinion of the effectiveness of the University’s system of internal control, and reports on each assignment including recommendations;

n advising the Council as necessary on the appointment of the external auditors, to receive their reports and review their performance and effectiveness.

Internal Audit is responsible for providing an objective and independent appraisal of all the University’s activities. The internal audit work programme is risk-based and is updated to take account of changes in the University’s risk profile. Progress made on recommendations by the University is monitored by Internal Audit and reported to the Audit and Risk Management Committee.

In respect of its development, strategic management and financial responsibilities the Council receives recommendations and advice from the Strategy and Resources Committee. The Committee met six times during the year.

The Equality and Diversity Committee seeks to ensure that the equality and diversity policies are fully effective and that the University is in compliance with legislation. The Committee met three times during the year.

The Health and Safety Committee reports to the Council at least annually on health and safety matters including compliance with government legislation and regulations. The Committee met twice during the year.

The Nominations Committee makes recommendations for the appointment or re-appointment of members of Council, its committees and Court. The Committee met three times during the year.

The Remuneration Committee determines the annual remuneration of the most senior staff, including the Vice- Chancellor. Employee members have no involvement in determining their own salaries. The Committee met once during the year.

Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52