Middlesex University
Financial Statements 2016/17
Corporate governance
It also receives and considers reports from the Higher Education Funding Council for England as they affect the University’s business and monitors adherence to the regulatory requirements. While senior executives attend meetings of the Audit and Risk Committee as necessary, they are not members of the Committee and the Committee has the opportunity to meet the Auditors on their own for independent discussions.
The University’s internal auditors monitor the systems of internal control in accordance with an agreed plan of input and report their findings to management and the Audit and Risk Committee.
Management is responsible for the implementation of agreed audit recommendations and the internal auditor undertakes periodic follow up reviews to ensure such recommendations have been implemented.
The Audit and Risk Committee also advises the Board of Governors on the appointment of internal and external auditors and the remuneration for both audit and non-audit work.
Remuneration Committee
The Remuneration Committee usually meets once a year to determine the salaries and conditions of service of the most senior staff, including the Vice-Chancellor and members of the Executive team. The committee comprises four members of the Board of Governors. The Remuneration Committee
follows guidelines to ensure the process of awarding Vice-Chancellor and senior staff pay is transparent and our practices are consistent with best practice across the HEI sector. Senior roles are assessed through the widely- used Hay method, and benchmarked using data from the Universities and Colleges Employers Association’s annual survey. Details of remuneration for the year ended 31 July 2017 are set out in note 9 of the financial statements.
Governance and Nominations Committee The Governance and Nominations Committee usually meets twice a year and comprises four members of the Board of Governors. The Committee seeks to ensure diversity, breadth and continuity of expertise amongst the membership of the Board. It also undertakes succession planning with respect to the membership, leadership and committees and good practice in governance.
Internal Control
The University’s Board of Governors is responsible for ensuring that the University maintains an effective system of internal control. Such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The system of internal control
is based on an ongoing process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and
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