Middlesex University
Financial Statements 2015/16
Corporate governance Remuneration Committee
The Remuneration Committee determines the salaries and conditions of service of the most senior staff, including the Vice-Chancellor and members of the Executive team. Details of remuneration for the year ended 31 July 2016 are set out in note 9 of the financial statements.
Governance and Nominations Committee The Governance and Nominations Committee meets twice a year and comprises of 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 economically. This process has been in place for the year ended 31 July 2016 and up to the date of approval of the financial statements, and accords with HEFCE guidance.
The Board of Governors has delegated the day to day responsibility to the Vice-Chancellor, as Accountable Officer, for reviewing the adequacy of the system of internal control and making any appropriate amendments. He is also responsible for reporting to the Board of Governors any material weaknesses or breakdowns in internal control.
The following processes are in place to ensure the effectiveness of the University’s internal control and risk management:
— The Board of Governors meets six times a year to consider the plans and strategic direction of the Institution. It is advised by its key committees, receiving regular reports from each committee and other reports from management as required. In addition the Board of Governors holds an away day each year to discuss the Strategic Plan in greater detail. The assumptions and aims are reviewed against domestic demand, international demand, funding and research and business development.
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