Financial Statements 2018/19
Corporate governance continued Review of operations
— Offer rates of pay that enable the University to secure, retain and engage high calibre and high performing leaders with the skills, knowledge, experience and attributes we require
— Ensure that remuneration is proportionate to wider pay rates within the sector, whilst taking into account the need to demonstrate responsible investment of public monies
— Ensure that the University’s reward arrangements underpin the delivery of the University Strategy 2017-22.
Remuneration Committee
The Remuneration Committee is constituted to consider and determine the salaries, emoluments, terms and conditions (and, where appropriate, severance payments) of the Vice-Chancellor and members of the senior executive team within an overall framework approved by the Board of Governors. The Board approved an Executive Team Remuneration Policy and Procedure in 2018, which includes the determination of an annual VCE collective bonus payment, based on performance against an annually agreed set of University KPIs. A review of this scheme is planned following completion of the 2019 round.
Decisions to change salaries and emoluments are made based on the appropriate benchmark information and a review of performance against previously set objectives. In agreeing any changes to the remuneration of the Vice-Chancellor and other members of the senior executive team, the Remuneration Committee is mindful of the affordability of any such revisions.
The Committee applies a strong, evidence-based ethos to its discussions. During 2017, the Committee developed a remuneration policy that was ratified by the Board of Governors at its meeting on 27 November 2017. The policy intends to:
— Give confidence that the Remuneration Committee is exercising its accountability for senior pay in a responsible and equitable way
— Ensure that individuals are paid fairly in a way that reflects relative accountabilities, job size and performance
The Vice-Chancellor’s Appraisal and Performance Review is conducted by the Chair of the Board, following consultation with the other independent members of the Remuneration Committee.
All of the Committee members are independent members of the University’s Board of Governors. Renumeration Committee meetings are also attended by the Clerk to the Board as Committee Secretary. The Director of Human Resources attends all meetings by invitation of the Committees to provide specialist knowledge and support. The Committee met twice in 2018/19 and the Vice-Chancellor was not present at either meeting.
Details of remuneration for the year ended 31 July 2019 are set out in note 9 of the financial statements.
Governance, Nominations and People Committee
The Governance, Nominations and People Committee’s role is to oversee the appointment of the governors, the chairing and membership of committees, the effectiveness of the University’s governance, and the effectiveness of the University’s people strategies, and to make recommendations to the Board or act with delegated decision-making powers from the Board.
Academic Board
Academic Board is the academic authority of the University as delegated by the Board of Governors, and draws its membership from academic staff and students of the University. The Academic Board is responsible for the academic standards of the University and the regulation of academic matters.
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Middlesex University
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