Financial Statements 2019/2020
CORPORATE GOVERNANCE (continued)
The Board has formal decision-making responsibility in a number of key areas, including the approval of the University’s Strategy and other major strategic policies which sit underneath this or for which it has a legal responsibility to oversee1
. Other major tasks crucial to
the success and sustainability of the University are the appointment and performance management of the Vice-Chancellor and other senior post holders, adoption of its annual Financial Statements, budgets, financial forecasts and the appointment of the University’s internal and external auditors.
The Board is responsible for approving annual returns to the Office for Students as required.
The Board of Governors comprises a majority of members from outside the University, from whom the Chair and Deputy Chair position are drawn, together with the Vice-Chancellor and members of the staff and student bodies.
In meeting the OfS requirements, the University has demonstrated that it meets the public interest governance principles.
Conduct of business
The Board normally has six Board meetings per year and two away days to consider long term strategy. The formal Board meetings are supplemented by informal briefing sessions on relevant issues and attendance at key University events. Open sessions are held for governors where students describe their experiences, concerns, and key issues. This helps to ensure that Governors are part of the wider community of the University and that they are fully briefed on the activities of and challenges and opportunities facing the University.
There is a clear division of responsibility in that the roles of Chair and Deputy Chair of the Board of Governors are separated from the role of the University’s Vice-Chancellor.
Due to continued public health precautions regarding in-person gatherings given the coronavirus (COVID-19) pandemic and to support the health and wellbeing of governors, the format of Board and Committee meetings changed from March 2020 to virtual-only meetings, instead of in-person meetings.
Three supplementary Board meetings were scheduled between June and September 2020 to consider COVID-19 related matters.
The Board of Governors conducts periodic reviews of effectiveness in accordance with the Committee of University Chairs (CUC) Code of Governance. The last review was completed in 2015. The Board intended to conduct a review in 2020 following the recruitment of new Governors during 2019 but did not consider it to be beneficial to conduct an entirely remotely delivered review during the pandemic period. Instead the Board agreed to postpone its next effectiveness review to Spring 2021. In the meantime the Governance, Nominations and People Committee has considered the main elements usually covered in an effectiveness review along with current practice and possible options for further enhancement.
Appointment of new Vice-Chancellor
The Board of Governors began the process of appointing a new Vice-Chancellor in June 2019, seeking someone who would project a distinct Middlesex vision and mission. A selection committee was established for this process. At the Board meeting on 25 November 2019 governors ratified the appointment of Professor Nic Beech who took up post on 3 February 2020.
The Board appointed James Kennedy, Chief Financial Officer, as Interim Vice-Chancellor from 2 September 2019 until Professor Beech started in February 2020, after which time he returned to his substantive role to continue to play an important and critical leadership role as part of the University Executive Team.
The Board has a number of standing committees to help it discharge its business effectively.
Finance and Infrastructure Committee
The Finance and Infrastructure Committee’s role is to consider the effective and efficient use of the University’s financial resources, estate, facilities and ICT infrastructure, including ensuring the solvency of the University and the safeguarding of its assets, and to make recommendations to the Board or act with delegated decision-making powers from the Board.
1
Key Performance Indicators (KPIs) have been developed to allow the University to monitor its progress towards achieving its strategic objectives.
70 Middlesex University
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