The Board of Regents shall appoint a Finance Committee in accordance with the following terms:
The Committee shall comprise:
- Seven (7) members from the Board. They shall be appointed by the Chair of the Board who shall designate one (1) member to be Chair and one (1) member to be Vice-Chair.
- The following ex-officio members:
i. The Chair of the Board of Regents;
ii. The President and Vice-Chancellor; and,
iii. The Provost and Vice-President (Academic).
- The following non-voting, ex-officio members:
iv. The other Vice-Presidents;
v. The Executive Director to the Board of Regents;
- The General Counsel who shall be invited to attend all meetings of the Committee in a non-voting capacity to provide advice to the Committee related to its business.
- The Secretary to the Board of Regents who shall serve as non-voting secretary of the committee.
Other individuals may be invited by the Committee Chair to attend meetings in a non-voting capacity as necessary.
The appointed members shall serve for two years.
Quorum shall be a majority of voting members.
The Finance Committee shall supervise the fiscal affairs of the University with the following objectives:
- To provide financial advice and information to the Board in fulfilling its obligations pursuant to applicable sections of The Memorial University Act.
- To ensure that the University conducts its financial affairs with transparency and accountability.
- To ensure prudent management of funds available for investment.
- To ensure that long-range planning and forecasting are undertaken to enable informed decisions on major financial matters.
Without limiting the generality of the responsibilities of the Finance Committee in financial matters, it shall have the following responsibilities:
- To advise the Board on all financial matters affecting the University.
- To receive and review the audited financial statements of the University prior to presentation to the Board.
- To provide advice to the administration on financial matters.
- To approve the budget before submission to the Board.
- To determine whether revised budgets are necessary and to recommend accordingly to the Board.
- To monitor the financial status of specific activities or projects as the need to monitor is determined from time to time by the Board.
- To advise the Board on specific matters relating to financial exigencies.
- To make decisions on behalf of the Board on investment policies and practices in accordance with applicable sections of The Memorial University Act.
- To review on behalf of the Board contracts, agreements, deeds or other instruments involving the financial affairs of the University which are to be presented to the Board, and to make recommendations to the Board regarding appropriate action.
- To recommend to the Board new policies or changes in existing policies of a financial nature.
- To assume such other responsibilities as may be delegated by the Board.
Annual Review of the Terms of Reference – approved March 17, 2016