Finance and Infrastructure Committee

Terms of reference

1. Introduction/Purpose

The Finance and Infrastructure Committee is a formally constituted committee of Council with particular responsibility for advising Council on the University’s financial and infrastructure sustainability strategies.

The Committee is responsible for assuring oversight of the University’s operational policies and is the Executive Committee of Council delegated to take action on urgent issues between Council meetings.

2. Responsibilities

The Finance and Infrastructure Committee shall be responsible for:

1. Overseeing and monitoring strategic developments and projects including

1.1 Business cases for all major developments (not already overseen by a specific purpose Council Committee);

1.2 Progress on capital and infrastructure projects.

2. Reviewing the University budget including:

2.1 Reviewing the draft operating budget ahead of its presentation to Council;

2.2 Reviewing the draft Capital Management Plan ahead of its presentation to Council.

3. Monitoring financial performance including:

3.1. Regular financial reporting.

3.2. Financial, treasury and investment performance.

4. Monitoring resource performance including:

4.1. Student load reporting; and

4.2. Environmental reporting.

5. Approving operational policies

5.1  Reviewing and recommending to Council new policies and related items, as submitted by the relevant officers, in respect to the administrative and operational functions of the University  including but not limited to the areas of finance and investment management, and capital works;

5.2. Approving, under delegated authority, major amendments to policies related to the administrative and operational functions of the University (as cited 5.1 above).

6. Operating as the Executive Committee of Council for any urgent matters arising between Council meetings

6.1. Acting under delegated authority to take action on urgent issues between Council meetings and to report such action to Council;

6.2. Considering such matters as may be referred to it by the Council or the Vice-Chancellor;

6.3 Acting on any additional delegations conferred on the Committee by Council.

3. Delegations

1. Consistent with its purpose and objectives, the Finance and Infrastructure Committee holds the following delegations:

a) acting on behalf of Council on urgent matters between Council meetings;

b) approving detailed project budgets within the Capital Management Plan of $5 million or greater;

c) approving major amendments to operational codes, standards and policies.

4.  Membership

1. The Finance and Infrastructure Committee shall consist of:

a) the Chair of the Committee, who is appointed by Council and must be an external Council member. Should the Chair be absent from a meeting, the Vice-Chancellor will chair that particular meeting.

b) at least two (2) external Council members nominated by Council, at least one of whom has recognised professional financial, commercial or resource management qualifications and expertise.

c) one (1) optional co-opted member who is an external person (external to the Council and not a current staff member or current student of the University of Wollongong) with appropriate high level financial, risk management or commercial qualifications and expertise, who will be recommended by the Chair and approved by Council.

d) the Vice-Chancellor;

e) one (1) elected staff member of the University Council nominated by the Council

f) one (1) elected student member of Council appointed by Council

2. Where a member is unavailable to attend a meeting, a nominated alternate external Council member may be invited to attend in their place at the discretion of the Chair.

3. Unless otherwise provided, the term of office of all Committee members shall be two years. Re-appointments are permitted.

4. The Committee must include representatives from more than one gender.

5. Invited attendees as non-voting observers:

a) Chief Operating Officer;

b) Director of Financial Services;

c) Director, Facilities Management Division;

d) Other members of the University Senior Executive (as determined by the Chair), and

e) Other persons as determined by the Chair depending on the issues for consideration.

5. Professional Development

  1. The University will assist the Committee in maintaining appropriate skills and expertise;
  2. The University is responsible for providing new members with an appropriate induction program and educational opportunities;
  3. The University is responsible for providing the Committee with educational resources relating to current topics pertinent to the University, and other resources, as reasonably requested by the Committee.

6. Meetings and Quorum

  1. The Committee shall meet at least four times per year;
  2. The quorum for a meeting shall be a majority of the total number of members, with a minimum of two external members present.

7. Agenda and Minutes

  1. Secretariat support is provided to the Committee by the Governance Unit.
  2. The Committee Executive Officer will prepare the draft agenda for approval of the Committee Chair for circulation at least seven days prior to the scheduled meeting.
  3. The Committee Executive Officer will prepare the minutes of the committee meeting within seven working days of each meeting and forward the draft minutes to the Chair.
  4. After the Committee Chair has reviewed the minutes, the draft minutes are to be circulated to all Committee members.
  5. The minutes of the meetings will be ratified and signed at the next Committee meeting.
  6. Each set of minutes will be presented to the next available Council meeting.

8. Evaluation and Review

1. To ensure the Committee is fulfilling its objectives, the Committee will:

a) conduct a biennial assessment of its performance against its Terms of Reference and provide a report of its findings to the Council;

b) note feedback and recommendations resulting from the Council’s review of the performance of its committees; and

c) review, at least every three years, the Committee Terms of Reference and, in conjunction with the Secretary to Council, recommend to Council any appropriate amendments for approval.

Current members

NamePosition
Ms M Dawson Exernal member of Council (Chair)
Prof P Davidson Vice-Chancellor
Mr D Groves External member of Council
Mr R Ryan External member of Council
Ms E Steinke Staff member of Council
Ms S Vogel Student member of Council