A/3.5 Finance and Planning Committee charter
Policy Owner | Director, Governance and Performance |
Approval Date | 28/04/2022 |
Approval Authority | Council |
Date of Next Review | 01/12/2023 |
3.5.1 Purpose
3.5.2 Accountability
3.5.3 Responsibilities
3.5.4 Delegations
3.5.5 Membership
3.5.6 Attendance
3.5.7 Meeting frequency
3.5.8 Reporting and communication
3.5.9 Procedures
3.5.10 Secretariat
Modification History
3.5.1 Purpose
Finance and Planning Committee’s role is to oversee management of the University’s financial and other resources, and to monitor the University’s performance in achieving strategic and corporate priorities. Finance and Planning Committee advises Council on the University’s financial affairs, investments, physical and virtual infrastructure, and financial performance.
3.5.2 Accountability
Finance and Planning Committee is a governance committee accountable to QUT Council.
3.5.3 Responsibilities
Finance and Planning Committee undertakes the following responsibilities:
Strategy and planning
- provides advice on the development of planning frameworks being recommended by the University’s management
- recommends to Council the University plan and priorities
- provides advice to Council on planning issues, such as student load, workforce planning, built environment, and digital priorities
Finance and budget
- considers budget issues, in particular, financial investments required to meet the University’s priorities and the funding mechanisms to be adopted for investments
- approves the University’s budget framework
- recommends the annual budget to Council for approval
- considers budget reviews and monitors financial performance of the University
- considers the selection of fund managers and advises and monitors the performance, associated risks, and management of long term investments and endowments
Physical and virtual infrastructure
- considers priorities for major investments in physical and virtual infrastructure
- recommends to Council the Capital Management Plans
- oversees capital expenditure on physical and virtual infrastructure, with a focus on return on investment and/or achievement of priorities
- monitors operating expenditure and costs associated with development and maintenance of physical and virtual infrastructure
Corporate performance
- provides advice on the development of corporate key performance indicators consistent with the University’s strategy and priorities, and recommends them to Council for approval
- monitors performance against corporate key performance indicators.
3.5.4 Delegations
Finance and Planning Committee has delegated responsibility from Council to approve the University budget framework (C061).
3.5.5 Membership
- Three external members of Council nominated by Council, one of whom shall be nominated as chair
- Vice-Chancellor and President ex officio
- Provost and/or Senior Deputy Vice-Chancellor ex officio
- Vice-President (Finance) and Chief Financial Officer ex officio
- Two external members with suitable expertise, nominated from or by Council
The external members are selected to address expertise relevant to the business of the committee including:
- financial management, business or commercial strategy development and execution
- delivery of major capital projects and physical infrastructure
- delivery of contemporary information technology services and programs.
At least one of the external members of the committee must have formal professional qualifications in accounting.
Nominated members of the Committee serve a term of office of up to two years. The length of a nominated member’s term of office is recommended to the nominator by the Chair, on advice from the Secretariat.
3.5.6 Attendance
The Chancellor may elect to attend any meeting of Finance and Planning Committee, and has rights of audience and debate.
3.5.7 Meeting frequency
Finance and Planning Committee meets at least six times per year, in each committee meeting cycle leading up to QUT Council.
3.5.8 Reporting and communication
Following each meeting, Finance and Planning Committee reports to the next meeting of QUT Council.
3.5.9 Procedures
Finance and Planning Committee is established in accordance with Council Procedure 1 - Committees.
3.5.10 Secretariat
A nominee of the Vice-President (Administration) and University Registrar is secretary.Modification History
|
Date |
Sections |
Source |
Details |
| 28.04.22 | All | Council | Revised charter - term of office for nominated members clarified and date of next review updated in accordance with self-assessment review |
| 10.12.20 | A/3.5.3 | Council | Responsibilities from disestablished Investments and Borrowings Committee added to Finance and Planning Committee charter |
| 22.09.20 | All | Director, Governance and Legal Services | Date of Next Review extended to accommodate the committee review and self-assessment process deferred to 2021 |
| 27.02.20 | A/3.5.5 | Council | Revised membership provisions to clarify external members |
| 25.11.19 | All | Council | Revised and modernised charter, including new committee name, formerly Planning and Resources Committee - effective 01.01.20 |
| 25.02.19 | All | Council | Periodic review - no change in accordance with self-assessment review |
| 10.07.18 | All | Vice-Chancellor and President | Revised policy to include department name changes - Corporate Finance to Finance Resource Management and Planning and Budget to Planning and Performance |
| 27.02.17 | All | Council | Periodic review - no change in accordance with committee self-assessment review |
| 09.12.16 | All | Enhancing the Student Experience REAL Difference Change Manager | Revised policy to include REAL Difference initiative, approved name change for position title, Deputy Vice-Chancellor (Technology, Information and Learning Support) to Deputy Vice-Chancellor (Technology, Information and Library Services) - effective 03.01.17 |
| 12.10.16 | All | Council | Revised terms of reference to ensure consistency with revised Budget policy (G/4.1) |
| 26.02.15 | All | Council | Periodic review - no change in accordance with committee self-assessment review |
| 28.08.14 | All | Council | Revised terms of reference to clarify delegations regarding strategic and operational human resource policies |
| 06.02.13 | All | Council | Periodic review - no change required |
11.02.11 |
All |
Governance Services |
Policy revised in accordance with changes made to A/2.2 University Planning Framework |
17.12.10 |
All |
Planning and Resources Committee |
Periodic review - no change required |
7.10.10 |
All |
Governance Services |
Policy revised in accordance with changes to budget forecast schedules |
03.02.10 |
All |
Governance Services |
Revised terms of reference relating to investment strategy and performance, consistent with revised Investment policy (approved by Council 09.12.09) |
24.10.08 |
All |
Governance Services |
Renumbered and relocated to A/3.5 (formerly A/3.2.5) |
14.06.06 |
All |
Council |
Revised terms of reference relating to human resources |
02.06.04 |
All |
Council |
Revised terms of reference and membership provisions, in accordance with recommendations of Council Panel of the 2003/2004 Committees Review |
03.12.00 |
All |
Council |
Revised terms of reference and membership (2000 Review of Committees Recommendation 11) |
13.01.00 |
All |
Chancellor |
Revised membership provisions - Finance and Facilities Director (rights of audience and debate only) deleted in accordance with department restructure |
07.04.99 |
All |
Planning and Resources Committee |
Chairperson, Buildings and Grounds Committee invited to attend meetings (rights of audience and debate only) |
10.12.97 |
All |
Council |
Revised terms of reference and membership |