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Finance, Infrastructure and Investment Committee

Terms of Reference and Membership 2024-25

Constitution

The Board of Governors has established a Committee of the Board called the Finance, Infrastructure and Investment Committee. The Finance, Infrastructure, and Investment Committee provides the Board with assurance on potential significant and strategic investment decisions. It provides oversight of delivery of the financial, estates and digital infrastructure objectives of the University Strategy.

Membership and Quoracy

The Finance, Infrastructure and Investment Committee and its Chair shall be appointed by the Board of Governors. The Committee membership shall comprise of:

  • A Chair, who shall be an independent member of the Board of Governors;
  • at least one independent member of the Board of Governors;
  • the Chair of the Board of Governors (ex-officio);
  • the Vice Chancellor (ex-officio);
  • no more than two co-opted non-governor members from outside of the Board.

At least one member should have recent relevant experience in finance and/or accounting.

A quorum:

  • Shall be 50% of the total appointed/in-post membership plus one member;
  • must comprise no fewer than three members;
  • must always include two independent members of the Board of Governors, whichcan include the Chair.

Members of the Committee should not also be members of the Audit Committee.

Where a member cannot attend a meeting, then they can submit any comments on reports to either the Clerk or Chair of the Committee in order that their comments can be raised.

Attendance of Officers

The Chief Operating Officer, Chief Finance Officer, Director of Estates and Director of Planning and Strategy (or their equivalents) shall normally attend meetings of the Committee.

Additional Officers of the University, members of the Board of Governors and relevant University of Lincoln Students’ Union colleagues may attend the Committee according to the needs of its business, at the discretion of the Chair.

Frequency of Meetings

The Committee shall normally meet formally four times each financial year, but it is expected the Committee shall meet ad hoc to consider relevant significant or strategic proposals as they develop.

Authority

The Finance, Infrastructure and Investment Committee is authorised by the Board of Governors to scrutinise proposed expenditure, such as business change, capital and digitalisation projects, property and other investment decisions which are due subsequent Board of Governors approval, as per the limits outlined in the Financial Regulations.

Duties

The duties of the Committee shall be:

(a) to review and recommend the University's annual budget for Board approval;

(b) to review and recommend the University’s five-year financial plans for Board approval;

(c) to scrutinise the University estate and digitalisation project pipeline, reviewing the financial evaluation of significant and strategic projects and make recommendations to the Board of Governors as appropriate;

(d) to review and recommend any appropriate funding arrangements to underpin financial sustainability (i.e. borrowing, the appointment of bankers or other financial advisors) to the Board of Governors;

(e) to review and recommend the University's Treasury Management Policy for Board of Governors approval;

(f) to review requests for investment funds for subsidiaries and spin-out companies and make recommendation for Board of Governors approval as appropriate;

(g) to monitor the exploitation of the University’s intellectual property;

(h) to monitor the University’s fundraising activities, including its use of donated funds and endowments via annual report on fundraising.

Reporting Procedures

The minutes of meetings of the Finance, Infrastructure and Investment Committee will be circulated to all members of the Board of Governors and recommendations of the Committee will be reported to the next meeting of the Board.

Review and Effectiveness

The minutes of meetings of the Finance, Infrastructure and Investment Committee will be circulated to all members of the Board of Governors and recommendations of the Committee will be reported to the next meeting of the Board.

Officering Arrangements

A member of the Governance Team will undertake the role of Officer to this Committee.

Normal Cycle of Business

At all meetings, the minutes of the previous meeting and a report on actions from the previous meeting/matters arising will be received. Members will be asked whether they have any declarations of interest to make, and members will consider whether there are any significant issues of interest requiring future consideration by the Committee under a horizon scanning discussion.

October:

Terms of Reference, Membership and Business Plan

Forecast YE Position

Treasury Review and Strategy

Review of Digital Project Pipeline

Review of Estates Project Pipeline

November:

Five-Year Financial models and OfS Financial Return

Update on Forecast 23/24 YE Position (in line with External Audit)

Annual Report on Fundraising

Annual Report on Commercialisation/IP Exploitation/EIG

Review of Digital Project Pipeline (by exception)

Review of Estates Project Pipeline (by exception)

February:

Budget-Setting Principles

Mid-Year Forecast

Review of Digital Project Pipeline

Review of Estates Project Pipeline

May:

Budget and Five-Year Forecast (pre-Board approval)

Effectiveness Review

Review of Digital Project Pipeline

Review of Estates Project Pipeline

 

(The Finance, Infrastructure and Investment Committee Terms of Reference was approved on 27 March 2025)

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