The terms of reference for the Investment Sub-Committee, including its purpose, functions and procedural rules.
Terms Of Reference
Committee Purpose
- To provide assurance to Finance Committee on the management of the University's investment, having particular regard to good governance and reputational issues;
- To oversee the University's investment strategy and all relevant associated risks;
- To review and monitor endowed, long- and medium-term investments; and,
- To review the University's Investment Policy, including on hedging, and recommend any changes to the Finance Committee.
- To review, at least on a triennial basis, the University's Investment Policy and recommend it to Finance Committee.
- To determine the allocation of funds for investment in accordance with the Investment Policy.
- To propose and agree investment objectives with Finance Committee.
- To recommend to Finance Committee the appointment of an investment adviser to support and inform the management of the University's investments.
- In the light of advice from the investment adviser, to consider potential investment opportunities. In considering whether to approve an investment opportunity, the Investment Sub-Committee must have regard to relevant University policies, including the Climate Action Framework.
- To monitor the performance of fund manager(s) * and, in conjunction with advice from the investment adviser, consider their recommendations against agreed benchmarks and take action as appropriate.
- In the light of advice from the investment adviser, to formulate a strategy for the hedging of foreign currency exposures and oversee the implementation of that strategy in line with the Investment Policy.
- To consider proposals for new investments and: a. In the case of single investments in excess of £10 million, to make a recommendation to the Finance Committee and Council; b. In the case of single investments of between £1 million and £10 million, to make a recommendation to the Finance Committee; and, c. In the case of single investments of under £1 million, to recommend them to the Director of Finance.
- Make a positive contribution to environmental and social impact as described in the Investment Policy.
- To review and recommend the annual Treasury Management Strategy to Finance Committee.
Membership
Total membership
A maximum of eight members, of whom a minimum of two must be nominated from Finance Committee, including the Treasurer
Chair
Ex-officio members
Treasurer and Vice-Chancellor
Other members
In attendance
Director of Finance, Deputy Director of Finance and other individuals by invitation only
Secretary
Member of Governance Office
Procedural Rules
Alternates
The Vice-Chancellor can nominate an alternate in his/her capacity as the Accountable Officer
Quorum
Rules for voting
Voting normally by a show of hands on the basis of a simple majority
Minutes
Submitted to Finance Committee
Amendment requires two thirds majority and approval by Finance Committee
Meetings
The Sub-Committee should meet at least four times in each academic year, at least ten days in advance of the next meeting of Finance Committee
Reviews
Investment Sub-Committee will review its own Terms of Reference and effectiveness on at least a biennial basis
* an investment professional who oversees the investments within an individual fund or portfolio
Enquiries
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