Finance and Resources Committee Responsibilities

According to the statutes approved by Parliament in October 2013, the Finance and Resources Committee shall be responsible for:

(1)   oversight of the management of the Inn’s finances;

(2)   approval of the Inn’s investment policy and the monitoring of the performance of its investments;

(3)   advising Parliament and the Executive Committee on matters affecting the finances of the Inn;

(4)   preparation and approval of the Inn’s annual budget;

(5)   preparation of the Inn’s annual accounts and liason with the Inn’s external auditors;

(6)   monitoring of the Inn’s asset register;

(7)   approval and development of the Inn’s staff remuneration policies and practices;

(8)   approval of the Inn’s strategy and budget for Information Technology;

(9)   approval of the Inn’s strategy and budget for the Library and the Archive; and

(10)  liaison with the trustees of the Inn’s Pension Fund and Charitable Trust Funds.

The Committee shall appoint the following sub-committees:

(1)  The Investment Sub-Committee which shall be responsible for approval of the Inn’s investment policy and the monitoring of the performance of its investments;

and

(2)  the Staff Remuneration Sub-Committee which shall be responsible for approval and development of the Inn’s staff remuneration policies and practices.

The Committee will submit a written report to the Executive Committee and to Parliament on its activities each year.