Finance Committee Member

1 week ago


City of Westminster, Greater London, United Kingdom The Royal Economic Society Full time
Job description


RES is seeking two independent members to join the Finance Committee to contribute to oversight of financial management of the Society, including management of investments, and to recommendations to the Trustee Board in relation to financial management and investment management.

The independent members of the Finance Committee will have experience in financial management of an organisation and investment management. They may have a professional qualification in accounting, finance or investment management. An interest in economics and the economics profession is essential. Understanding of academic, membership or learned organisations, academic publishing and experience of income generation or fundraising will be beneficial.


The independent members of the Finance Committee may be existing RES members but should not be a serving RES Trustee, Council or Committee member or Journal Editor.


Remit:
The independent members will attend three formal Finance Committee meetings per annum.

They may also participate in other activities including periodic review and selection of investment managers, scrutiny of investment proposals and development of income generation and fundraising activities.


Term:
The term of appointment is three years which may be extended once.

Responsibilities of the Finance Committee

  • Review policies relating to Reserves and Investments annually and to recommend changes to the Trustee Board where required.
  • Review investment performance annually and to advise the Treasurer on adequacy of funds to meet working capital requirements and the composition of the investment portfolio in relation to the investment policy.
  • Review investment manager performance and to ensure reappointment or retendering is considered as required but not less than every four years.
  • Consider any material changes in accounting policy and/or accounting standards.
  • Review proposals requiring significant financial commitment or risk, including but not limited to recurrent expenditures, capital or nonrecurrent expenditures, changes in fee structures or prices, proposals for new lines of activity, joint ventures, partnerships, acquisitions, etcetera.
  • Consider proposals for income and expenditure budgets and inyear variations considering both nearterm opportunities/risks and longterm financial sustainability. Advise the Trustee Board concerning the overall financial parameters within which decisions about budget expenditure requests should be considered. Monitor inyear financial outcomes versus budgets.
  • Advise the Remuneration Committee concerning the overall financial parameters for pay review.

Application
An expression of interest should include a summary curriculum vitae and a covering letter, with the letter setting out:

  • Your experience, qualifications and contributions relevant to the role, if these are not included in the summary curriculum vitae;
  • Your motivation(s) for wishing to be a member of the Finance Committee.
  • The covering letter and summary curriculum vitae should, in total, be approximately two to three pages in length.


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