Further particulars - Finance Committee Vacancy

Further information on the role

Thank you for looking further into the role on the Finance Committee. We hope the information below is helpful and that you choose to apply.

Lay members of the Finance Committee are independent of the University and contribute by providing an external perspective on important issues. Membership is for a three-year term, with the option to be considered for two further three-year terms.

Committee members would be expected to demonstrate:

  • Familiarity with key topics within the remit of the Committee (for example, the University’s financial sustainability and Annual Accounts);
  • Familiarity with legislation and processes which impact on the work of the Committee (for example, the Financial Reporting Standard (FRS 102));
  • Knowledge of good practice in areas relevant to the Committee’s remit, such as the University’s Financial Regulations or the British Universities Finance Directors Group guidance on Understanding University Finance;
  • The ability to independently scrutinise and comment on proposals (for example, business cases or proposed expenditure);
  • Experience of providing advice to improve areas within the Committee’s remit;
  • The University’s values of Inspire, Belong, Collaborate and Celebrate;
  • Experience of promoting equality, diversity and inclusion; and
  • The ability to regularly attend meetings and contribute to discussions.

If you can demonstrate most, but not all, of the criteria above then please do not hesitate to apply. The University Secretary, the governance team and fellow governors are all on hand to help new members, and induction is provided to help governors develop their knowledge and skills.

The Finance Committee is part of the University’s governance structure, reporting to the Court. By focusing on Heriot-Watt’s finances, the Committee helps the Court to:

  • review the overall financial strategy of the University;
  • ensure that the University will remain financially sustainable;
  • ensure that the financial requirements of the Strategic Plan are met; and
  • ensure that there are appropriate financial controls in place.

The Committee normally meets five times a year (including one joint meeting with the Audit and Risk Committee). Meetings last around three hours. Members will prepare for meetings by reviewing the papers circulated, which should take no more than half a day on each occasion. In addition, lay members of the Court Committees are invited to attend two Court Strategy Days per year on the Edinburgh Campus, one in November and one in May. The total time commitment for the role is approximately eight days per academic year.

Finance Committee meetings usually take place via Microsoft Teams. Meetings are normally scheduled from 2pm – 5pm (UK time). One meeting may be held on the Edinburgh Campus each year, with the option of attendance via Teams if members cannot make the journey to Edinburgh. Members of the Committee are also encouraged to take a general interest in activities open to them to develop their understanding of the University and its community.