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Terms
of Reference for the Executive Committee- April 2008
Policy & Guidelines
1.
Purpose
The purpose of the Executive Committee is to undertake delegated tasks from the Group Board including:
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the development
and implementation of strategy, operational plans, policies,
procedures and budgets; |
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the
monitoring of operating and financial performance;
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the
assessment and control of risk; |
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the
prioritisation and allocation of resources. |
2.
Membership
The Executive Committee will be made up of the Chief Executive,
executive directors of the Group Board, and senior executives of the subsidery companies.
Others
may be invited to attend any meeting.
The
Chief Executive shall act as chairman of the Committee. In his
absence the Finance Director will act as chairman.
3. Meetings
The Executive Committee should meet on a monthly basis with prepared agendas of items for discussion. A quorum of at least two directors is required.
The
Company Secretary, or their nominee, will act as secretary and
take minutes of the meetings. The minutes of the meetings will
be circulated to the Group Board, and the Chief Executive will
present a written Chief Executive Report at each quarterly Group
Board meeting.
4.
Duties
(i) Management
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The
successful execution of strategy. |
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Recommending
objectives and strategy for the group in the development
of its businesses. |
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Identifying
and executing new business opportunities, if approved,
outside the current core activities |
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Reviewing
the organisation structure of the group and making
recommendations for change. |
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Implementing
policies relating to health and safety, environment,
treasury and corporate social responsibility. |
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Ensuring
the control, co-ordination and monitoring of
risk and internal controls. |
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Ensuring
compliance with relevant legislation and regulations. |
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Prosecution,
defence or settlement of litigation. |
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Ensuring
appropriate levels of authority are delegated
to senior management throughout the group. |
(ii) Financial reporting and controls
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Presentation of the group’s budgets and three year plans to the Group Board and, following their approval, the achievement of the budgets and plans. |
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Approval of capital projects between £50,000 and £500,000 for budgeted items and between £25,000 and £250,000 for unbudgeted items. |
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Renewal of banking facilities and arrangements for treasury management. |
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Insurance, including directors and officers liability insurance. |
(iii) Corporate Governance
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The Committee shall conduct an annual review of its work and terms of reference, and an assessment of its own effectiveness and make recommendations to the Group Board. |
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