Policy & Guidelines
1. Purpose
The purpose of the Executive Committee is to undertake delegated tasks
from the Group Board including:
- the development and implementation of
strategy, operational plans, policies, procedures and budgets;
- the monitoring
of operating and financial performance;
- the assessment and control of
risk;
- 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 Finance Director, 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
- The successful execution of strategy.
- Recommending objectives and strategy for the
group in the development of its businesses.
- Identifying and executing new business opportunities,
if approved, outside the current core activities
- Reviewing the organisation structure of the
group and making recommendations for change.
- Implementing policies relating to health and
safety, environment, treasury and corporate social responsibility.
- Ensuring the control, co-ordination and monitoring
of risk and internal controls.
- Ensuring compliance with relevant legislation
and regulations.
- Prosecution, defence or settlement of litigation.
- Ensuring
appropriate levels of authority are delegated to senior management
throughout the group.
(ii) Financial reporting and controls
- 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.
- Approval of capital projects between £50,000
and £500,000
for budgeted items and between £25,000 and £250,000 for
unbudgeted items.
- Renewal of banking facilities and arrangements
for treasury management.
- Insurance, including
directors and officers liability insurance.
(iii) Corporate Governance
- 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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