Senate Finance Committee

Establishment of Senate Finance Committee

1. The University’s Senate is the governing authority of the University established under the University of Queensland Act 1998. The Act permits Senate to delegate its powers under the Act to an appropriately qualified Committee that includes one or more members of Senate.

2. Senate has established a Finance Committee as a Committee of Senate.

Role of the Committee

3. The role of the Committee is to support and advise Senate in exercising its oversight in relation to the matters set out in these terms of reference. The establishment of this Committee does not relieve Senate of its responsibility for these matters.

4. The Committee monitors financial performance, investments, capital spend and significant projects to the current and future strategic direction of the University to ensure the ability to be agile into the future.

Responsibilities of the Committee

5. Budget

5.1 Review the annual budget as prepared by Management and recommend it to Senate for approval.

5.2 Recommend to Senate for approval any material variations (outside of delegations) of the budget.

5.3 Review the quarterly performance against the University’s annual budget and report any concerns to Senate.

6. Capital structure and funding

6.1 Oversee the University’s proposed and future capital spend, capital management planning and initiatives including capital allocation.

6.2 Oversee due diligence on acquisitions and divestments including proposals which may have a material impact on the University’s capital position.

6.3 Review matters within the scope of its terms of reference to ensure that the University’s capital decisions are appropriate in the pursuit of the Strategic Plan.

7. Commercial entities

7.1 Oversee proposals to form, participate or be members of companies and other entities.

7.2 Advise the Vice-Chancellor on matters relating to the University’s controlled entities, acknowledging that UQ Holdings Pty Ltd and its subsidiaries, and all other University controlled entities report to the Vice-Chancellor.

8. Financial performance

8.1 Review and monitor the financial performance of the University, including its investments, controlled entities and major commercial activities, and advise Senate accordingly.

8.2 Recommend to Senate annual key financial performance indicators in relation to resources and finance, review performance against these indicators, and advise Senate accordingly.

9. Investments and borrowings

9.1 Oversee all University investments, including UniQuest, no matter where they are located.

9.2 Review the Managed Investment Portfolio Policy and make recommendations to Senate.

9.3 Review investment/divestment strategies (including financial implication of business cases and material commercial contracts).

9.4 Oversee the borrowing requirements of the University.

10. Oversee projects of significant financial importance which either exceeds the Vice-Chancellor’s delegated authority, or as agreed between the Chair of Finance Committee and the Vice-Chancellor, or as directed by Senate.

11. Physical asset management

11.1 Assess and make recommendations on the financial implications of the acquisition and disposal of land and property, including proposals for the development of the University’s estate.

11.2 Seek to achieve the best possible performance of the University’s physical assets, in conjunction with the Chair of the Campus Infrastructure Committee.

11.3 Monitor, review and where appropriate make recommendations to Senate with respect to significant matters relating to the ownership, management and divestment of assets, noting that there will be a need for interaction with other Committees of Senate, in particular the Campus Infrastructure Committee.

12. Advise Senate on other matters raised by Senate or the Vice-Chancellor which have a significant direct or indirect effect on the current or future finances of the University.

Power of the Committee

13. The Committee has no delegated authority other than to provide the first line of oversight for Senate on matters set out in these terms of reference. Accordingly, the Committee may only make recommendations to Senate.

14. The Committee will work closely with the Campus Infrastructure Committee to ensure that its separate deliberations are co-ordinated to facilitate the effective consideration by Senate of matters requiring Senate approval.

15. The Committee may, from time to time, form a joint working group with the Campus Infrastructure Committee in relation to matters where it is expedient to do so.

Structure and Composition of the Committee

16. Senate appoints a Member of Senate to chair the Committee.

17. Senate determines the membership of the Committee Members.

18. Membership composition:

• Senate member as Chair
• Chancellor
• Up to 5 additional Senate Members
• Chair of the Campus Infrastructure Committee
• Chair of the Risk and Audit Committee
• Vice-Chancellor 
• President, Academic Board
• UQ Union member – President or Treasurer of the University of Queensland Union.

In attendance

• Provost
• Chief Operating Officer
• Chief Financial Officer
• Director, Corporate Finance

19. Expertise required of Members

Members of the Committee should have appropriate and recognised financial and business expertise to ensure that strategic financial planning and performance monitoring meet the longer-term goals of the University.

20. Term of appointment

The term of appointment of a Member is up to four years, and may be renewed. Appointment terms should be staggered to ensure continuity of membership.

21. Responsibilities of Members

21.1 Under the Conflict of Interest Policy, Members need to ensure that any conflict of interest issue is avoided, resolved or appropriately managed in accordance with this Policy.

21.2 Members are required to comply with the University’s Code of Conduct, particularly the confidentiality requirements.

Operation of the Committee

22. The Finance Committee will normally meet 4 times a year. To enable the Committee to respond quickly and efficiently, the Committee may schedule additional meetings to deal with matters requiring timely review and recommendation to Senate.

23. Secretariat support is provided by the Senate Secretary.

24. The format of the agenda and minutes should be consistent with those produced for Senate meetings.

25. The agenda papers should be distributed at least a week before the meeting.

26. Members of the Committee may participate in the meeting by way of teleconference/video facilities.

27. The quorum for meetings is a majority of Committee Members.

28. The Terms of Reference of the Committee and the functioning of the Committee should be subject to regular review by Senate, including self-assessment by the Committee every two years, to ensure that it is operating effectively and fulfilling its functions.

*As on 3 December 2024