Committee Purpose
- To provide assurance to Finance Committee on the management of the University's investment, having particular regard to good governance and reputational issues;
- To oversee the University's investment strategy and all relevant associated risks;
- To review and monitor endowed, long- and medium-term investments; and,
- To review the University's Investment Policy, including on hedging, and recommend any changes to the Finance Committee.
Terms of Reference
- To review, at least on a triennial basis, the University's Investment Policy and recommend it to Finance Committee.
- To determine the allocation of funds for investment in accordance with the Investment Policy.
- To propose and agree investment objectives with Finance Committee.
- To recommend to Finance Committee the appointment of an investment adviser to support and inform the management of the University's investments.
- In the light of advice from the investment adviser, to consider potential investment opportunities. In considering whether to approve an investment opportunity, the Investment Sub-Committee must have regard to relevant University policies, including the Climate Action Framework.
- To monitor the performance of fund manager(s)* and, in conjunction with advice from the investment adviser, consider their recommendations against agreed benchmarks and take action as appropriate.
- In the light of advice from the investment adviser, to formulate a strategy for the hedging of foreign currency exposures and oversee the implementation of that strategy in line with the Investment Policy.
- To consider proposals for new investments and:
- a) In the case of single investments in excess of £10 million, to make a recommendation to the Finance Committee and Council;
- b) In the case of single investments of between £1 million and £10 million, to make a recommendation to the Finance Committee; and
- c) In the case of single investments of under £1 million, to recommend them to the Director of Finance.
- Make a positive contribution to environmental and social impact as described in the Investment Policy.
- To review and recommend the annual Treasury Management Strategy to Finance Committee.
* an investment professional who oversees the investments within an individual fund or portfolio
Reporting Relationships
The Investment Sub-Committee reports to Finance Committee after every meeting with a written report.
Procedural Rules
Alternates: The Vice-Chancellor can nominate an alternate in his/her capacity as the Accountable Officer.
Quorum: Four.
Rules for voting: Voting normally by a show of hands on the basis of a simple majority.
Minutes: Submitted to Finance Committee.
Terms of Reference: Amendment requires two thirds majority and approval by Finance Committee.
Meetings: The Sub-Committee should meet at least four times in each academic year, at least ten days in advance of the next meeting of Finance Committee.
Reviews: Investment Sub-Committee will review its own Terms of Reference and effectiveness on at least a biennial basis.
Membership
A maximum of eight members, of whom a minimum of two must be nominated from Finance Committee, including the Treasurer.
Ex-officio members
- Calum Mercer, Chair (Treasurer)
- Professor Phil Taylor, Vice-Chancellor and President
Other members
- Will Kenney, External Member
- Jim Sherwin, External Member
- Stephen Vakil, External Member
In attendance
- Ben Adams, External Adviser, Mercer
- Helena Barrell, Governance Partner
- Rebecca King, Director of Finance Operations
- Martin Williams, Director of Finance
Meeting Dates
Find out about our meeting dates.
Find our agenda deadlines for submitting papers.
Version Information
Owner: Investment Sub-Committee
Approval Date: 17 October 2024