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Diocesan Council of Trustees

Policy and Finance

Chair: Usually the Chair of the Diocesan Board of Finance
Secretary: The Diocesan Secretary

The Policy and Finance Committee is the standing committee of the Diocesan Trustee Body (which receives its minutes) and responsible for its agenda.

The Policy and Finance Committee makes recommendations for policy in line with strategy.  It resources the Diocesan Council of Trustees for good decision-making; it supports the Diocesan Council of Trustees (Bishop’s Council) in its work as the standing committee of the Diocesan Synod. It advises the Diocesan Council of Trustees on how proposals for the use of Synod’s resources can make effective progress. It advises and guides management in the work of diocesan administration, scrutinising the draft budget and acting as the stipends committee.  The committee holds the work of the Diocesan Secretary and, through the Diocesan Secretary, diocesan officers to account. Heads of Department and Executive Officers may be asked to attend by the chair for the purpose of scrutiny and accountability.(1) 

It may appoint working groups to support its work. These shall be limited to one year but after review and on the approval of the Audit and Governance Committee may be extended for up to three years with a review also at the end of the second year.  Its secretary is the Diocesan Secretary who attends all meetings.

Frequency of Meetings
The Committee normally meets six times a year.

The Investment Committee

[A sub-committee of the Policy and Finance Committee]
Chair: The Revd Barry Nicholls
Secretary: The Diocesan Secretary

Purpose

  1. To advise the Diocesan Council of Trustees (Diocesan Board of Finance,) directly or through the Policy and Finance Committee, on Investment Policies, management of the Glebe, and alternative investment proposals;
  2. To implement such policies on behalf of the Policy and Finance Committee and actively monitor their effectiveness;
  3. To determine the optimal means of realising such incomes as are required by the agreed diocesan budget, and advise the Budget Committee as appropriate;
  4. To review the performance of investment managers, comparing performance achieved with relevant indices and make appropriate decisions concerning appointing and removing managers in line with diocesan policy and committee purpose;
  5. Review asset allocation and make recommendations to the Policy and Finance Committee concerning any changes to the statement of Investment Principles;
  6. Recommend the selection of relevant and current professional advisers, notably in relation to the Glebe and Investment management;
  7. Initiate proposals, within the sphere of this committee, aimed at optimising the financial effectiveness of the diocese, including the investment of any surplus funds available for investment;
  8. Undertake, on behalf of the Policy and Finance Committee, other appropriate functions as required by the Glebe and Endowments Measure 1976 and successor legislation.

Frequency of Meetings
The Committee will meet at least once a quarter. 

Membership: Chair and Vice-Chair of the Finance Committee [though not as Chair], one Archdeacon, up to six further members with relevant experience.

Remuneration Sub-Committee

[A sub-committee of the Policy and Finance Committee]
Chair: The Diocesan Bishop
Secretary: The Diocesan Secretary

Purpose
The sub committee shall, on receipt of appropriate recommendations from the Diocesan Secretary:

  1. review and agree the remuneration for Diocesan Secretary, and other senior employees;
  2. agree any changes carrying a material financial implication to employment policies;
  3. scrutinise and approve the diocesan expenses policy prepared by the Diocesan Secretary.

Frequency of Meetings
The Remuneration Committee shall meet annually. 

(1) Including Deputy Diocesan Secretary, Diocesan Surveyor, Directors of Communications and Resources, Training, Vocations, Mission, Head of Office Support Services; archdeacons and others with line management responsibilities.