The C&WLEP Board agreed to establish a Finance and Governance Committee in 2013. This later became the Finance and Governance Board. Chaired by Nick Abell and includes directors Sean Farnell, John Latham and Cllr Tony Jefferson, together with the C&WLEP Chief Executive, Operations Director and Company Secretary. The Finance and Governance Board was implemented in January 2017.

The first meeting of this committee took place in January 2014 and over time the responsibilities have evolved and grown as CWLEP has matured. The Committee was renamed as the Finance & Governance Board at the time constitutional changes were implemented in January 2017.

  1. Objective

To maintain oversight and scrutiny of CWLEP’s governance arrangements, HR, remuneration and financial transactions.

  1. Purpose

The F&G Board will:

  1. Scrutinise CWLEP’s management systems to ensure that its business is fully compliant with all legal, audit and financial requirements including oversight of HR and staff remuneration;
  2. Assist the CWLEP Board, through the Programme Delivery Board, in understanding and managing financial and other risk implications of delivering the Strategic Economic Plan and the associated capital funding allocations and make recommendations to the Board as appropriate;
  3. Ensure the highest quality reporting information is available to the Board;
  4. Maintain oversight of the relationship with the designated accountable body (Coventry City Council) through regular review of the Accountable Body relationship.
  5. Maintain responsibility for the LEP Assurance Framework on behalf of the main board.
  6. Maintain oversight of the management of Corporate Risk.
  7. Have oversight of internal and external audit reviews and complaints received.

 

  1. Role, duties and responsibilities

In meeting its objectives, the F&G Board is specifically charged with:

  1. Scrutinising on a regular basis, the overall financial position of CWLEP;
  2. Oversight of the financial requirements and procedures relating to all funding awarded to CWLEP;
  3. Ensuring that CWLEP is fully compliant with all financial requirements which apply to a company limited by guarantee e.g. company accounts and financial returns to funders;
  4. Ensuring that CWLEP operates from the basis of good financial practice;
  5. Ensuring that CWLEP operates from the basis of good HR practice;
  6. Overseeing an annual review of CWLEP’s compliance with the LEP Assurance framework
  7. Review significant Corporate Risks and any mitigation in place.

 

  1. Notes of meetings

The CWLEP secretariat will email meeting agenda and papers to the F&G Board at least 48 hours before each meeting. The CWLEP secretariat will minute the meetings. Minutes will be published on the CWLEP website, save for those deemed by the F&G Board to be commercially in confidence or of a personal nature.

 

  1. Frequency of meetings and Reporting arrangements

The F&G Board will meet ahead of, and will report at, each CWLEP board meeting.

 

  1. Membership

The F&G Board membership comprises:

  • 2 Private Sector Board Directors, one of whom will be appointed as Chair
  • 2 Public Sector member drawn from Board directors
  • 1 Universities nominated board director
  • Others in attendance:
    • C&WLEP CEO
    • C&WLEP Operations Director
    • Other officers by invitation

The Board will be deemed quorate with a minimum of 1 private sector Board director and 1 public sector or University Board director present.

Finance and Governance Board Meetings 2019:

  • Tuesday 16 January
  • Thursday 7 March
  • Wednesday 9 May
  • Monday 1 July
  • Friday 20 September
  • Thursday 14 November