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Humber LEP LIMITED – Finance and Remuneration Committee

Terms of Reference

Roles and responsibilities

 To scrutinise annual budget prepared by the Executive and to advice the Board on their adoption

  1. To review expenditure and monitor performance of the core funding
  2. To review and monitor performance of Capital and expenditure of programmes funded through the LEP
  3. To review Annual report for LEP and LEP Limited and advice the Board on their adoption
  4. To review long term financial stability of LEP including commitment to staff pension
  5. To determine and agree with the Board the Company’s remuneration philosophy and the principles of its remuneration policy, ensuring that these are in line with the LEP business strategy, objectives, values and long-term interests of the Company and comply with all regulatory requirements.
  6. To determine the principles for the calculation of and approve executive packages for subsequent approval by the Board.
  7. To have oversight of the performance evaluations for and to review and approve, within the broad remuneration policy, the individual elements of the total annual package.
  8. To determine the contractual termination terms for executive and approve any severance payments or arrangements.
  9. To review or make decisions on any other matters referred to the Committee by the Board.
  10. To report to the Board on the proceedings of the Committee after each meeting and make available to Board members the minutes of Committee meetings.

Membership

  1. The Chair and members of the Committee shall be appointed by the Board.
  2. The Committee shall consist of at least three independent non-executive directors.
  3. Appropriate accountable officer from the relevant Accountable Body
  4. The Chair of Humber LEP, provided that he or she was still considered to be independent at the time of his/her appointment as Chair of the Board, may also be a member of but may not chair the Committee.
  5. The quorum for meetings shall be two independent non-executive director members.
  6. Appropriate resources, including induction on appointment and subsequent technical updates as required, shall be made available to Committee members to develop their knowledge and expertise and to ensure that members have the relevant skills and experience.

Attendees and meetings

  1. The Committee may invite the Chief Executive Officer to attend all or any part of a meeting.
  2. The Committee will meet at least twice a year.

Membership

Darren Cunningham

Jeannette Dawson

Cllr Rob Waltham

May 2017