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University of London Worldwide Finance Committee

The University of London Worldwide Finance Committee is responsible for ensuring the financial stability and effective financial performance, and oversight of the University’s distance and flexible programmes.

This committee also maintains the financial interests of the University and the University’s collaboration with the University’s member institutions.

Reporting

The University of London Worldwide Finance Committee reports to the Board of University of London Worldwide.

Finance Committee

  1. To scrutinise all financial proposals relating to the UOL Worldwide and make recommendations to the Board of University of London Worldwide on financial plans and resourcing to support the UOL Worldwide Strategic Plan.
  2. To consider and recommend to the Board of University of London Worldwide the annual budget and accounts for UOL Worldwide.
  3. To monitor and make regular reports to the Board of University of London Worldwide on the financial performance of UOL Worldwide against agreed budgets and targets.
  4. To oversee and ensure the production and maintenance of a ‘handbook’ on the financial arrangements for UOL Worldwide.
  5. To assess financial risks arising from the operation of UOL Worldwide and to report regularly to the Board of University of London Worldwide.
  6. To consider and recommend to the Board of University of London Worldwide any significant changes in UOL Worldwide accounting treatments and policies and their application, and to ensure that, wherever possible, these are not inconsistent with the University and sector practices and standards.
  7. To receive appropriate finance-related internal and external auditors’ reports relating to UOL Worldwide and to monitor the management responses and action taken therefrom.

Quorum

The quorum for meetings of the UOLW Finance Committee will be three members, of whom at least one will be an ex officio member and at least one a non-ex officio member.

Papers for this committee are likely to contain commercially sensitive information and are not routinely published. They can be requested but may be subject to exemptions under the Freedom of Information Act 2000.