Voluntary Board role - New opportunity

Age and Opportunity Ireland are seeking Chartered Accountants to join a new board/committee that has been established.

Role of the Committee
The Board is ultimately responsible for all matters relating to Finance, Governance and Nominations, and for ensuring that the principles of good governance, adherence with legislation, funder requirements, and best practice are followed by the organisation. The primary responsibility of the Committee is to assist the Board in fulfilling its responsibilities in relation to Finance, Governance and Nominations.

Responsibilities of the Committee

1. May make decisions on financial and other matters where the power to do so has been specifically delegated to it by the Board. It may request the opinion of the Audit and Risk Committee.
2. Is not responsible for any executive functions and is not vested with any executive powers.
3. May investigate any matter falling within its terms of reference, calling on whatever resources (including outside professional advice) and information necessary to do so.
4. Will work and liaise with all other Committees as necessary.
5. Will work to an annual work programme approved by the Board.
6. Will review the effectiveness of its operations and report to the Board on its findings and recommendations on an annual basis.
7. Will review these terms of reference annually and make recommendations to the Board on updating or amending them as appropriate.

Functions

Finance

1. Financial Planning and Budgeting: Oversee the annual and multi-annual budgetary planning cycle, provide advice to the Board and recommend the budget for approval by the Board.
2. Financial Performance: Scrutinise the management accounts and related financial performance reports on income, expenditure and cash and review and monitor outturns against forecasted position as per the annual budget.
3. Financial Strategy: Oversee the preparation and implementation of the financial strategy and advise the Board in relation to its adoption. Review expenditure on all major projects (over €20,000), from their inception to conclusion, in the context of the approved business cases, budgets and programmes. Recommend for Board approval the financial aspects of the acquisition, disposal and retirement of assets of the organisation.
4. Financial Policies and Procedures: Review and oversee the development of new policies relating to financial governance and financial management and recommend them to Board for approval. Receive briefings on relevant financial, taxation and regulatory issues and review arrangements to be established for compliance with legislative and regulatory obligations.
5. Banking, Investments, Treasury and Borrowing: Oversee and make recommendations to the Board regarding banking arrangements, investment and treasury policy and borrowings. Oversee approval of authorised signatories for banking and related activities.
6. Contracts and Agreements: Provide oversight and review and make recommendations to the Board in relation to contracts and agreements with third parties. Advise the Board on the financial and governance aspects of significant capital projects.
7. Financial Sustainability: Provide oversight and where appropriate, consider and provide advice and make recommendations to the Board on financial sustainability and viability.

Governance

1. Rules and Governance Framework: Keep the Constitution of the organisation under review and propose changes and amendments for Board consideration. Propose amendments and revisions to policies, procedures and other elements of the governance framework, for Board consideration.
2. Compliance: Review compliance with the Governance Code for Sport and the CRA Governance Code, and other relevant best practice provisions, and make recommendations to the Board on actions required. Support the Board and its Committees in undertaking annual effectiveness reviews of the Board and Committees and to monitor the implementation of any actions arising. Oversee the development and implementation of an overall assurance framework to facilitate an assessment of compliance with key legal, regulatory and governance obligations.
3. Corporate Secretary Role: Ensure that the formal compliance requirements of the Board Secretary role are fulfilled.
4. Ethics and Conduct: Support the Board in establishing and sustaining an ethical culture and appropriate values system.
5. Quality: Assure the Board that the requirements of the HSE SLA in relation to Quality are met.

Frequency of Meetings
The Committee will normally meet at least four times a year and may decide to meet more frequently should the need arise. The Committee may meet in person or using audio or video conferencing as appropriate.

Nominations

1. Review at least annually the structure, size, composition and successional needs of the Board and make recommendations on same, with due regard for Board diversity including gender.
2. Evaluate the balance of skills, knowledge, experience on the Board and Committees.
3. Make recommendations to the Board concerning membership of the Board and Committees in consultation with the Chairpersons of the Committees.
4. Oversee the recruitment, interview and induction process for new Board members.
5. Consider any actions leading to the suspension or termination of service of a Board or Committee member subject to the provisions of the law and the terms of his / her appointment.

Members interested in this role should send their CV to mcglynnaileen@gmail.com.

For queries in relation to other board roles please email karin.lanigan@charteredaccountants.ie.

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