Finance Committee 

(as amended by the Board of Governors - 23 October 1998, 17 October 1997, 23 October 2003, 18 October 2007, 18 October 2012, Executive Comm - 27 February 2015; BOG 20 October 2016)

1.       Committee Name

          1.1.    The Committee will be called the Finance Committee, hereinafter referred to as the Committee.

 2.       Status

           2.1.    The Committee will be a standing committee of the Board of Governors, hereinafter referred to as the Board, of the University of New Brunswick, hereinafter referred to as the University.

           2.2.    The Committee is constituted and appointed by the Board pursuant to the Board’s authority under Section 43 of the University of New Brunswick Act, hereinafter referred to as the Act, subject to any limitations set out herein.

 3.       Mandate

 3.1.    This Committee is responsible for oversight to ensure fiscal responsibility, recommending approval of the annual budget, monitoring actual results against the budget and reviewing and recommending approval of University financial management and policies.

 4.       Scope of Duty

           4.1.    This Committee is responsible to:

                     4.1.1.  Review and make recommendations to the Board regarding annual budgets developed by Administration including recommendations with respect to tuition and other fees;

                     4.1.2.  Review regular budget-to-actual reports and projections provided by Administration;

                     4.1.3.  Review and make recommendations to the Board regarding policy issues relating to operating budgets and capital expenditures;

                     4.1.4.  Review and make recommendations to the Board regarding year-end results including the allocation of any operating surplus or plans to address operating deficit;

                     4.1.5.  Review and make recommendations to the Board regarding debt management;

                     4.1.6.  Ensure that the strategic objectives of the University are reflected in annual financial planning and the preparation of the annual budget;

                     4.1.7.  Consider plans for external fund raising activities, monitoring results from fund raising activities, and recommend policies governing such matters to the Board as required.

5.       Composition

           5.1.    The Committee shall consist of:

                     Voting Members

                      -   Vice-chair of the Board (or designate)  [Chair]

                      -   President

                      -   Not more than six members of the Board, at least one of whom will be a student and at least one of whom will be a faculty member

                      -   1 Advisor (if appointed by the Nominating and Review Committee pursuant to item 6.1)

                     Non-voting (ex-officio)

                     -   Vice-President Academic

                     -   Vice-President Administration and Finance

                     -   Vice-President Research

                     -   Vice-President Saint John

                     -   Vice-President Advancement

                     -   Secretary (or designate) [Secretary]

                   Resources to the Committee:

                    -   Assistant Vice-President Financial and Administrative Services (SJ)

                    -   Comptroller

                    -   Director, Budget Management and Academic Resource Planning

                    -   Director of University Budgets

                    -   Treasurer

 6.       Appointing Body

           6.1.    Appointments to the Committee are approved by the Board on the recommendation of the Board Nominating and Review Committee.

The goal of the Board Nominating and Review Committee is to promote the appointment of members with the knowledge, experience and skill sets relevant to the mandate of the Finance Committee.  To assist the Board Nominating and Review Committee in establishing preferred selection criteria, the Finance Committee may develop a matrix of general attributes and specific finance-related skills that should be represented across the Committee membership.  An evaluation of the experience and skills of existing Committee members relative to these requirements will help identify potential gaps in knowledge, experience and skills that could be filled by new appointments to the Committee.

If there is a required skillset identified through review of the skills matrix that cannot be met by appointing Board members, an Advisor can be appointed by the Nominating and Review Committee.

7.       Terms of Office

           7.1.    The normal term of office of members, other than ex-officio members, and advisors is three years.  Members and advisors are eligible for reappointment.

           7.2.    A member of the Finance Committee, other than an ex-officio member, shall remain in office until a successor is appointed, provided, if the term of the member on the Board has expired, the seat is subject to continuance in office under the provision expressed in section 26 of the University of New Brunswick Act.  A member appointed to the Finance Committee to fill a vacancy in these circumstances shall assume office on the date of the appointment and shall hold office from that date and for a period determined by the Board.

          7.3.    A member of the Finance Committee, other than an ex-officio member, shall ipso facto vacate the seat when the seat on the Board ipso facto becomes vacant under the provisions expressed in Section 27 of the Act.

          7.4.    A vacancy in the seat of a member of the Finance Committee, other than the seat of an ex-officio member, shall be filled by the Board at or before the second meeting of the Board next following after the first occurrence of the vacancy.

 8.       Committee Rules

           8.1.    Quorum

                      Quorum Committee quorum required to transact business requires a simple majority of voting Committee members.

           8.2.    Voting Rule

                     The vote in favour of a resolution by a simple majority of voting Committee members present at the meeting will be considered a resolution that is carried and endorsed by the Committee.

           8.3.    Committee Leadership

                      The Vice-Chair of the Board, or his/her designate, shall act as Chair.

            8.4.     Meeting format

                       The Committee will normally meet in person to conduct its business but, the Committee Chair may authorize meeting, member attendance and/or voting by means of conference phone call and/or electronic media.

            8.5.     Frequency of Meetings

                       There shall be a minimum of four meetings per year.  Additional meetings may be scheduled if deemed necessary by the Chair.

             8.6.    Open and Closed Sessions

                       Meetings of the Committee shall be held in closed sessions unless the Committee resolves to carry out a meeting or part of a meeting in open session.

              8.7.    Attendance by Others

                        The Committee Chair or the President my authorize the attendance of non-Committee members at a Committee meeting and will notify the Secretary accordingly.  The Committee Chair may grant speaking privileges to such individuals.  No voting privileges will be granted.

               8.8.   Annual Committee Assessment

                        The Committee will undertake an annual assessment of Committee performance.