Finance and corporate services committee

The finance and corporate services committee advises Council on its financial strategy including its investment and reserves policies. 

Terms of reference

The committee's role is to:

  • support, promote and oversee the corporate services functions of the RCN. To take policy decisions on behalf of Council in relation to matters affecting the finance and organisational infrastructure of the RCN and advise to Council on relevant matters that are reserved to Council. To oversee the implementation of the following aims of the RCN strategic plan, with the relevant objectives, to realise the RCN’s mission
  • build a sustainable, member led organisation with the capacity to deliver our mission effectively, efficiently and in accordance with our values
  • build the systems, attitudes and resources to offer the best possible support and development to our staff.

Key responsibilities

  • To oversee and ensure the most effective use of the RCN's finances, enabling the RCN to implement its strategic plan, including its mission statement
  • advise Council directly on the general financial health of the RCN 
  • approve all financial policies and Financial Standing Orders
  • recommend to Council the RCN’s annual budget, for its approval
  • recommend to Council the annual accounts for the RCN and its subsidiary companies, for its approval
  • monitor the management accounts quarterly
  • monitor investment performance and approve changes to investment policy
  • advise Council on all commercial propositions, acquisitions and sales over a financial level to be determined by the Committee
  • periodically review the RCN’s reserves policy and, if relevant, recommend to Council any changes in the policy
  • approve the RCN banking arrangements
  • approve policy and strategy in relation to the organisation and its corporate services of information technology, human resources and health and safety
  • lead on the development, review and renewal of the strategic plan and monitor the operational planning process
  • advise Council on the property strategy and monitor its implementation, and to advise Council on all property acquisitions and sales
  • advise Council on insurance, including the financial implications for the membership indemnity insurance.
  • monitor the performance of the RCN’s subsidiary companies, housing association and pension fund.

Chair and vice chair – treasurer and nurse honorary treasurer

Membership

  • Four Council members
  • President and/or Chair of Council (if they wish)
  • General Secretary
  • Four independent advisers with professional financial expertise, (including two from the RCN Institute Board of Governors) 

Good practice – no member of the finance and corporate services committee should also be a member or a regular observer of the audit committee.

Attendees

  • The executive director of finance and corporate services and head of finance shall attend, with relevant staff from the finance department as required.
  • Representatives from the external auditors shall also report to the committee.
  • Other RCN staff shall also attend to present to the committee as required by the chair and/or accountable officer
  • The chair of the audit committee may attend to present a report on the work of the audit committee

 
Subsidiary companies

  • RCN Publishing Company Limited
  • RCN Membership Services Limited
  • RCN Licensing Company Limited

Other entities

  • John Howard Homes
  • UK Healthcare Education Partnership

Working groups – to be decided and agreed by the Committee as required.

Reporting to Council – the nurse honorary treasurer shall report to Council at each formal business meeting, and the honorary treasurer shall also meet with Council annually to discuss the financial status of the RCN and any matter that s/he or Council considers relevant.

Accountable officer – executive director for finance and corporate services.

Frequency of meetings – at least three business meetings per year. 

Quorum – four members (two of whom must be Council members).