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Governance

The Board of Governors comprises the Chair, Treasurer, Chief Executive and up to fourteen appointed members including a representative of Fellows and Associates and a representative of the Academic Board.

View the current membership of the ifs Board of Governers.

As trustees, Board of Governor members have a single overarching responsibility, which is to ensure that the ifs fulfils its object as stated in Clause 3 of the Charter, "the advancement of knowledge of and education in financial services as the Board of Governors may determine from time to time and to carry out research and publish the useful results of such research for the benefit of the public".

Board of Governor members include senior personnel within the financial services and educational sectors who 'donate' their expertise, experience and limited time on a voluntary basis to act as trustees.

The primary responsibilities of the Board of Governors are:

1. To oversee and monitor the management of the finances, accounts, investments, property, business and all affairs whatsoever of the ifs School of Finance.
2. To have oversight of and agree the educational and other strategies of the ifs School of Finance.
3. To have ultimate authority for the provision of courses of instruction and to provide facilities for research, study and the advancement and dissemination of knowledge.
4. To prescribe by Regulation the requirements of the ifs School of Finance concerning the discipline of all persons subject thereto.
5. To appoint and admit Fellows and Honorary Fellows of the ifs School of Finance.
6. To appoint the Academic Board of the ifs School of Finance.
7. To refer to the Academic Board any matter coming before the Board of Governors which the Board of Governors considers to have academic implications and which has not been previously considered by the Academic Board.
8. To call for reports from the Academic Board of the ifs School of Finance.
9. To direct and oversee the ifs School of Finance arrangements for internal and external audit and to appoint an Audit Committee to be chaired by the Treasurer and approve its Terms of Reference and Membership. (II 1.8)
10. To ensure the existence and integrity of risk management, control and governance systems and monitoring of these through the Audit Committee.
11. To select and control the use and custody of the Seal.
12. To appoint a Remuneration and Nominations Committee, to be chaired by the Chairman of the Board of Governors, and approve its Terms of Reference and Membership.
13. To approve the ifs School of Finance human resource and employment policy after its review by the Remuneration and Nominations Committee. This includes ensuring that pay and conditions of employment are properly (II 1.10) determined and implemented for all categories of employee. The Board is also responsible for appointing and setting the terms and conditions for the Chief Executive, taking into account the recommendations of the Remuneration and Nominations Committee.
14. To ensure that non-discriminatory systems are in place to provide equality and diversity of opportunity for staff and students. (1.12)
15. To ensure that the ifs School of Finance has a written statement of policy on health and safety, and arrangements for the implementation of that policy.
16. From time to time to make, amend or revoke Regulations: Provided that notice of an intention to propose any amendment to or revocation of the existing Regulations or the making of any new Regulations shall have been given in the notice calling the relevant meeting.
17. To appoint Audit and Investments Committees both to be chaired by the Treasurer and approve their Terms of Reference and Membership.
18. To regularly monitor its own effectiveness and the performance of the institution against its planned strategies and operational targets.
19. The Board of Governors may by Regulation prescribe procedures for the hearing of appeals against any decision which it may take under the provisions of the Charter, the By–Laws and the Regulations.
20. To authorise the Audit Committee to arrange for the preparation of financial statements for each financial period which give a true and fair view of the state of affairs of the ifs School of Finance and of the surplus or deficit of the ifs School of Finance for that period. In preparing those financial statements, the Audit Committee is required to provide the Board with recommendations and advice so that the Board can:
    • select suitable accounting policies and then apply them consistently;
    • make judgements and estimates that are reasonable and prudent;
    • state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
    • prepare the financial statements on a going concern basis unless it is inappropriate to presume that the ifs School of Finance will continue in business.
21. To oversee the ifs School of Finance finances including:
    • ensuring the solvency of the institution and safeguarding its assets
    • approving the financial strategy
    • approving annual operating plans and budgets which should reflect the institution’s strategic plan
    • receiving and approving annual accounts (audited financial statements).

In addition to the Board of Governors and the Academic Board, which is a Standing Committee, there are four Sub-Committees of the Board of Governors:

Academic Board

The Academic Board of the ifs School of Finance is the supreme academic authority of the ifs School of Finance and guardian of the academic integrity and quality of ifs School of Finance Higher Education awards under powers and duties set out in the By-Laws, Regulations or delegated to it by the Board of Governors. A list of members and its terms of reference are available in the Code of Practice.

Audit Committee

The basic responsibility of the Audit Committee, which meets at least twice a year, is to satisfy itself as far as it can that the annual accounts follow approved accounting principles and give an accurate account of the ifs's affairs in as comprehensible a way as possible. It must satisfy itself that the external auditors have no cause for disquiet about any aspect of the accounts or of the ifs's control and audit procedures.

The Audit Committee is chaired by the Treasurer. It is also attended by a partner from the external auditor.

Investment Sub-Committee

This committee is chaired by the Treasurer and reviews the ifs's investment policy, determines the investment managers' brief for the Investment Funds and makes recommendations to the Board of Governers.

The ifs's investment policy is to invest for balanced growth, where the funds are not foreseen as required within the medium term (3–5 years). The performance of the investment managers is reviewed regularly against agreed benchmarks, which are compiled from relevant market indices for each asset class.

Disciplinary Committee

By–Law 12 of the Charter enables the Board of Governors to appoint a Disciplinary Committee consider allegations against a member of ifs School of Finance that she or he has acted in ways which mean that s/he is unfit for membership by reason of unprofessional conduct or conduct of an immoral, scandalous or disgraceful nature.

Remuneration and Appointments Committee

The Chair of the Board of Governors chairs the Remuneration and Nominations Committee, which meets at least once a year. It is responsible for making recommendations to the Board of Governors regarding the appointment of the Chief Executive. It also establishes the remuneration and pension arrangements for the Chief Executive and the Directors.