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Finance Risk Audit & Governance (FRAG)

Reports to: The Board

Purpose of Committee and frequency of meetings:

FRAG is chaired by the Honorary Treasurer of the Institution.  It meets four times a year and oversees the Institution’s financial affairs and governance.  It gives detailed consideration to Budgets, Management and Financial accounts, the Risk Register and Governance issues and brings forward reports and recommendations to the Board as required.

Terms of Reference: 

1. To provide Financial Reports to the Board of the Institution, including operating accounts, balance sheets, cash flows and appropriate commentaries.
2. To carry out Audit functions including overview of internal controls, financial reporting and audit requirements and to report to the Board accordingly.
3. To review risks facing the Institution and measures for the control of risk, and to make recommendations to the Board as necessary.
4. To monitor the operation of the Institution’s Governance arrangements and to make recommendations to the Board as necessary.
5. To consider and report to the Board on the financial implications of one off projects, new ventures and business opportunities.

Committee Membership

Chair – Adrian Catchpole – Honorary Treasurer

Vince Arnold
Les Copeland 
Susan Hone-Brookes 
Stuart MacPherson 
Kevin Mitchell

Director Responsible: Desirée Blamey