Terms of reference
(a) Develop, with staff, options for the IET's financial framework, policies and plans.
(b) Oversee the financial performance of the IET on a routine basis by:
- agreeing on the principles for the budgeting process
- reviewing drafts of the budget
- monitoring emerging results.
(c) Propose options for timely actions to mitigate risks to satisfactory financial performance.
(d) Ensure that the investments of the IET held against the reserve funds and the trust funds are managed on behalf of the Board of Trustees in accordance with agreed policy and in accordance with legislation and good practice.
(e) Give clear written instructions to the professional investment advisers on the IET’s investment policy.
(f) Monitor the performance of the portfolios managed by the investment advisers and discuss their performance with the investment advisers as necessary.
(g) Consider changes to investment strategy and make appropriate recommendations to the Board of Trustees.
(h) Recommend to the Board of Trustees any change in the appointment of investment advisers.
(i) Review any significant internal investments and projects referred to it by the Board of Trustees.
(j) Deal with any detailed financial issues outside the scope of the Audit Committee, at the request of the Board of Trustees.
(k) Report to the Board of Trustees.