In addition to our Board, we also have two formal sub-committees who make recommendations to our main Board.
The Finance and Audit Committee
The Finance and Audit Committee provides internal challenge and scrutiny to the financial processes and procedures within our organisation. It is chaired by the Board Chairman and also includes four other non-executive directors.
The Committee reviews financial regulations and procedures to ensure a sound control environment is in place and also receives and considers the reports from both internal and external audit on their independent assessments of that control environment.
The S151 Officer from the accountable body is invited to attend all meetings along with OxLEP staff involved in relevant processes. Our internal and external auditors are also invited to discuss their work with the Committee as appropriate as well as having unfettered access to the Chair and Committee should they specific issues they wish to raise.
The Nominations and Personnel Committee
The Board has established a Nominations and Personnel Committee to review and report on key issues dealing with the recruitment and retention of Board directors and our staff. The Committee is chaired by our Deputy Chairman and includes four other non-executive directors.
The Committee is responsible for overseeing the recruitment and performance of the Board of directors and reports back to the Board on that subject. It also conducts the annual review of Board effectiveness and makes recommendations to the Board based on their findings. It reviews the policies and procedures for recruiting, managing and remunerating our staff, including the Chief Executive, and makes recommendations to the Board.