Role description
Finance & Investment Committee External Adviser
Meetings
Meetings take place a minimum of three times a year at appropriate times in the financial reporting and audit cycle.
Ad hoc meetings may occur on an as-needed basis.
The estimated time commitment for an External Adviser on the Finance and Investment Committee is 8 - 10 days per year. The Finance and Investment Committee meets at least 3 times per year in person, hybrid or online. The majority of these meetings are online, but in-person meetings are held at RCN HQ Cavendish Square, London.
Sessions with General Secretary and Chief Executive Officer, and Executive Directors
All External Advisers across all committees have annual sessions with the RCN’s Chief Executive Officer, and opportunities to attend Executive Director briefing sessions on RCNs work.
Council/AGM
Each year External Advisers are invited to attend the RCN AGM and one meeting of Council, either in person or online.
The role
As an External Adviser you will provide independent and objective specialist knowledge and skills to help shape and inform the work of the Committee and fulfil its terms of reference. You will also contribute to specific pieces of work and projects as appropriate and work with the Council and Committee members to help them to develop their knowledge and understanding of the work of the Committee.
You will need to possess depth and maturity and be willing to come in and learn about the organisation. You must be able to talk to people with gravitas and work well with the relevant Executive Team. This is essential to be able to work with and support the RCN’s members.
Additionally, having the skill and the character to be able to share expertise with front line nurses and committee members in a language that helps them understand, will be key in the role of External Adviser.
External Advisors will need to possess a genuine interest in the work of the RCN and be open to the type of organisation they are, including as a trade union.
Finance and Investment Committee Responsibilities
The purpose of the committee is to undertake objective scrutiny of the Group’s financial performance and investment function on behalf of Council to ensure that resources are being used to best effect across the Group and that value for money and cost improvement is achieved.
The role of the committee is:
To have oversight of the overall planning framework and the financial planning and budgeting framework that support the organisation to achieve its plans and priorities.
To have a strategic focus on business development, investment strategy and income generation including reviewing major business cases for all major capital and revenue investment decisions and proposals for new partnerships, joint ventures and strategic alliances.
Key responsibilities
Key areas of responsibility for the Committee are:
Planning and Performance Management
To review the process, framework and content for the development and agreement of the 5-year strategic plan.
To review the annual priorities to be agreed by Council.
To review the annual plan to be agreed by Council.
To agree and review appropriate performance measures, including KPIs, to be able to assess performance against plans.
Financial Planning, Budgeting and Management
To review and agree the assumptions and annual update to the finance strategy prior to its submission to Council for approval.
To review the annual revenue budget to be agreed by Council.
To review the annual capital budget to be agreed by Council.
To review the financial performance in year against the budget.
To consider and recommend an appropriate reserves policy to Council.
To review the RCN’s balance sheet and receive update reports to ensure that assets and liabilities are being properly managed and controlled, including (but not limited to) properties, investments, capital expenditure and the member indemnity scheme.
To consider and approve the plans, budgets and post investment reviews of major projects.
To review the tax position of the RCN and its Group entities and ensure that tax issues are properly addressed and reliefs maximised.
Pensions
To receive performance reports of the performance of the pensions’ schemes and agree any proposed changes.
To receive and review actuarial valuations of the defined benefit pension scheme, including:
The triennial actuarial valuation.
The annual updates to the actuarial valuation.
The accounting (FRS102) valuation to be included in the annual accounts.
To consider any changes that may be required to the pension scheme or other actions necessary, so that the risk posed to the organisation by the deficit is controlled and managed.
To receive reports and consider changes arising from pensions regulations that have an impact on the RCN pension scheme.
Investments/Treasury Management
To assist Council in its management and monitoring of the RCN’s investments.
To recommend to Council an appropriate investment strategy and asset allocation model for the RCN’s investment portfolio.
To monitor the performance of the RCN’s investment managers against the agreed benchmark.
To market test the Investment Management provider at 3-5 year intervals and recommend changes to the fund managers to Council and oversee the selection process of new fund managers.
To take tactical decisions on investment management that are within the scope of the investment policy.
To take accounts in its decisions and recommendations of the RCN’s values and socially responsible approach to investment.
To prepare regular reports on the performance and an annual report to Council.
Commercial Activity
To develop and deliver a strategy for commercial activities as part of the RCN’s overall strategy.
To consider and recommend new business opportunities as part of the RCN’s overall strategy and to advise on the development of those commercial activities, opportunities and challenges.
To review the performance and trading position of the RCN’s commercial operations, including subsidiary undertakings.
Person specification
External Advisers must be able to demonstrate the following skills, knowledge and values.
Extensive experience in assessing financial positions, interpreting financial statements and accounts and steering financial performance.
Sound knowledge, understanding and experience of strategic planning, financial monitoring and compliance.
Experience in developing and managing investment strategies and monitoring investment portfolios (desirable).
Experience in monitoring and reviewing pension schemes (desirable).
Previous scrutiny committee experience up to Board level (desirable).
Objectivity, fairness, independence of mind, integrity, wisdom, discretion, and good judgement, and a readiness to take and be accountable for decisions.
The ability to give direct and honest opinions and add value to decision making by offering different perspectives and constructive suggestions.
An interest in and some understanding of nursing and health issues across the UK and internationally.
An understanding and knowledge of membership organisations.
An active commitment to the RCN Respect Charter, EDI and the Nolan Principles.
Integrity and commitment to act in the best interests of the RCN without regard to personal interest or benefit.
Willingness and ability to devote the necessary time and effort to the role.
Purpose of the role
The Finance and Investment Committee is a crucial element of the governance structure and operates under the delegated authority of the RCN Council. The primary purpose of the committee is to undertake objective scrutiny of the Group’s financial performance and investment function on behalf of Council to ensure that resources are being used to best effect across the Group and that value for money and cost improvement is achieved. As members of the Finance and Investment Committee, External Advisers have a key role in ensuring that the financial planning and budgeting framework are operating effectively and efficiently, that that there is a strategic focus on business development and that the RCN has a sound investment strategy.
The purpose of this role is to:
Provide independent and objective specialist knowledge and skills.
Contribute to specific pieces of work/projects as appropriate and work with Council and Committee members to help them to develop their knowledge and understanding of good governance principles. External Advisers should not involve themselves in the day-to-day operations of the RCN, but may, from time to time, work with RCN staff members to achieve results. When representing the RCN in a public space in their capacity as an RCN External Adviser, they should ensure that their actions do not bring the RCN and profession into disrepute, and they should take care not to take public positions contrary to those of the RCN.
Key responsibilities of the role include:
Reviewing and agreeing the process, framework and content for the development of the RCN strategic plan and the KPIs to assess performance against it.
Reviewing the assumptions and annual update to the financial strategy, the annual revenue budget and the annual capital budget prior to their agreement by RCN Council and reviewing the financial performance against the budgets.
Considering and approving plans, budgets and post investment reviews of major projects.
Overseeing the performance of the pensions’ schemes including considering any necessary changes and reviewing actuarial valuations of the defined benefit pension scheme.
Recommending to Council an appropriate investment strategy and asset allocation model and ensuring that it is effectively managed and monitored.
Developing and delivering a strategy for commercial activities, advising on the development of the activities, reviewing the performance of the strategy and recommending new business opportunities.
Accepting collective responsibility for the decisions reached by Committee.
Attending Committee meetings, reading meeting papers in advance and participating constructively in Committee discussions.
Bringing impartiality and objectivity to meetings and decision-making, and, providing expertise and contributing to the creation and maintenance of an inclusive and open culture.
Maintaining up-to-date declaration of interests for publication on the website.
Fostering and maintaining constructive working relationships with fellow Committee members and members of Council and its Executive Team to ensure that roles are understood and responsibilities are met.
Upholding the values, decisions and policies of the RCN, acting with integrity and committing to the highest standards of behaviour as set out in the RCN Respect Charter and Code of Conduct.
Demonstrating a strong commitment to equity, diversity and inclusion (EDI).
Undertaking other specific activities on behalf of the RCN as discussed and agreed with the Chair of the Finance and Investment Committee, Chair of Council and the Chief Executive & General Secretary. This could include but is not limited to: sitting on Member Resolution Panels, providing expertise to other committees.
