Finance, Planning and Performance Committee (FPPC) - Specific terms of reference

Purpose

The Finance, Performance and Planning Committee (FPPC) is a standing committee whose principal role is to advise the Board and to support the Chief Executive/Accounting Officer on financial management reporting, business planning and performance reporting, charge scheme and commercial matters.

Scope

The FPPC will provide advice, oversight and scrutiny on strategy, management and performance in relation to finance, business planning and performance, charge schemes and commercial matters. In carrying out its role the FPPC will mainly focus on strategic direction and development, however it will also have a role in scrutinising performance and delivery.

The FPPC will need to ensure that in carrying out its role it does not duplicate the role of the Audit and Risk Assurance Committee (ARAC). The role of ARAC is to advise the Board on risk, financial stewardship and accountability, control and governance.

Responsibilities

The responsibilities of FPPC are to:

  • Provide advice and support in the development of NRW annual business plans, corporate plans (4-5 years), and long-term vision (to 2050).
  • Provide advice and support to ensure the development of appropriate finance strategies, management reporting, and plans.
  • Provide oversight and scrutiny of the financial performance of NRW through the monthly and quarterly management financial statements.
  • Review and scrutinise the Performance Report included in the Annual Report and Accounts.
  • Provide oversight and scrutiny of the business performance of NRW.
  • Provide advice and support to the Strategic Charging Programme in relation to changes in current charge schemes and in the development of new schemes.
  • Provide advice and support in the development of commercial strategies and plans.
  • Provide oversight and scrutiny of the delivery of commercial plans and performance.
  • Provide oversight and advice in relation to the funding of the NRW membership of the Local Government Pension Scheme.

Meetings

The FPPC will meet at least four times per annum.

The focus of each meeting, whether finance, business planning and performance, charging, commercial or a combination, will vary depending on which matters require scrutiny or advice.

Terms of Reference agreed: May 2020

Next review date: May 2021

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