Terms of reference
This page provides the terms of reference for the Management Board at UK Export Finance.
On this page:
Purpose and objectives
The Management Board supports the Accounting Officer in the discharge of his responsibilities. It is accountable to the Secretary of State for Business, Innovation and Skills for:
- exercising oversight of the Chief Executive and the Executive Committee;
- monitoring the application of the principles of good governance;
- ensuring the strategic goals are properly tested and examined;
- advising on policies and strategies;
- providing advice on achieving policies set by Ministers;
- monitoring performance;
- assessing and monitoring enterprise-wide risks; and
- recommending accounting policies and approving the Annual Report and Accounts.
Responsibilities of the Management Board are delegated to certain sub-committees of the Management Board, as set out in their respective terms of reference (see Sub-committees below).
Membership
The Management Board comprises:
- executive directors, who are the Chief Executive, the Directors of the Business and Credit Risk Groups, the Finance Director and the General Counsel; and
- non-executive directors, one of whom is the Chair, and all of whom are appointed under the rules of the Office of the Commissioner for Public Appointments; and
- a non-executive director nominated by the Chief Executive of UK Trade and Investment.
In the Chair’s absence, the Management Board is chaired by a nominated non-executive director.
Quorum
A quorum consists of the Chair, one non-executive director and one executive director.
Meetings
The Management Board normally meets on a monthly basis.
Reporting
Minutes of each meeting are produced and published.
Secretariat
The Secretariat is provided by the Chief Executive’s Office.
Written procedure: if urgent decisions are required, the Secretariat will arrange for papers to be circulated. At the subsequent meeting of the Management Board, the Chair will confirm any decisions made.
Sub-committees of the Management Board
The sub-committees are:
- the Audit Committee, chaired by a non-executive director and made up of non-executive directors, which oversees risk management, governance and control procedures, and the preparation of the Annual Report and Accounts; and
- the Remuneration Committee, chaired by the Chair and made up of non-executive directors, which deals with Senior Civil Service pay.
These terms of reference will be reviewed as required but no less frequently than annually.
The terms of reference were last updated on 1 February 2011.
Contact the Chief Executive’s Office, which you can find on the right hand side of this page, for more information.
