Role of the Board
The following 5 areas are a summary of the main areas of responsibility of the Board.
- Culture: to set the culture of the Board and to promote that culture through the Executive Team and the rest of the organisation;
- Strategy: to work with the Executive Team on the strategy providing an outside in perspective and ultimate approval.
- to oversee the performance of the Executive Team in delivering this strategy;
- To ensure that Fair4All Finance complies with its legal and regulatory requirements
- To act as guardians of Fair4All Finance’s assets both tangible and intangible, ensuring that they are only used for the mission of the organisation
- Critical friends: to build a relationship with the Executive Team that promotes honesty, transparency and accountability
- Ambassadors: to act as ambassadors representing the organisation to all stakeholders.
All Board members are also be asked to sign up to the 7 Principles of Standards in Public Life.
The Chair of the Board and as a member of the Board to the wider stakeholders of Fair4All Finance.
To work as a team with the other Non-Executive Board Members, the CEO and other senior staff to:
- Ensure that the values of Fair4All Finance are reflected throughout the organisation
- Ensure ongoing performance against the outcomes of alleviating poverty and promoting financial inclusion;
- Act with integrity and in accordance with Fair4All Finance’s values
- Ensure that Fair4All Finance has a clear vision, mission and strategic plan that have been agreed by the Board and that there is a common understanding of these by the Board and staff
- Ensure that the business, operational and other plans support the vision and mission and strategic priorities
- Ensure that the CEO’s annual and longer term objectives and targets support the achievement of this vision, mission and strategic objectives
- Ensure there are effective mechanisms to review and respond to the external environment in which Fair4All Finance operates as well as identify and listen to the views of current and future stakeholders and to reflect these in the ongoing development of strategic plans and priorities as appropriate
- Performance of the Executive Team
- Agree the method for measuring objectively the progress of Fair4All Finance in relation to its vision, mission, and strategic objectives and to receive regular updates on performance
- Appoint the CEO and agree their terms and conditions.
- Hold the CEO to account for the performance of Fair4All Finance and receive regular reports on progress towards strategic priorities
- Ensure the CEO has appropriate objectives set and there is an annual appraisal and remuneration review
- Compliance with legal and regulatory requirements
- Be aware of and ensure that Fair4All Finance complies with all legal, regulatory and statutory requirements;
- Ensure that Fair4All Finance complies with its governing instruments
- Ensure Fair4All Finance have appropriate systems and policies in place and actively monitored;
- Agree levels of delegated authority are accurately recorded in writing and built into terms of reference for sub-committees
- Guardians of Fair4All Finance assets
- Ensure that Fair4All Finance has appropriate control systems, policies and procedures over all monies, property and other assets.
- Ensure that monies are invested to maximum benefit within the constraints of the law and ethical and other policies laid down by the Board
- Ensure that major risks to which Fair4All Finance is exposed are identified, regularly reviewed and systems established to mitigate or minimise the risks.
- Ensure that monies and property are applied for the purposes set out in the governing documents and for no other purpose.
- Act reasonably, prudently and collectively in all matters relating to Fair4All Finance and to always act in the best interest of Fair4All Finance and its strategic objectives.
- Performance of the Executive Team
- Critical Friends
- Support the Board, CEO and senior staff by offering expertise and experience in relevant areas, including participation in sub-committees as appropriate
- Participate in developing the knowledge, capability and skills of the Board to enable it to discharge its responsibilities;
- Ensure that there are robust succession plans for the Chair, CEO and other senior management.
- Represent Fair4All Finance at meetings and events as appropriate
Time Commitment and Remuneration
It is anticipated that the time commitment for a board member will be in the region of one day a month which will include a quarterly Board Meeting which will usually be held in London.
Remuneration for a Board Member will be £6,000 per annum which can be waived at the discretion of the Board Member.