The Enterprise M3 Resources, Finance and Audit Committee acts as an Enterprise M3 LEP Board sub-group, with decision making powers. It provides a decision-making role on a range of operational issues, including resources, finance and audit.
This includes the following:
- Proposing the budget for all revenue funding.
- Reviewing financial performance reports, scrutinising the overall financial position.
- Reviewing internal financial controls and risk management systems – including regular review of audit reports detailing risks and mitigation in place.
- Overseeing internal review of compliance with the LEP Assurance framework
- Overseeing staffing issues, including recruitment and contract extensions, and performance issues with financial implications.
- Advising on Future Sustainability: Maintaining oversight of the financial requirements and procedures relating to all funding awarded.
- Acting as a sounding board offering internal scrutiny, problem solving and supportive advice, including on the following matters:
- Funding sources and programmes: exploring options for accessing additional funding through grants and other programmes
- Procedures and operating policies including governance reviews, procurement, health and safety, risk
- Stakeholder Memorandums of Understanding and other stakeholder partnership agreements
- Good practice for HR, Finance and Risk matters
- Consideration of organisational review of Enterprise M3 team.
- Reviewing or make decisions on any other matters referred to the Committee by the Board.
- Reporting to the Board on the proceedings of the Committee after each meeting and make available to Board members, the minutes of Committee meetings.
- Liaising with the Accountable Body’s Audit Committee, representing Enterprise M3’s interests where necessary.
The Resources, Finance and Audit Committee comprises of the following members:
- 2 x Non-Local Authority Enterprise M3 Board Directors (1 to chair)
- 1 x Local Authority Enterprise M3 Board Members
- 1 x Director of Enterprise M3 LEP
An Accountable Body representative will have a standing invitation to all meetings.
For further information on the Resources, Finance and Audit Committee, please contact Aleks Bennett on Aleks.Bennett@enterprisem3.org.uk