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Vacancy: Independent Member of Finance Committee (x2)

The Royal Economic Society (RES) is the principal learned society and membership organization for economics in the UK. With over 3,000 individual members worldwide and a dozen organizational members, we are one of the oldest economic associations in the world.

RES is seeking two independent members to join the Finance Committee to contribute to oversight of financial management of the Society, including management of investments, and to recommendations to the Trustee Board in relation to financial management and investment management.

The independent members of the Finance Committee will have experience in financial management of an organisation and investment management. They may have a professional qualification in accounting, finance or investment management. An interest in economics and the economics profession is essential. Understanding of academic, membership or learned organisations, academic publishing and experience of income generation or fundraising will be beneficial.

The independent members of the Finance Committee may be existing RES members but should not be a serving RES Trustee, Council or Committee member or Journal Editor.

Remit: The independent members will attend three formal Finance Committee meetings per annum. They may also participate in other activities including periodic review and selection of investment managers, scrutiny of investment proposals and development of income generation and fundraising activities.

Term: The term of appointment is three years which may be extended once.

Conditions: The role is voluntary and unpaid, with expenses paid according to RES expense policy. It is subject to the RES Code of Conduct.

Responsibilities of the Finance Committee

  • Review policies relating to Reserves and Investments annually and to recommend changes to the Trustee Board where required.
  • Review investment performance annually and to advise the Treasurer on adequacy of funds to meet working capital requirements and the composition of the investment portfolio in relation to the investment policy.
  • Review investment manager performance and to ensure reappointment or retendering is considered as required but not less than every four years.
  • Consider any material changes in accounting policy and/or accounting standards.
  • Review proposals requiring significant financial commitment or risk, including but not limited to recurrent expenditures, capital or non-recurrent expenditures, changes in fee structures or prices, proposals for new lines of activity, joint ventures, partnerships, acquisitions, etcetera.
  • Consider proposals for income and expenditure budgets and in-year variations considering both near-term opportunities/risks and long-term financial sustainability. Advise the Trustee Board concerning the overall financial parameters within which decisions about budget expenditure requests should be considered. Monitor in-year financial outcomes versus budgets.
  • Advise the Remuneration Committee concerning the overall financial parameters for pay review.

Current Finance Committee members

  • Andrew Farrell – Treasurer
  • Kofi Adjepong-Boateng – University of Cambridge
  • Prof Michael McMahon – Council member and Professor of Economics, University of Oxford (term ends May 2023)
  • Prof Mary Morgan – President-Elect and the Albert O. Hirschman Professor of History and Philosophy of Economics at the London School of Economics
  • Prof Morten Ravn – Chair of Publications Committee and Professor of Economics, University College London
  • Leighton Chipperfield – Chief Executive

Application

An expression of interest should include a summary curriculum vitae and a covering letter, with the latter setting out:

  1. Your experience, qualifications and contributions relevant to the role, if these are not included in the summary curriculum vitae;
  2. Your motivation(s) for wishing to be a member of the Finance Committee.

The covering letter and summary curriculum vitae should, in total, be approximately two to three pages in length.

Expressions of interest should be sent by email to resoffice@res.org.uk by 10 March 2023.

Independent Member of Finance Committee

Download the RES Finance Committee terms of reference for more information about the role.