Council committees

The Finance Committee is responsible directly to Council for all matters pertaining to the financial affairs of the University, apart from audit matters. Although:

1. the approval of the annual estimates of revenue and expenditure;
2. the adoption of the annual accounts of revenue and expenditure and the balance sheet; and
3. the determination of the fees to be paid by students.

are powers/functions which may be exercised by the Council only, Council expects the Finance Committee to address such matters in detail and to make appropriate recommendations to Council.

The Finance Committee receives regular reports from the Administration and the Strategic Planning and Allocation of Resources Committee (SPARC) and receives occasional matters from a number of administrative committees and standing committees of the Council.

The Audit Committee is a non-executive body responsible directly to Council for all matters pertaining to the audit of the University's financial affairs and any matters connected therewith. Both the internal and external auditors have unrestricted access to the Audit Committee, which ensures that Wits University's independence is in no way impaired and that appropriate financial procedures and management are practiced. The majority of the members of the Audit Committee comprises external members to the University. Both the chairman of the Finance Committee and the Council Risk Committee are ex officio members of the Audit Committee. All members of the Committee are suitably skilled and experienced independent non-executives.

The members of the Audit Committee collectively have sufficient qualifications and experience to fulfil their duties, including an understanding of the following: financial and sustainability reporting; internal financial controls; external audit process; internal audit process; corporate law; risk management; sustainability issues; information technology governance as it relates to integrated reporting; and governance processes within the University.

In keeping with the recommendations of King III, the role of the Audit Committee and the Risk Committee are seperate.

The Remuneration Committee's specific terms of reference includes responsibility for the approval of remuneration strategy and policy for the University and to set parameters for the review of executive remuneration including the salary of the Vice-Chancellor and Principal. The Remuneration Committee was established in 2000 and in the interests of corporate governance comprises five external members drawn from the membership of Council, the Finance Committee and Audit Committee and one Senior Management Group representative, and is currently chaired by the Chairperson of the Council. As serving on the Council is a non-remunerated responsibility there is no conflict of interest with the Chairperson of Council chairing the Remuneration Committee.

The Council Risk Committee considers material issues of risk, asset protection, security, legal and corporate governance.

During the course of 2014, the Council constituted the Council Information, Communications and Technology Committee (Council ICT). The Council ICT Committee is responsible for providing oversight of the strategic direction of information and communications technology within the University, ensuring the alignment of ICT and business strategy.

The Board of Residences is entrusted with the governance of the University’s residence programmes and reports to Council when necessary.