Queensland College of Teachers

Corporate Governance and Risk Committee

Terms of Reference:

• To review the College’s compliance with relevant legislation and government policy, including financial reporting, accounting policies and disclosures, ensuring compliance with its statutory responsibilities;
• To oversee the College’s internal and external audit relationships, including the charter, authority and effectiveness of the internal audit function;
• To monitor the College’s investment policy and performance of fund investments;
• To provide advice to the Board of the College on:
  • The College’s Annual Budget;
• The College’s Annual Financial Statements prior to their submission to the Board for approval;
• The development of the College’s Strategic Plan;
• Compliance matters, including regulatory and statutory compliance procedures, codes of conduct, policies and ethical matters as they relate to the Board;
• Risk management, including maintenance of a risk register, understanding key risk areas, and progress of outstanding issues on the register;
• Corporate Governance including systems of internal control, internal audit activities and any reports issued by internal and external auditors;
• ICT issues;
• Reviewing significant transactions which are not part of the College’s normal business;
• Initiating and supervising special investigations;
• Other matters referred to the Committee by the Board.

Membership:

• Three Board members, with specific skills or interest in Governance and Risk. One member will act as the Chair and another as deputy Chair;
• The Director of the Office of the College (or nominee);
• An external representative with high-level financial or audit expertise;
• An external representative with high-level ICT expertise; and
• An external representative with high-level corporate governance expertise.

The Committee may request any officer or employee of the College or the College’s legal counsel, investment advisor or auditor to attend a meeting of the Committee or to meet with any members of, or consultants to, the Committee.

The Committee Chair is one of the three Board members and is selected by the College Board. All Committee members will be financially literate or become financially literate within a reasonable period of appointment.