1. This Charter
This Charter sets out the functions and responsibilities of the Financial Reporting Council (FRC) Strategic Planning Committee (Committee).
2. Functions
The functions of the Committee are to:
- undertake an annual review of the Strategic Plan and make recommendations to the FRC if any changes are necessary; and
- review the administrative and governance arrangements for the FRC consistent with the Strategic Plan and make any necessary recommendations to the FRC.
3. Membership of the Committee and Quorum
- The Committee will comprise no more than 8 members, such members to be FRC Members.
- Appointments to the Committee will be made by the Chair and Deputy Chair of the FRC on behalf of the FRC.
- FRC Members will be appointed to the Committee for a 3 year term (or such shorter time as they remain in the office of FRC Member) and are eligible to be reappointed at the end of their term.
- The Chair of the Committee will be appointed by the Chair and Deputy Chair of the FRC.
- Any FRC Member may attend any meeting of the Committee.
- As appropriate, the Committee may invite other relevant persons to attend meetings and provide input as necessary, including as an observer only.
4. Secretary
A member of the FRC Secretariat or another member of the Corporations and Capital Markets Division of Treasury will act as secretary to the Committee.
5. Meetings
- The Committee will meet once a year, or more frequently if required.
- A simple majority of Committee Members will constitute a quorum, and a simple majority of Members present at the meeting a majority for voting purposes.
6. Reporting
- The Committee Chairman will report at the FRC meeting following a meeting of the Committee on the activities of the Committee.
- Minutes recording key matters and actions agreed at the Committee meeting will be circulated to Committee Members within two weeks of each Committee meeting and included in the meeting papers for the next FRC meeting.
7. Review
The Committee will review its Charter on an annual basis.