Introduction

The Constitution of the NFU states that the NFU shall maintain an Audit and Remuneration Committee (Audit Committee) which is governed by its own Terms of Reference. This document summarises the responsibilities, composition, elections process and meeting schedule and includes details of current members.

Responsibilities

The Audit Committee has responsibility to undertake the following on behalf of Council: -

A complete list of responsibilities can be found in the Standing Orders (available on NFU Online).

Composition

The Audit Committee shall comprise: -

Elections

Members of Audit Committee shall be elected biennially by ordinary resolution of NFU Council.

Nominations must be received in advance and supported by a short personal statement. Procedures and deadlines for this will be advised by the Secretary.

The election of members of the Audit Committee is a Weighted Voting Matter.

The Audit Committee may co-opt an additional member from outside NFU Council who has significant and relevant financial qualifications and experience and need not be a member of the NFU. The additional member shall be appointed by the Chairs of the Audit Committee and Governance Board after taking appropriate advice, and their appointment must be submitted to the Governance Board for ratification.

Meetings

The Audit Committee shall determine its own schedule of meetings and shall normally meet at least four times in a year to coincide with Council meetings. The appointment of the Chair shall be determined by the Audit Committee from within its membership.

All meetings shall be called by at least ten clear days’ notice, unless shorter notice is agreed, and the notice shall specify the time, place and general nature of the business to be transacted.