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«Royal Commission for the Exhibition of 1851 Report of the Board of Management and Summarised Financial Statements For the year ended 31 December 2015 ...»

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All other committees are advisory in remit, are subordinate to the Board of Management and report to it, and all committee Chairmen are Commissioners. Ad hoc committees may be formed for limited periods and specific purposes. Any committee other than the Board of Management may have nonCommissioners as members subject to the wishes of the Chairman of that committee. All committees, except ad hoc committees, meet at least once annually. All committees are serviced by the Secretary and, where appropriate, by the Finance Director.

The Secretary also provides full briefing and induction programmes for all new Commissioners and committee members when appointed. As part of this introduction Commissioners are provided with a Governance Book containing full details of the Commission’s history, role, strategy, procedures and Commissioners’ responsibilities, as well as the relevant Charity Commission guidance for trustees.

During their tenure, further opportunities for Commissioners to develop their knowledge of areas relevant to the Commission’s activities are provided as appropriate.

Day to day running of the Commission is delegated to the Secretary, assisted by a small staff team.

Matters of strategy, and all grants greater than £1,000, are decided by Commissioners.

Full details of Commissioners and Committee members in post during the year, as well as the small staff team, are provided on pages 32 and 33. Details of the Commission’s professional advisers are provided on page 34.

Remuneration

Commissioners are not remunerated in their role as trustees of the charity and do not receive benefits other than reimbursement of expenses incurred in attending meetings.

In order to maximise funds available for grant making, Commissioners are determined to keep staff numbers and associated office costs to a minimum. To attract and retain experienced staff of the right calibre, however, Commissioners recognise the need to set salaries in line with those for other grantmaking charities in the London area, based on sector benchmarks and other publicly available data.

Salaries for all staff including key management personnel are reviewed annually by the Chairman of the Board and the Chairman of the Finance Committee as part of the performance appraisal process.

Pay awards are dependent on performance and set based on increases in the cost of living and average salary increases for the sector. There are no automatic increments and no bonus scheme.

Commissioners recognise the importance of helping employees make adequate provision for retirement. All employees are therefore eligible to receive a 10% employer pension contribution to a personal pension of their choice. All employees are also entitled to an interest free season ticket loan.

Employees do not receive any other benefits.

Risk Policy

In discharging their responsibilities for the management of risk, it is the policy of the Commissioners to identify, analyse and seek to manage any risks to the ability of the Commission to carry out its rôle effectively and meet the obligations of its Royal Charter.

To this effect the Commissioners have given consideration to the major risks to which the Commission is, or may be, exposed. A full risk register has been drawn up, which is reviewed regularly. Insurance brokers have been appointed to advise on areas where risk can be effectively mitigated through insurance. Compliance risks are mitigated through taking and following appropriate professional advice.

The main remaining areas of strategic and operational risk and the steps taken to address them may

be summarised as follows:

Investments: security, performance, liquidity The Commission has a diversified portfolio, both in terms of investments held and managers appointed. It has adopted investment and disbursement policies designed to maintain the real value of the portfolio over time and hence the support available to current and future beneficiaries. Sufficient liquidity is held outside the portfolio to meet short term commitments. Commissioners have delegated review of investment performance to a Finance Committee comprising individuals with relevant expertise.

Grant making: applications, assessment, administration Commissioners have appointed specialist committees to review fellowship applications, work closely with other organisations active in the STEM arena to avoid unnecessary duplication or administrative effort and have appointed a communications company to assist with marketing of the awards to ensure they are brought to the attention of eligible recipients. Commissioners regularly seek feedback from potential applicants and other stakeholders to ensure the awards remain relevant.

Legacy estate: character, experience, relevance Commissioners take an active interest in the estate, seek to facilitate relevant initiatives across legacy institutions and provide financial support where possible to ensure the estate remains a beacon of excellence and inspiration in the worlds of science, engineering and design.

Commissioners and Committee Members

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