Financial Advisory and Planning Committees

16 files

At times of acute financial stress the Academy's Council has seen fit to set up special consultative sub-committees whose remit extended beyond that of the standing Finance Committee, which until 2008 acted as little more than an internal audit committee. The first of these was established in the wake of Humphrey Brooke's departure in 1968. This Financial Advsiory Committee comprised the members of the standing Finance Committee, augmented with external expert advisors and senior staff and it operated in fits and starts, until 1983. A second committee, the Financial Planning Committee (FPC) was established in 1990, in the wake of a critical report by the management consulting firm, McKinseys. Iin turn this was replaced in 1997 by a Management Committee, whose remit covered that of the FPC, but with enhanced reporting and strategic planning powers. The aim of the Management Committee was to act as both a scrutiner of financial performance and force to strengthen the culture of governance at the Royal Academy.

The Management Committee disbanded in 2007, when the wholesale governance review overseen by Sir Nicholas Grimshaw established a new committee structure.

Agendas, minutes and key documents.