Code of Practice for Council Members

20 Code of Practice for Council Members 15 The Council is responsible for overseeing the implementation of the strategic plan and measuring institutional performance by means of Key Performance Indicators. 3.3. Monitoring Effectiveness and Performance The Council should regularly monitor and evaluate the performance and effectiveness of the University in achieving its goals and operation targets. 3.4. Finance The Council’s financial responsibilities include:  ensuring the solvency of the University and safeguarding its assets;  approving the financial strategy and evaluating the financial results;  approving and monitoring annual budgets which should reflect the University’s strategic plan;  ensuring that funds provided by the UGC are used in accordance with the terms and conditions specified by UGC;  ensuring that the financial controls are in place, that financial reports are accurate, and that the University is in compliance with relevant laws and contractual commitments through the Audit Committee and Finance Committee; and  reviewing and approving Annual Return on the Use of UGC Funds and financial statements of the University. 3.5. Audit The Council appoints the Audit Committee and through it, to monitor the University’s arrangement for internal and external audit. For the roles of the Audit Committee, please refer to Section 1.6 of this Code. 3.6. Estate Management The Administrative and Planning Committee and the Campus Planning and Building Committee assist the Council to oversee the strategic management of the University’s land and buildings, to approve and keep under review a Campus Master Plan which identifies the property and space requirements needed to fulfil the objectives of the University’s strategic plan. 3.7. Human Resource Management The Council has the responsibility for the University’s human resource and employment policy. This includes ensuring that pay and conditions of employment are properly determined and implemented for all