The audit committee, which convenes at least once every quarter, considers and reports on the adequacy of systems of internal and financial control, risk management, corporate governance and financial reporting. It examines management's processes and arrangements to ensure an effective and appropriate control environment that complies with the standards and requirements of relevant regulatory systems.
Specifically, the committee's responsibilities are:
- Provide assurance to the board on all matters relating to the appropriateness and effectiveness of the trustee company's risk management and internal control systems and those of its investment subsidiary, USS Investment Management Ltd; and
- Assist the board in ensuring that financial and business reporting arrangements are appropriate to achieve accurate, balanced and understandable corporate reporting.
Committee responsibilities are detailed in its terms of reference available here.
The committee's members are appointed by the board and include at least three board directors and at least one committee member with recent and relevant financial experience. For more information on the current committee members please refer to our committee members page.