Finance Committee Member Remote
Job description
Finance Committee Member
The Association of British Dispensing Opticians
Date: June 2023
Role Title: ABDO Finance Committee Member
Contract Type: Fixed term
Location: Meetings will generally be online, but occasional UK travel might be required
Remuneration: £350 day rate plus expenses
Application:
An expression of interest should include a CV and a brief covering letter, setting out:
- Your experience, qualifications and contributions relevant to this role;
- Your motivation(s) for wishing to be a member of ABDO’s Finance Committee;
- Your availability to start and capacity to participate at the Finance Committee meetings and additional activities as required.
Applications without a covering letter will automatically be rejected.
About ABDO:
The Association of British Dispensing Opticians (ABDO) is the professional body for dispensing and contact lens opticians in the UK. We have around 8,500 members in the UK and overseas. Our role is to support and represent members, promote awareness of their roles, enable them to develop their careers and advance the profession by developing its evidence base.
More information about our role and priorities is set out in our five-year strategic plan: ABDO
Strategic Plan 2022-2026
ABDO’s role in enabling members to develop their careers starts with providing examinations to enable students to qualify and register as dispensing opticians. In doing so, we work collaboratively with several education institutes, including ABDO College, which is a separate educational charity that was set up by ABDO.
ABDO’s vision is to be a professional, modern organisation that is financially sustainable. To support the realisation of this vision, ABDO recently commissioned Mazars to carry out an independent review of its finance function. We are now working with Mazars to implement the recommendations and this includes strengthening our financial governance by establishing a Finance Committee.
A summary of the role:
ABDO is seeking two independent members to join its new Finance Committee to contribute to the oversight of the financial management and decision-making of the organisation, including providing guidance and recommendations to ABDO’s Board.
The independent members of the Finance Committee are expected to possess in-depth experience in business financial management, such as accounting, financial planning, management reporting, auditing or treasury management. An understanding of the optical sector and how this is evolving would be desirable.
The third member of the Finance Committee shall be a member of the ABDO Board.
Responsibility of the Finance Committee:
The Finance Committee shall have the following responsibilities: a) Reviewing and making recommendations to the Board in relation to financial policies, procedures, and controls to ensure effective financial management. b) Monitoring the organisation’s financial performance, including reviewing financial statements, budgets, forecasts, and variances. c) Assessing the adequacy of financial resources, liquidity, and capital structure.
d) Providing independent oversight of ABDO’s financial risks by monitoring the organisation’s finance-related risk profile, including cashflow/liquidity, financial management, income/cost trends, wider sector headwinds; identifying and resolving news risks; and notifying issues to the Board on a regular basis. e) Monitoring and evaluating intercompany activities and financial treatments, particularly in relation to ABDO College. f) Overseeing internal and external audits, including reviewing audit plans, reports and recommendations. g) Monitoring compliance with financial reporting standards, laws, and regulations. h) Evaluating and recommending investment strategies, policies, and opportunities. i) Reviewing and recommending risk management practices and insurance coverage. j) Overseeing and evaluating the performance of the organisation’s finance team. k) Assessing and making recommendations in relation to major financial decisions, such as acquisitions, divestitures, and capital expenditures. l) Supporting the recruitment of external auditors and making recommendations in relation to the appointment, compensation, and termination of such auditors. m) Providing regular reports to the Board on financial matters, highlighting significant issues, risks, and recommendations.
Remit:
The independent members will be expected attend all formal Finance Committee meetings. These are expected to take place at least 4 times per year. Members shall also be expected to participate in other relevant activities, such as the selection of ABDO’s auditors.
Term:
Committee members shall serve for a term of at least 18 months, renewable upon reappointment by the Board up to a maximum aggregate term of 12 years.
A member's term may be terminated or extended at the discretion of the Board.
Conditions:
The role is remunerated at the rate of £350 per day, with expenses paid according to ABDO’s expense policy. The expected time commitment is likely to be up to 10 days per year.
The role is subject to ABDO’s Code of Conduct.
Interviews will be on Friday 8th of September in London.
Job Type: Zero hours contract
Salary: £350.00 per day
Benefits:
- Flexitime
Schedule:
- Flexitime
Education:
- Diploma of Higher Education (required)
Experience:
- Financial management: 5 years (required)
Language:
- English (required)
Work authorisation:
- United Kingdom (required)
Work Location: Remote
Application deadline: 27/08/2023
