Non-regulatory committees

Finance Committee

John Mulholland - Convener

Ken Tudhope - Secretary (kentudhope@lawscot.org.uk)

The aims and functions are:

  • review and finalise the annual budget, in consultation with the Board, Audit Committee and senior management team, for presentation to the Council
  • review and, where appropriate, put forward proposals for the alteration of practising certificate fees and subscription levels and bandings
  • review the monthly management accounts and make appropriate recommendations
  • review the Society's annual accounts and, subject to audit and scrutiny by the Audit Committee, approve them for submission to the Council
  • keep under review the level and nature of the Society's own banking arrangements, investments, borrowings and insurance cover (excluding that relating to insurance of the profession) and take action where necessary or desirable
  • determine financial controls and propose innovations in financial management
  • maintain a register of key risks in relation to finance and resources
  • set policy and supervise the procurement process of the Society, including approving the individual award of contracts above a certain threshold amount, as set by the Finance Committee
  • provide advice on any other matters referred to it by the Board, Audit Committee, senior management team, or Council
  • report on monthly accounts to the Board
  • produce an annual report to the Board and Council
  • make a recommendation to the Council on the budget for the coming year
  • make a recommendation to the Council on the practising certificate, and other fees, for the coming year