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Terms of reference (TOR) define the purpose and structures of a project, committee, meeting, negotiation, or any similar collection of people who have agreed to work together to accomplish a shared goal. [1] [2] Terms of reference show how the object in question will be defined, developed, and verified.
Its role is to provide advice and recommendations to the board within the scope of its terms of reference / charter. Terms of reference and requirements for an audit committee vary by country, but may be influenced by economic and political unions capable of passing legislation.
In the United States, the board of directors (elected by the shareholders) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (operating committee or executive council), composed of the CEO and their direct reports (other C-level officers, division/subsidiary heads).
The executive committee may function more like a board than an actual committee. [19] [20] In any case, an executive committee can only be established through a specific provision in the charter or bylaws of the entity (i.e. a board cannot appoint an executive committee without authorization to do so). [19]
The board was established under section 157 [1] of the Health and Social Care Act 2008, with effect from October 2008, with a range of advisory functions relating to information governance. From January 2009, the NIGB also gained functions under section 251 [ 2 ] of the NHS Act 2006 which had previously been held by the Patient Information ...
The board of governors is one of three key pillars making up the broader Federal Reserve System, along with the 12 regional reserve bank presidents and the Federal Open Market Committee (FOMC).
An advisory board strengthens the existing board, but does not interfere with authorities of the existing board. The former editor of The Economist, also an advisory board member, once said, “They [advisory boards] are there to give focus to or sometimes challenge research and intelligence work being done in the company, thus avoiding ...
In 2018 The RBS Board accepted the resolutions and text for the 30th May 2018 AGM with an AGM debate – a UK first. Special Resolution 27. To direct the Board to establish a Shareholder Committee. RBS has 190,000 shareholders with UK Government Investments (UKGI) formerly called UK Financial Investments (UKFI) owning 73%. Since reduced by ...