Treasury Advisory Panel: Updated terms of reference and remuneration for members

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A decision made 1 July 2016:

Decision Reference: MD-TR-2016-0051
Decision Summary Title:	Approval of the updated terms of reference for the Treasury Advisory Panel and remuneration of members.		Date of Decision Summary:	6th June 2016
Decision Summary Author:	Head of Treasury and Investment Management		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Approval of the updated terms of reference for the Treasury Advisory Panel and remuneration of members.		Date of Written Report:	6th June 2016
Written Report Author:	Head of Treasury and Investment Management		Written Report : Public or Exempt?	Public
Subject: Approval of the updated terms of reference for the Treasury Advisory Panel (‘TAP’) and remuneration for independent members.
Decision(s): The Minister for Treasury and Resources approved the updated terms of reference for the Treasury Advisory Panel and the level of remuneration for members. Up to three non-executive Members are to be appointed by the Treasurer to the Panel.
Reason(s) for Decision: The Minister for Treasury and Resources and the Treasurer of the States have a range of powers and responsibilities relating to Treasury matters provided for through the Public Finances (Jersey) Law 2005 and associated Regulations. The Treasury Advisory Panel is established by the Minister to provide advice on discharging these responsibilities and exercising relevant powers. The primary focus of the Panel is to advise on matters relating to investment. The updated terms of reference for the TAP have been prepared by Treasury and Resources and are included in appendix 1 of the written report. The terms of reference were reviewed and recommended for approval by the panel themselves. The updated terms of reference include the appointment of an independent Chairman and up to three non-executive members. The positions of independent Chairman and non-executive member may be remunerated as determined by the Minister for Treasury and Resources. The level of remuneration has been assessed relative to pay for a number of equivalent non-executive directors and quangos. The terms of reference are subject to periodic review to ensure they remain relevant and up to date. The level of remuneration serves to incentivise appropriately qualified and experienced individuals to provide their expertise to the Treasury Advisory Panel
Resource Implications: Remuneration for the non-executive members will be £8,000 per annum from the date of formal appointment to the date they cease to act for the Panel. Remuneration for the Chairman will be £10,000 per annum from the date of formal appointment to the date they cease to act for the Panel.
Action required: Head of Decision Support to advise the Head of Treasury and Investment Management when this decision has been approved. The Treasurer is to ensure an appropriate process is carried out to appoint up to three non-executive members to the TAP.
Signature:		Position: Senator A J H Maclean, Minister for Treasury & Resources
Date Signed:		Date of Decision:

Treasury Advisory Panel: Terms of Reference Updated and Remuneration for Independent Members

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Treasury and Resources

Ministerial Decision Report

Approval of the updated terms of reference for the Treasury Advisory Panel and remuneration of members.

Purpose of Report

Approval of the revised terms of reference for the Treasury Advisory Panel (TAP) and remuneration of members by the Minister for Treasury and Resources.

Background

The Minister for Treasury and Resources and the Treasurer of the States have a range of powers and responsibilities relating to Treasury matters provided for through the Public Finances (Jersey) Law 2005 and associated Regulations.

The Treasury Advisory Panel is established by the Minister to provide advice on discharging these responsibilities and exercising relevant powers. The primary focus of the Panel is to advise on matters relating to investment.

The updated terms of reference for the TAP have been prepared by Treasury and Resources and are included in appendix 1 of this report. The conditions were reviewed and recommended for appointment by the panel themselves.

The updated terms of reference include the appointment of an independent chairman and up to three non-executive members. The positions of independent Chairman and non-executive member may be remunerated as determined by the Minister for Treasury and Resources.

The level of remuneration has been assessed relative to pay for a number of equivalent non-executive Directors and quangos. Remuneration for the non-executive members will be £8,000 per annum from the date of appointment to the date they cease to act for the Panel. Remuneration for the Chairman will be £10,000 per annum from the date of appointment to the date they cease to act for the Panel.

3. Recommendation

The Minister for Treasury and Resources is recommended to approve the decision to update the terms of reference for the Treasury Advisory Panel and to approve the level of remuneration for members.

Up to three non-executive members are to be appointed by the Treasurer to the Panel.

4. Reason for Decision

The level of remuneration has been assessed relative to pay for a number of equivalent non-executive Directors and quangos.

The terms of reference are subject to periodic review to ensure they remain relevant and up to date. The level of remuneration serves to incentivise appropriately qualified and experienced individuals to provide their expertise to the Treasury Advisory Panel.

5. Resource Implications

Remuneration for the non-executive members will be £8,000 per annum from the date of appointment to the date they cease to act for the Panel.

Remuneration for the Chairman will be £10,000 per annum from the date of appointment to the date they cease to act for the Panel.

Report author : Head of Treasury and Investment Management	Document date : 06/06/2016
Quality Assurance / Review : Head of Decision Support	File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DS, WR and SD\2016-00xx - TOR for TAP and remuneration of members
MD sponsor : Director of Financial Planning and Performance