"Essential Functions of the Board"
Section 3b Essential Functions of the Board The purpose of the Board is to direct the Association’s affairs. Management is delegated to the Managing Director. The functions of the Board can be summarised as: • define and ensure compliance with the values and objectives of the Association; • establish a framework for approving policies and plans to achieve those objectives; • approve each year's accounts prior to publication and approve each year's budget and business plan; • establish and oversee a framework of delegation and systems of internal control; • establish and oversee a framework for the identification and management of risk, ensuring that the Board receives regular reports on these; • agree or ratify policies and decisions on all matters that might create significant financial or other risk to the Association, or which raise material issues of principle; • monitor the Association's performance in relation to these plans, budgets, controls and decisions and also in the light of customer feedback and the performance of comparable organisations; • appoint, and if necessary dismiss, the Managing Director and approve his or her salary, benefits and terms of employment; • satisfy itself that the Association's affairs are conducted lawfully and in accordance with generally accepted standards of performance and probity; • follow the Association's constitution in appointing (and, if necessary, removing) the Chair of the Board; and • participate in the annual Board appraisal process and attend training as necessary. Group responsibilities As well as the essential functions listed, the Board also has a responsibility to Grand Union Housing Group. This is set out in the Intra Group Agreement which has been signed by all members of the Group. Its prime responsibility in this respect is to: • review its strategy and Business Plan in accordance with the general strategy agreed by the Group; • consult with the Group parent on all major issues which may have an impact on the Group as a whole.