Key aims:

1. To ensure long term financial welfare of the society,
2. To oversee ILTS annual budget and investments, and to recommend adjustments in expenditure and investment strategy when appropriate,
3. To oversee and advise on the management of the ILTS Members’ Fund for Education.

Key tasks and dates:

1. Review current year’s expenditure and following year’s proposed budget in December, and report twice yearly to ILTS Council: January-February written report for Winter Council Meeting agenda book (chair to attend in person if requested by Executive); May-June: written report for Annual Congress council meeting agenda book and chair to present in person.
2. Meet at Annual Congress to review recent activities and member feedback, discuss council input from the most recent Council Meeting and develop an agenda for the following year
3. Review online applications for committee membership annually (January-March) and nominate replacements for members expiring in that year. The process as per ILTS Committees Policy, to be completed four weeks before the Annual Congress

Key performance metric: Satisfactory reports to ILTS Council

Committee Members:

• Mark Ghobrial, MD, PhD, FACS, FRCS– Chair {2019-2022} and Affiliated Councilor Houston Methodist Hospital, Houston, TX
• Claus Niemann, MD {2020-2023} University of California San Francisco Medical Center, San Francisco, CA
• Dermot Ryan, {2020-2023} Berlin, Germany

*Committee terms shown in brackets

Committee Terms of Reference

New Finance Committee Role:  August 2021

A new role has been proposed by the Executive, to be incorporated in the Finance Committee terms of reference. This involves appointment of  a member with significant experience in budget and investment matters, specifically to support the Treasurer.

Terms of reference:

1. ILTS member, nominated by Executive Committee majority with agreement of Treasurer
2. Three year appointment, renewable at discretion of Treasurer and Executive
3. Read-only access to society accounts and investments
4. Responsible to Treasurer
5. Supported by Executive Director and Secretariat
6. Attends Executive Committee and Council meetings by invitation

Duties:

1. Assist and advise Treasurer on budget and investment issues as follows:
   • Ensure long term financial welfare of the society
   • Oversee ILTS annual budget and investments, and recommend adjustments in expenditure and investment strategy when appropriate
   • Review current year’s expenditure up to monthly and assist treasurer in reporting to Executive Committee and Council
   • Oversee and advise on management of the ILTS Members’ Fund for Education
   • Assist treasurer in developing following year’s proposed budget in December
2. Identify and communicate with an independent, non-commission based investment advisor annually, or more frequently when needed, if instructed by Treasurer
3. Deputise for Treasurer re meetings and reports as required; signatory capacity to be determined.