Report of the epi-Finances Committee

C. Quintelier (BE), ChairC. Quintelier (BE), Chair

T. Powell (GB), Secretary

The 86th Meeting of the epi-Finances Committee took place by video conference on 20 April 2021. The Treasurer, Deputy Treasurer and Internal Auditors attended as invited guests. The Executive Director also attended.

Mr Quintelier was elected as the new Chair of the Committee in replacement of Dr Maikowski; and Mr Powell was elected as the Secretary.

The Committee received a report on the financial results for 2020 from the Treasurer. This was accepted with approbation. Based on the report the Committee is happy to endorse the wish of the Internal Auditors to discharge the Treasurer of responsibility for the finances of epi in the financial year 2020.

The Committee further received an update from the Treasurer on the financial position for the First Quarter of 2021. The Committee commends the cautious approach to operation of the budget revised at the 89th Meeting of Council that the Treasurer has adopted.

The Committee received a report from the Executive Director and noted with approval the plans for improvements in financial rigour that she intends to introduce in co-operation with the Treasurer. The Committee was pleased that the financial management issues raised in the Executive Director's report are being addressed as matters of high priority.

The Treasurer reported on certain initiatives and in particular the plans (a) to introduce charges for some types of online training webinar; (b) the appointment of communications consultants to assist with the preparation and effectiveness of internal and external communications; and (c) educational initiatives including one aimed at assisting examination candidates to prepare for online qualifying examinations. As regards the communications consultants the Committee recommends reviewing their performance and effectiveness after they have enjoyed a reasonable opportunity to bring about improvements.

The Committee established a sub-committee for the purpose of progressing the professional indemnity insurance project that has been in existence for some time on a ad hoc basis.

The next meeting of the Committee will be on 27 October 2021.