Finance and Investment Committee
Minutes of the meeting held 3 November 2014
Present:
Moira Gibb
Non-executive Director (Chair)
MG
Ed Smith
Non-executive Director
ES
Noel Gordon
Non-executive Director
NG
Paul Baumann
Chief Financial Officer
PB
Doug Siebert
Chief of Staff, Finance Directorate
DS
Steve Wilson
Director of Financial Control
SW
Simon Currie
Director of Financial Performance
SC
Sam Higginson
Director of Strategic Finance
SH
In Attendance:
1.
Apologies for absence

Apologies were noted for Paul Watson, Regional Director, Midlands
and East, and Ian Dodge, Director of Commissioning Strategy.
2.
Minutes and actions from previous meeting
 The minutes were approved as an accurate record of the last meeting.

The committee received updates on outstanding actions which have
been updated on the action log.
3.
Termination Security Guarantee for the E08 Independent Sector Treatment
Centre contract

4
The committee approved the change of the Termination Security Guarantor.
2013/14 Financial Performance: Month 6

SC updated the committee on the financial position at month 6, and the
committee noted the financial position in light of the month 6 stock
take.

The committee noted the mitigations available for the remainder of the
year, including the upcoming review of central administration and
programme budgets at month 6.
5
2015/16 Planning

SC updated the committee on the 2015/16 planning process.

The committee discussed proposed business rules, including the use
of drawdown, and noted the 2015/16 planning proposals.
6
Allocations – verbal update

SH updated the committee on progress towards 2015/16 allocations. It
was noted that the resource envelope would not be confirmed until 3rd
December in the lead up to the 17th December Board where the
2015/16 allocations would be considered.

The committee noted the update on progress against allocations for
2015/16.
7
Pricing – verbal update

SH updated the committees on the outstanding issues on 2015/16
development and the longer term pricing strategy.

It was noted that care models were not yet articulated enough to
underpin a pricing strategy.
8
Schedule of Business

The committee requested agenda items on the Five Year Forward
View and an update of allocations to come to the 2nd December FIC.

A challenged health economy case study was proposed for the
January meeting.
ACTION: Schedule of business to be updated to reflect the above.
9
AOB

Not discussed.
Finance and Investment Committee
Minutes of the meeting held 2 December 2014
Present:
Moira Gibb
Non-executive Director (Chair)
MG
Ed Smith
Non-executive Director
ES
Paul Baumann
Chief Financial Officer
PB
Ian Dodge
Director of Commissioning Strategy
ID
Sarah Pinto-Duschinksy
Director of NHS Operations & Delivery
S P-D
In Attendance:
Doug Siebert
Chief of Staff, Finance Directorate
DS
Steve Wilson
Director of Financial Control
SW
Simon Currie
Director of Financial Performance
SC
Sam Higginson
Director of Strategic Finance
SH
4.
Apologies for absence

5.
Apologies were noted for Noel Gordon, Non-executive Director.
Minutes and actions from previous meeting
 A simplification of the wording for item 3 was agreed to read “the
committee approved the change of the Termination Security
Guarantor”.
ACTION: DS to update minutes.
6.
Month 7 update

SC updated the committee on month 7 financial performance across the
commissioning sector.

The committee noted the month 7 financial position and the risk adjusted
position, and noted that these two positions have converged since month 6.

The committee noted the potential upsides expected in the remainder of the
year.

It was agreed that the legacy adjustments would be an item for a future Audit
Committee agenda.
4
Oversight of financial planning and performance in future Board committee
structures

DS gave a brief overview of the paper on the oversight of financial
planning and performance in future Board Committee structures.

The committee noted the need to ensure that adequate time and focus
is committed to financial planning and performance at Board committee
level.

The committee agreed that handover of this function to the
Commissioning Committee immediately after the 2nd December would
represent a risk, and put forward the proposal that financial planning
and performance would remain with the Investment Committee until
March 2015, until the Commissioning Committee is embedded and
adequate assurance is gained on oversight of these key functions.

The committee agreed that it was important to maintain a log of issues
until the handover date with the Commissioning Committee
ACTION: DS to feed committee decision back to Head of Corporate
Governance and Board Secretary
ACTION: DS and SC to maintain log of handover issues
9
Schedule of Business for future meetings

The committee noted the upcoming schedule of business

The committee agreed that the schedule required a refresh in light of
revised SFIs relating to the Board committee restructure
ACTION: DS to refresh schedule of business in light of revised SFIs.
10
AOB

Not discussed