University Gazette, 8 March 2007: University Acts
COUNCIL OF THE UNIVERSITY
Investment Committee: Corrigendum
An incorrect version of the amended regulations for the Investment Committee was published on 1 March (Gazette, p. 814). The regulations should read as follows:
'3.64. The Investment Committee shall consist of:
(1) the Vice-Chancellor;
(2) at least five persons appointed by Council who shall not be the holders of teaching or administrative posts in the University, or in any college, society, or Permanent Private Hall, and all of whom shall bring recent and relevant expertise of investment management to the working of the committee, one of whom shall be appointed by Council to serve as chairman of the committee;
(3) at least two other members appointed by Council who shall have recent and relevant expertise of investment management.
All members of the committee shall serve for five years and shall be re-eligible for reappointment.
3.65. The committee shall be responsible, overall, for:
(1) supervising the management of University endowed funds and any funds placed with the University by external bodies within guidelines it determines and with performance measured in relation to a benchmark(s) chosen in order to meet the University's objective; and
(2) reporting to Council.
3.66. In particular, the committee shall be responsible for:
(1) defining and agreeing objectives with Council;
(2) setting guidelines and a benchmark(s) in order to meet the objectives;
(3) recruiting, supporting, appraising and monitoring of the Chief Investment Officer;
(4) recommending (individually and as a committee) managers; and
(5) advising on matters relating to asset allocation and manager selection.'
[This change establishes a new Investment Committee with a majority of members actively involved professionally in fund management. The committee will report to Council.]
Museums and Scientific Collections: Corrigendum
When Council Regulations 49 of 2002 concerning the Pitt Rivers Museum were made by Council on 5 December 2002 (Gazette Vol. 133, p. 514), section 11 of Statute VIII concerning Libraries, Museums and Scientific Collections, and the University Press should have been amended to reflect the revised governance structure for the Pitt Rivers Museum. Section 11 of Statute VIII should therefore read:
'11. There shall be a body of Visitors of the Pitt Rivers Museum which shall be responsible, under Council, for the safe keeping, preservation, orderly administration, finance, and general policy of the museum.'
GENERAL PURPOSES COMMITTEE OF COUNCIL
Changes in Regulations
The General Purposes Committee of Council has made the following changes in regulations, to come into effect on 23 March.
(a) Oxford University Society
1 In Council Regulations 2 of 2004, concerning Other University Bodies (Supplement (2) to Gazette No. 4702, 30 June 2004, p. 1237, as amended on 21 October 2004, 28 April 2005, 17 November 2005, 12 January 2006, 4 May 2006, 21 September 2006 and 11 January 2007, Gazette, Vol. 135, pp. 244, 882; Vol. 136, pp. 342, 481, 989; Vol. 137, p. 2, p. 574), in Part 14, delete existing regulation 14.1. and substitute:
'14.1. The Oxford University Society ('the Society') shall be an organisation within the University under Council for bringing together alumni of the University and encouraging and co-ordinating their support for the collegiate University, other than that concerned with fundraising. It serves as the focus for alumni relations and activities on behalf of the University.'
2 Ibid., delete existing regulation 14.8. and substitute:
'14.8. There shall be a Board of the Society ('the Board') with the following powers, which may be altered or added to by the Society with the approval of Council:
(1) to manage the business of the Society and to exercise all the powers of the Society;
(2) to manage the Society's funds from whatever source and wherever deposited, including the funds previously managed by the separate charitable company known as The Oxford University Society and the Helmore Bequest. In this regard:
(a) bequests, gifts, and other payments to the Oxford University Society shall be added to these funds.
(b) the University may resolve that payments to the University for the purpose of alumni relations should be added to these funds.
(c) payments by the University for the operation of the Society will be separately identified, and accounted for by the Secretary of the Society (in his/her capacity of Head of Alumni Relations) to the Pro-Vice-Chancellor (Development and External Affairs).
(3) to advise the University on matters pertaining to alumni relations;
(4) to promote activities and develop services in furtherance of the objectives of the Society;
(5) to offer scholarships and to make grants to students both to meet need and to encourage initiative;
(6) to engage in other activities from time to time in furtherance of the objectives of the Society;
(7) to make, repeal and alter Standing Orders for the management of the Society and its affairs, in consultation with the Registrar;
(8) to delegate any of its powers or the implementation of its resolutions to any committee or persons (whilst remaining responsible for the proper exercise of any such delegated powers).'
3 Ibid., delete existing regulation 14.11. and substitute:
'14.11. The membership of the Board shall be:
(1) eight members appointed by Council, four of them after consultation with the Chairman of the Conference of Colleges;
(2) eight members elected from among their own number by members of the Society present at the Annual General Meeting.
(3) members appointed or elected under (1) or (2) above shall not serve more than four consecutive terms.'
4 Ibid., delete existing regulation 14.13. and substitute:
'14.13. The Secretary to the Society shall be the Head of Alumni Relations within the University and shall be the executive officer of the Society. He or she shall report jointly to the Chairman and to the Pro-Vice-Chancellor (Development and External Affairs).'
[These changes, made on the recommendation of the board of the Oxford University Society, amend the regulations relating to the society in the light of two years' experience of the board's changed status, from that of an independent Board of Trustees of an independent Society to that of a management committee of a University body under Council. The changes clarify the functional relationship between the board and the University and define the actual functions of the board and its reporting arrangements.]
(b) Cunliffe Sculpture Prize
1 In Part 2 of Council Regulations 25 of 2002, concerning trusts (Statutes, 2000, p. 617, as redesignated as regulations by Decree (5) of 11 July 2002, Gazette, Vol. 132, p. 1461), delete § 69, concerning the Cunliffe Sculpture Prize.
2 This regulation shall be effective from 31 July 2007.
[This change, made on the recommendation of the Committee for the Ruskin School and the Humanities Divisional Board, deletes the regulations for the Cunliffe Sculpture Prize, which will no longer be awarded after Trinity Term 2007.]
(c) Establishment of the Wolfson Childcare Bursary Fund
In Part 2 of Council Regulations 25 of 2002, concerning trusts (Statutes, 2000, p. 753, as redesignated as regulations by Decree (5) of 11 July 2002, Gazette, Vol. 132, p. 1461), insert new § 382 as follows and renumber existing §§ 382–7 (pp. 753–7) as §§ 383–8:
'§ 382. Wolfson Childcare Bursary Fund
1. The benefaction from the Wolfson Family Charitable Trust, together with any further donations for this purpose, shall be known as the Wolfson Childcare Bursary Fund.
2. The University shall use the Fund for the provision of bursaries ('the Objects') to contribute towards the fees payable for a University nursery place. The bursaries shall be awarded on the grounds of hardship to students of the University of Oxford with one or more children holding a University nursery place.
3. The administration of the Fund, and the application of its income, shall be the responsibility of the Student Funding and International Office.
4. Regulations 1 and 3 above may be amended by Council.'
[These regulations establish the Wolfson Childcare Bursary Fund for the provision of bursaries to contribute towards the fees payable for a University nursery place. The bursaries shall be awarded on the grounds of hardship to students of the University of Oxford with one or more children holding a University nursery place.]
(d) Establishment of the Saïd Business School Venture Fund
In Part 2 of Council Regulations 25 of 2002, concerning trusts (Statutes, 2000, p. 719, as redesignated as regulations by Decree (5) of 11 July 2002, Gazette, Vol. 132, p. 1461), delete existing § 307 and insert new § 307 as follows:
§ 307. Saïd Business School Venture Fund
1. The benefactions from Sir Philip Green and Mr David Bonderman, each in the sum of five hundred thousand pounds, together with any further donations for this purpose, shall be known as the Saïd Business School Venture Fund ('the Fund').
2. The University shall apply the capital and net income of the Fund towards the establishment and operation of a fund which will enable students at the Saïd Business School to gain experience in making and managing early stage investments. Realisations will be available for re-investment, but may also be applied for other charitable purposes within the School.
3. The administration of the Fund, and the application of its capital and income, shall be the responsibility of the Executive Committee in the School. Investment decisions will be taken by the University's Director of Finance (or by a Committee or officer of the University designated by him).
4. Regulations 2 and 3 above may be amended by Council.
[These changes in regulations, made on the recommendation of the Social Sciences Board, establish the Saïd Business School Venture Fund to enable students at the Saïd Business School to gain experience in making and managing early stage investments, and delete existing regulations for a trust fund of the same name which was established for similar purposes but was never activated.]
COUNCIL OF THE UNIVERSITY
Register of Congregation
Mr Vice-Chancellor reports that the following names have been added to the Register of Congregation:
Benmayor, R., Zoology
Miller, K., Worcester
Power, T.J., St Cross
Rowley, A.J., Harris Manchester
Shepherd, R.G., Ashmolean Museum
Thomas, S.E., Balliol
For a change in regulations for examinations, to come into effect on 23 March, see 'Examinations and Boards' below.