The NHMF Board. The Board should ensure that effective arrangements are in place to provide assurance on risk management, governance and internal control. The Board is expected to assure itself of the effectiveness of the internal control and risk management systems. The Board must set up an Audit Committee chaired by a Trustee or, where applicable, a non-executive member. The Audit Committee should support the Board and Accounting Officer by providing advice and assurance on risk management, governance and internal control. Where the Board does not consider issues relating to staff remuneration itself, it shall ensure that an effective mechanism for such consideration exists, e.g. a remuneration committee or similar body performing the same purpose. The Board is specifically responsible for: • ensuring that the NHMF fulfils the aims and objectives set out in its founding acts, the National Heritage Act 1980 and the 1993 National Lottery Act within the policy and resources framework determined by the Secretary of State; • determining the steps necessary to deal with any developments which are likely to affect the NHMF’s ability to fulfil its aims and objectives and keeping the responsible DCMS Minister informed if any such developments arise; • ensuring that any statutory or administrative requirements for the use of public funds are complied with; that the Board operates within the limits of its statutory authority, within the resources framework determined by the Secretary of State and any delegated authority agreed with the sponsor department, and in accordance with any other conditions relating to the use of public funds; and that, in reaching decisions, the Board takes into account guidance issued by the sponsor department; • ensuring that the Board receives and reviews regular financial information concerning the management of the NHMF, is informed in a timely manner about any concerns about the activities of the NHMF; and provides positive assurance to the Department that appropriate action has been taken on such concerns; • demonstrating high standards of corporate governance at all times, including using its Audit Committee to help the Board to address key financial and other risks; • appointing a chief executive and, in consultation with the Department, set remuneration terms linked to performance against objectives for the chief executive; • ensuring that any public functions of the NHMF are carried out in compliance with statutory duties.
