1.3 Powers and responsibilities of Council
Under the QUT Act, Council has the power to appoint University staff, manage and control the University's affairs and property, and manage and control the University's finances. Council must act in the way that appears most likely to promote the University's interests.
The Australian Government's National Governance Protocols for Higher Education Providers specify the following responsibilities for governing bodies:
- appointing the Vice-Chancellor as the chief executive officer of the university and monitoring his/her performance
- approving the mission and strategic direction of the university, as well as the annual budget and business plan
- overseeing and reviewing the university's management and its performance
- establishing policy and procedural principles, consistent with legal requirements and community expectations
- approving and monitoring systems of control and accountability, including general overview of any controlled entities
- overseeing and monitoring the assessment and management of risk across the university, including commercial undertakings
- overseeing and monitoring the academic activities of the university
- approving significant commercial activities of the university.
Council is required to oversee controlled entities by taking reasonable steps to ensure the board possesses the necessary skills, and to
- appoint some directors to the board who are not members of the governing body or officers or students of the university where possible,
- ensure that the board regularly adopts and evaluates a written statement of its own governance principles,
- ensure that the board documents a corporate and business strategy, including a business plan, and
- establish and document clear reporting expectations.
The Audit and Risk Management Committee of Council is responsible for reviewing annual financial statements and other reports of controlled entities to evaluate impacts on the University, and advising Council as appropriate.