The Institution of Civil Engineers

Independent member of the Finance, Assurance and Risk Committee

Appointment Brief June 2023

About Us

Our history

In 1818, a small group of young engineers met in a London coffee shop and founded the Institution of Civil Engineers (ICE), the world’s first professional engineering body. They had hoped that lots of engineers from different engineering backgrounds would join the institution.

However, civil engineering hadn’t really become an official profession yet, and before the 18th century most engineers were in the armed forces. After

two years of struggling to attract new members, the ICE asked Thomas Telford to become its first president. His appointment in 1820 not only gave the ICE a major boost, it played a huge part in shaping who we are today.

Telford designed and built all types of infrastructure; from churches to castles, canals to harbours, tunnels to bridges. He was also given the nickname ‘the Colossus of Roads’ because his designs were used to construct all major British highways (during his lifetime he built over 1,000 miles of roads).

Using his political and social connections, Telford helped to bring in many new members, from the UK and overseas. But his most important role was getting ICE’s Royal Charter in 1828. Our charter (updated by Queen Elizabeth II in 1975), gives us our status as the leading institution for the civil engineering profession.

Since our small beginnings, the ICE has become home to many of history’s greatest engineers as past presidents and members. And more than 200 years later, we have over 95,000 members around the world.

The Institution of Civil Engineers (ICE) is one of the world’s most respected professional engineering associations. Since we were formed over 200 years ago, we have attracted some of the most famous and influential civil engineers in history.

Our Mission

Who we are

• We are a 97,000-strong global membership organisation.

• We are a professional engineering institution with over 200 years of history.

• We are a voice for civil engineers and those working in infrastructure to promote the importance of the work they do for society.

What we do

• We share learning and experience through original research, engaging events, professional development, partnerships, and mentoring.

• We qualify engineers working in infrastructure to maintain their competence throughout their careers to create safer infrastructure for society

• We offer trusted, impartial advice to politicians and decision makers on how to build more sustainable, resilient infrastructure.

Why we do it

• Society is facing unprecedented challenges from climate change to demographic shift.

• The infrastructure sector has a critical role to play in addressing these challenges and in creating a better future, using the UN Sustainable Development Goals as guiding principles.

• By bringing together the best and brightest engineering minds we find innovative solutions to global critical challenges.

Our purpose is to improve lives by ensuring the world has the engineering capacity and infrastructure systems it needs to enable our planet and our people to thrive.

Vision, Strategy and Business Planning

The Trustees have the vision that “the ICE will transform lives by helping build a sustainable world”. The Trustees believe that the most effective way for the Institution to deliver this is by supporting the delivery of the UN Sustainable Development Goals especially by:

• Building a network of highly trained and competent civil engineers in which society has confidence to deliver the infrastructure people need to live their lives. We do this by providing an internationally recognised set of qualifications by which our members can demonstrate their competence.

• Ensuring that infrastructure professionals have access to the very best insight, knowledge and professional development so that the society can trust the opinion and expertise of our members. We deliver this through a range of programmes, events, education and training projects, and publications. We have a very strong focus on the decarbonisation of the global construction industry, and in enhancing the productivity of the industry thereby affording the public greater value for the money expended on infrastructure.

• The Trustees believe that the Institution has a core responsibility to shape the sustainable development of our world and, in doing so, to take a long-term perspective. They believe that supporting decision makers in reaching informed decisions to enable the most effective procurement, construction, operation, maintenance and ultimate disposal of infrastructure is a core part of that responsibility.

The Trustees carried out an in-depth review of strategy in February 2020 which, after discussion with the ICE Council, culminated in the ICE Business Plan covering the period 2021-2024. The tenets of the strategy stood the Institution in exceptionally good stead as it reacted to the ever-changing situation throughout the year.

Finances 2022

For the ICE Group, the December Year End results were as follows. Refer to the 2022 Annual Report for more information.

Group Income Group Costs

Group Balance Sheet

A breakdown of the funds under management with Mazars is as follows:

Equity, Diversity and Inclusion Statement

Civil engineers work for the benefit and wellbeing of society – including both the environment and humankind.

As a membership organisation and an employer, the ICE values diversity and works to create a fairer environment free from harassment and discrimination, and one in which everybody feels included and valued.

We are committed to creating a diverse environment and ensuring that all qualified applicants receive equal consideration in whatever capacity they support the charity. We are committed to fair and inclusive recruitment practices.

Fairness, Inclusion and Respect Action Plan

The ICE is a signatory to the Royal Academy’s Engineering Diversity Concordat

As such, the institution commits to self-monitoring through the Royal Academy of Engineering and Science Council Diversity and Inclusion Progression Framework. In November 2020, the FIR Committee led on a membership survey, Racism in Civil Engineering. The results of the survey of UK members led to the ICE developing a Fairness, Inclusion and Respect Action Plan for 2021-2025.

As part of this, we also developed the Anti-Racism Toolkit for employers, which has been produced with the support of the Association for Black and Minority Ethnic Engineers (AFBE-UK).

About the Investment Committee

Background

The ICE Trustee Board has directed that the Institution establish a Finance, Assurance and Risk Committee (FARC) to report to the Trustee Board. The Committee has separate terms of reference to the ICE Audit Committee.

The role of an independent committee member with an investment management background is to help fulfil the committee’s purpose to scrutinise and make recommendations to the Trustee Board in relation to the investment policy and monitor the charity’s investment management arrangements.

This is an opportunity for an experienced investment manager to apply their

knowledge to help ensure that the charity’s financial assets continue to generate sustainable long term returns for the benefit of the ICE membership.

There are currently 7 committee members serving on FARC, including 2 chartered accountants. The intention is to replace one of the chartered accountant members (who has resigned her term) with someone with a suitable investment management background.

The investment portfolio is managed by Mazars fund managers and is about £21M in size. There is a further Short Term Fund, recently set up of £9M, also managed by Mazars, with short term government bond holdings (Gilts).

FARC Purpose and Responsibilities

Budgeting and Financial Performance

• Scrutinising the annual budget and operational plan prepared by the Director General & Secretary and management team and advising the Trustee Board on their adoption. (This is to include a review of the Quest Fund budget and advice to the Trustee Board on its adoption)

• Reviewing management accounts and balance sheet and monitoring performance against the objectives approved in the Business plan and budget.

• Considering the budgetary impact of proposed variations to activities through restructuring, acquisition/ disposal or other significant changes, and reporting to the Trustee Board.

• Monitoring the financial position and future prospects of the Institution, including the income levels of Thomas Telford Ltd. to ensure that the Institution can meet its ongoing financial and nonfinancial commitments and strategic objectives.

Financial Strategy, Planning, and Policy

• Provide oversight and challenge effectiveness of financial modelling to support

Trustee Board in strategic decision making and resource allocation.

• Reviewing the financial strategy of the Institution over a 3 to 5 year horizon and advising the Trustee Board on its approval. Monitoring and reporting on any subsequent changes.

• Provide challenge and oversight to procedures that seek to ensure that all available resources of the Institution, including buildings and estates, are maximised in attaining the goals set by Trustee Board.

• Review business plans for significant investment proposals including new business lines, new geographical locations and major capital expenditure.

• Provide oversight of the management of the investment portfolios (main, Trusts and Quest Fund) as part of the available resources of the Institution and maximise the utility of the portfolio in achieving the goals of the Institution.

• To keep all financial investments continually under review in light of current market conditions; formally notify the Trustee Board of matters concerning the ongoing management of the portfolio, and; ensure the Statement of Investment Policy is fit for purpose.

• To maintain a continual and active dialogue with the investment manager.

• In response to requests from the ICE Pension Fund, ICE Foundation (QUEST), and ICE Benevolent Fund, to give the ICE view on investment strategy, and to suggest suitable providers of investment advice.

• To ensure the Committee is in compliance with ICE’s Fairness, Inclusion and Respect (FIR) Action Plan Area of Operation - 1.01. Governance and Leadership.

Assurance and Risk

• To recommend the reserves level of the Institution to protect the Institution against drops in income or to allow it to take advantage of new opportunities.

• Reviewing the financial strategic risks over a 3-5 year time horizon.

• The ICE Audit Committee retains responsibility for ensuring effective audit functions are in place (both external and if necessary, internal); monitoring risk management processes, and; ensuring that an adequate internal control environment is established and maintained.

• To monitor statutory reporting of Human Resources information and reports to Trustee Board.

• To challenge effectiveness and provide risk control in all areas of Management Information and to monitor compliance with GDPR and data security.

Effectiveness and Reporting Responsibilities

• At least once a year, the Finance, Assurance & Risk Committee should review its own performance and terms of reference to ensure it is operating at maximum effectiveness and recommend any changes it considers necessary to the Trustee Board for approval.

• The Secretariat shall minute the points of agreement and approvals from Committee meetings. This shall be circulated to the Chair for approval prior to being circulated to the members of the Committee.

• The Committee members shall report to the ICE Trustee Board at each Trustee Board meeting. The Finance, Assurance and Risk Committee shall provide an annual report on the financial performance of the Institution, the future outlook of the Institution and the performance of investments and other financial instruments and assets. The Annual Report and Audit could constitute this formal report.

Person Specification

1. Commitment to ICE Group’s mission and long-term vision. Able to work in a way that demonstrates this commitment and to communicate this enthusiasm to others.

2. Able to demonstrate an understanding of the legal duties, liabilities, and responsibilities of charity boards and of the difference between governance functions and management functions.

3. Have Investment management experience, preferably across a variety of asset classes. Be familiar with investment fund targets, ESG requirements and fund reporting.

• Experience of developing investment strategies and policies appropriate to charities or not for profit clients.

• Knowledge of the investment marketplace.

Commitment

You will normally be expected to attend six meetings per year. Meetings will usually be held in February, March, May, July, October and November. In rare circumstances, further meetings may be held if appropriate and you may also be asked to provide further advice and input from time to time.

Meetings will normally be held on a Monday between 10:00 and 13:00 hrs at the ICE office at One Great George Street, Westminster, London.

• Experience of using and monitoring the performance of investment managers.

• Experience of asset allocation and knowledge across a variety of financial asset classes.

• Experience of providing oversight and scrutiny of investment performance both within and outside the UK.

• Knowledge of the ESG aspects of investment management and principles of ethical investing.

4. Ability to work well as part of a diverse team.

5. Strong environmental and strategic awareness and ability to identify emerging external factors that may impact on strategy implementation or investment plans.

6. A good communicator with excellent leadership and interpersonal skills, objective and independent and able to challenge supportively.

7. An understanding of the context in which the ICE works (and a willingness to learn more).

8. Able and willing to devote the necessary time to the role and read committee papers in advance of the meetings.

Criteria for success –first 12 months

• Active contribution to committee meetings, particularly in the area of reviewing investment policies, targets and investment fund performance.

• Ability to work well as part of a diverse team.

Remote attendance via Teams is possible. The agenda and supporting papers shall be sent to each member of the Committee, no later than 5 days before the date of the meeting. You will be required to attend training events relevant to the role as considered necessary.

Tenure

Appointments to the FARC will normally be for a term not exceeding three years. This may be extended for a further period

of up to three years provided the person concerned still meets the criteria for membership of the Committee.

No member may be reappointed who has served two consecutive terms of office.

Remuneration

This is a voluntary position. Reasonable travel and accommodation expenses are payable in line with the ICE Group standard expense policy.

How to Apply

To apply for the role, please upload the following documents onto the Prospectus website via the link below.

• Your CV, highlighting your experience for this specific role

• Your supporting statement, of no more than 1,000 words. We recommend that your supporting statement addresses the Person Specification, and your motivation in applying for this role.

Please ensure that you have included a telephone number, as well as any dates when you will not be available or might have difficulty with the recruitment timetable.

If you wish to apply using an alternative format please contact Prospectus on 020 7691 1920 or email executive.admin@prospectus.co.uk

Applications via the Prospectus website should be made at: https://jobs.prospect-us.co.uk/ jobs/183390-independentmember-of-the-finance-assuranceand-risk-committee/

At Prospectus we believe passionately that a truly inclusive workplace leads to increased social impact. We are committed to supporting our clients build more inclusive teams. To understand how we are performing, we ask that you kindly complete the brief equal opportunities questionnaire when you submit your application via our website. Please be assured that your responses are kept confidential, separate from your candidate record, are not part of any application you make, and that the consultants never see individual responses to the questionnaire.

Recruitment Timetable

Deadline for applications: Sunday 25 June

Interviews with the Institution of Civil Engineers: w/c 2nd July

Queries

If you wish to have an informal discussion about the opportunity, please contact our retained advisors Lottie Wihl or Sam Badenoch at Prospectus on 020 7691 1920, or email:

sam.badenoch@prospect-us.co.uk

lottie.wihl@prospect-us.co.uk