FINANCE SUBCOMMITTEE TERMS OF REFERENCE

(i) To advise the Board on financial matters of Arc.

(ii) To advise the Chief Executive Officer on financial matters.

(iii) To monitor and review the financial operations, including annual budgets and forward estimates, and relevant financial statements.

(iv) To monitor and review Arc’s progress towards operational and strategic targets, including performance against organisational performance metrics.

(v) To recommend organisational financial performance metrics to Board.

(vi) To ensure that timely and accurate information is presented to Board, including any anticipated or realised changes in performance against organisational financial performance metrics and the allocation of these changes and/or the anticipated overall change in operating result.

(vii) To determine and review Arc banking and investment policies.

(viii) To review the extent, duration and exercise of financial delegations and to recommend such delegations to Board for approval.

(ix) To review and recommend the Annual Budget and capital expenditure plan to Board.

(x) To review and recommend the financing of capital works to Board.

(xi) To review and recommend the annual financial operational and strategic performance metrics to Board.

(xii) To review and advise on any other matters or agreements that have the potential of significant financial impact.

(xiii) To maintain strategic oversight of buildings and grounds and recommend proposals to Board.

(xiv) To review and advise on any matters raised by the Audit & Risk Sub-Committee and report to the Audit & Risk Sub-Committee on a quarterly basis.

(xv) To review and advise on any matters raised by the Chief Executive Officer within the scope of the Finance Sub-Committee.

(xvi) To review and advise on any matters raised by Board within the scope of the Finance Sub-Committee.

(xvii) To provide an opportunity for Directors to develop appropriate financial and monitoring skills.