Treasury Board
Purpose
- To lead a Treasury that delivers its objectives and targets now and in the future.
Objectives
- Shape the vision, strategy and priorities that deliver Treasury Ministers' objectives and communicate this to staff and other stakeholders;
- Monitor and improve Treasury performance and ensure risks and opportunities are identified and well-managed in the short, medium and long term;
- Ensure effective allocation, development and management of Treasury staff and financial resources including succession planning;
- Protect and enhance Treasury's reputation as a world-class finance ministry.
The Treasury Board takes decisions on strategic operational matters that affect the whole of Treasury Group. The Board's Committees have Group compositions to take decisions on relevant Group issues. OGC and DMO have their own Boards, supported by Committee structures, and take day-to-day decisions for operational matters in their organisations, consistently with the framework and remits agreed with Treasury Ministers and any Group-wide strategic decisions of the Treasury Board.
Membership
Permanent Secretary (Chair); Managing Directors; Chief Executive of Office of Government Commerce; Director of Finance, Procurement and Operations; Director of Policy and Planning; and the Non-Executive Directors: Stella Manzie, Sir Peter Gershon and William Sargent.
Summary of board meetings 2007-08
14 July 2008
The Board reviewed the progress made implementing the response to the Treasury's Capability Review. Members discussed the Departmental Strategic Objective outcome to support low inflation. They considered the reporting approach for Departmental Strategic Objective metrics. Updates were received on Equitable Life and the publication of the Annual Report and Accounts.
1 May 2008
The Board considered the Strategic Challenges assessment and its Economic Prosperity workstream. Members discussed the first draft of Treasury Group's Annual Report and Accounts and received an update of the delivery of the SR2004 PSA targets and the overall performance of the Treasury. To help develop the Department's capabilities, the Board considered plans to learn lessons from other organisations in each of the Capability Review workstreams.
27 March 2008
Treasury Board was updated on the state of the Financial Markets. Board members discussed the immediate reactions to the Budget among stakeholders and lessons learned. Prior to the three-month stock-take with the Cabinet Office on the HM Treasury Capability Review, the Board considered the options for action to improve the Treasury's performance. The Board reviewed the Treasury's approach to business planning and its impact on delivering the Departmental Strategic Objectives.
25 February 2008
The Board held a special meeting to discuss Treasury's workforce. They received presentations from HR and an annual progress report by the Women in the Treasury network.
29 January 2008
Treasury Board was updated on the state of the Financial Markets. They discussed the fiscal position and the preparations for Budget 2008. The Board reviewed HMT's performance in the past quarter, focusing on human resources issues and the delivery of HMT's PSAs. As a follow up to the Capability Review, the Board discussed its response as part in a wider programme on change within HM Treasury.
13 December 2007
The Board had the second of its annual away days on 13 December. The first part of the meeting was a joint session with the Cabinet Office Board, which considered how HMT and CO can work more closely together. The second part of the meeting comprised a horizon scanning session where the Board considered key strategic issues that could have an impact on the department.
25 October 2007
The Treasury Board considered what lessons could be learned from the turmoil in the international financial markets. They heard the initial findings from the Capability Review and discussed HM Treasury's performance over the last quarter.
26 July 2007
The Board had the first of its annual away days on 26 July. The first part of the meeting was a joint session with Treasury Ministers on future challenges for the department. The second part of the meeting comprised a horizon scanning session and preparations for the forthcoming capability review of the department.
14 June 2007
The Treasury Board considered preparations for a new Chancellor, Freedom of Information and Capability Reviews. They discussed the Debt Management Office's performance over the last year and considered reports from Committee chairs on Committee activities.
Summary of board meetings 2006-07
29 March 2007
The Treasury Board considered risks and opportunities in the global economy. They received an update on the progress in implementing the Treasury's Comprehensive Spending Review settlement, and agreed the Treasury's corporate plan and budgets for 2007/08.
25 January 2007
The Treasury Board discussed HMT's performance in the past quarter, focussing on the Government Financial Management Directorate (GFM), including work being undertaken to improve Government Treasury Management. Other key discussions included work being undertaken on productivity and public sector pay.
14 December 2006
The Treasury Board considered progress with the implementation of Treasury's Comprehensive Spending Review settlement and their vision for the Treasury in 2011. The Board also discussed forthcoming challenges for the Treasury and the UK in relation to migration and identity management.
26 October 2006
The Treasury Board discussed progress on Regional Economic Performance and the creation of a Group Audit Committee. It also had an update on the Pre Budget Report; and the Budget Tax and Welfare Directorate's performance was reviewed. A further key discussion related to public spending and financial management and learning at work.
27 July 2006
The Treasury Board discussed progress with the implementation of Treasury's CSR settlement, lessons from the past 10 years and horizon scanning. Key discussions related to Treasury's objectives for the Comprehensive Spending Review period and issues posing new threats and opportunities to the UK economy.
Audit Committees
The Treasury Board is supported by two audit committees: the Group Resource Audit Committee and the Exchequer Funds Audit Committee.
Group Resource Audit Committee: The Group Resource Audit Committee supports the Permanent Secretary and Treasury Additional accounting Officers in their responsibilities on the Treasury Group's processes for risk, control and governance, related to the Group's Resource Account.
Exchequer Funds Audit Committee: The Exchequer Funds Audit Committee supports the Permanent Secretary and the Treasury Additional Accounting Officers in their responsibilities in all matters relating to the Debt Management Account, Public Works Loan Board, Commissioners for the Reduction of the National Debt, Exchange Equalisation Fund and Contingencies Fund.
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