Home » Trustee Director and Chair of the Audit Committee
- February 08, 2024
Trustee Director/Chair of the Audit Committee
Nuclear Liabilities Fund
The Nuclear Liabilities Fund (NLF) is a Scottish Trust holding assets valued at over £20bn, for the purpose of providing funding to meet the waste management costs and decommissioning liabilities of the 8 power stations owned and operated by EDF Energy Nuclear Generation Limited. The five Trustees of NLF are also Directors of the operating company, Nuclear Liabilities Fund Limited. The affairs of NLF are managed by the Chief Executive with the support of a small executive team and a variety of outsourced arrangements and advisors, together with the Trustee Directors.
The Secretary of State for the Department of Energy Security and Net Zero (DESNZ) is seeking to appoint a Trustee Director from a finance and investment background to Chair the Audit Committee and become a member of the Investment Committee. The primary objective of NLF is to ensure there are sufficient funds to discharge the liabilities of nuclear decommissioning.
The responsibilities of the Chair of the Audit Committee will include:
• Providing leadership and exercising judgement in setting the overall direction and priorities for the Audit Committee. Governance and conduct of the committee must exhibit the highest standards of propriety and transparency.
• Overseeing financial reporting and related internal controls, external auditors, risk and compliance.
• Overseeing the preparation of the Board’s annual report and financial statements in accordance with applicable law and regulations.
• Supporting, challenging and holding the Executive to account on operational and governance matters.
• Appreciation and understanding of the political context within which the NLF operates and its public interest responsibilities.
• Collectively with the Board, playing an independent role in developing strategy and setting the direction of NLF, seeking to ensure sufficiency of the fund and safeguarding its assets.
Suitable candidates will have senior level expertise in accounting and auditing, with relevant sectoral experience in investment management. Experience of being a member or Chair of an Audit Committee, ideally of a fund or regulated organisation with a public profile, is necessary. A practical understanding of Trustee responsibilities, compliance, investment governance and regulation around institutional asset management will also be important.
This is a remunerated position with anticipated time commitment of 33 days per year. We warmly welcome applications from individuals of all backgrounds, including those from under-represented groups. For more information, or an informal initial discussion, please contact Graham Burns on 0131 539 7087
To apply please send your CV to firstname.lastname@example.org
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