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as revised and approved at PRP meeting held on 3 May 2012

Purpose 

1. To lead work in relation to developing strategic direction and plans for the BSB. Advise the Board on developments to the planning, resource setting and performance monitoring processes. Consider whether financial and operational resources are properly and effectively allocated and efficiently managed across the BSB. 

Terms of Reference 

1. To consider and lead work to formulate the overall strategy for the BSB Board's deliberation and approval, with particular emphasis on horizon scanning, vision, mission, priorities, activities and outcomes. To oversee and direct the crafting of the BSB's three-year strategic plan and annual business plan for the Board's signoff. Agree actions to ensure that the BSB's associated strategies (Communications, IT, HR and research) are aligned to the corporate strategy.
    
2. To scrutinise operational and programme delivery as well as financial performance against the objectives and targets set out in the Business Plan.
    
3. To consider the annual budget and revenue, in the context of the Business Plan, to question whether proposed funding is adequate and properly and effectively allocated across the business, and agree certain levels of virement between programmes.
    
4. To consider how the BSB presents financial information to best effect and with appropriate transparency and comprehensiveness. Consider the reliability of forecasting and how the pursuit and achievement of efficiency savings are reported.
    
5. To review and agree actions on the effectiveness of service level agreements within the organisation.
    
6. To consider how the BSB undertakes planning activity to best effect and in a timely and consistent manner, as well as to review the robustness of programme and project plans. To support the Board and the executive with the planning and monitoring of the implementation of the Regulatory Standards Framework.
7. To agree how the BSB monitors, measures and reports performance to best effect, with appropriate transparencey and in a timely and consistent manner (at least quarterly)

Membership 

1. The membership of the Planning, Resources and Performance shall be: