About The Council

The Council is the University’s governing body with the legal and financial responsibility to ensure the University operates effectively and sustainably in the long-term. The structure of the Council is in line with guidance on good university governance produced by the Committee of University Chairs (CUC) and with other higher education institutions in the UK. Like other universities, King’s College London is a charity and our Council members which include staff, students and appointed independent members, serve as its Trustees. They have a legal fiduciary duty to act in the long-term interests of the university, not as representatives of any part of the university, or of any individual, interest, faction or group. They must ensure that the University’s affairs are conducted in an effective, prudent and financially viable and sustainable manner. We review our governance effectiveness every five years. Our latest regular review of governance of King’s was undertaken in the academic year 2023-24 with engagement from our students and staff. King’s is extremely proud of the diversity and calibre of our staff, students, and independent Council members, who are working to ensure that King’s continues to be a great place to study and work. They give up their time voluntarily and are unpaid to serve on Council and its standing committees. Our Council, like almost all UK universities, has a majority of appointed independent members, including some King’s alumni. Independent council members are chosen for their knowledge and expertise, and to ensure the University is run as effectively and efficiently as possible, as our staff and students would expect. Alongside appointed independent members, our Council includes elected staff and student representation. Today, the Council consists of 12 independent members, each offering specific expertise across a range of key areas, as well as ensuring accountability on decision making and the spending of public funds. In addition to independent members, the Council membership includes the Vice-Chancellor & President, the President of King's College London Student Union (KCLSU) and six staff. Lord Stevens of Birmingham Kt. took up the appointment of Chair of King’s College Council on 1 January 2025. Lord Stevens has had a distinguished career in public service in the UK and internationally.

The Committees

The Council’s work is supported by several committees and sub-committees. There are robust governance procedures in place to ensure transparent and independent decision-making processes across the entire governance structure. This includes clear separation between Council meetings and our investment management decisions, which are made by a separate committee and taken on independent professional advice. The Council is supported by a number of standing committees that help its business and decision-making processes. They are: • Academic Board • Audit, Risk and Compliance Committee • Estates Committee • Fellowships and Honorary Degrees Committee • Governance, Performance and Remuneration Committee • People Committee • Finance Committee supported by the Investment Sub-committee

The Investment Subcommittee

The Council of King’s College London are the trustees of the University’s Endowment Fund investments and are ultimately legally responsible for the proper investment and safekeeping of these funds. They have delegated this responsibility to the university’s Finance Committee, which has resolved to establish a Sub-Committee, to be known as the Investment Sub-Committee, to oversee investment policy and processes. The current Endowment Fund investments valuation, which will change with market conditions and the valuations of the underlying assets, is in excess of £300m. The Investment Sub-Committee plays a pivotal role within the College's governance framework and in shaping and overseeing the University’s investment strategy for our long term Endowment Funds. Its oversight of the endowment's investment strategy directly impacts the financial resources available to King's, which are essential for maintaining and enhancing the institution's quality and competitive standing. Effective management of these funds ensures the College can sustain its operations and pursue strategic initiatives. The current investments are via funds to maximise the spread of assets, and includes substantial international shares exposure, as well as some fixed interest, private equity and property investments. The Investment Sub-Committee is entrusted with leveraging its expertise to formulate a robust investment policy. It ensures the policy's efficient and effective implementation, guiding the organisation's investment decisions and processes. The Sub-Committee is a high performing group; its members are actively engaged, and debate and discussion are encouraged. Members contribute freely and there is a keen sense of being able to have impact and influence. This enables the Sub-Committee to make well-judged decisions. The Chair of the Investment Sub-Committee is Nick Wood, currently the Head of Regional Offices at Quilter Cheviot. He has background in managing and heading investment management teams and Fund Research teams. He previously worked at US asset manager Capital Group, and investment consultancy Stamford Associates. He has featured in the Citywire Top 100 Fund Selectors every year since 2012. Further details on the duties and responsibilities of the Investment Subcommittee: Oversight of Investment Policy and Strategy • Formulate, oversee, and regularly review the University’s investment policy, ensuring it reflects the College’s strategic priorities, financial objectives, and ethical commitments. • Ensure the implementation of investment policy and strategy in a manner that balances financial return with risk, sustainability, and responsibility. • Advise the Finance Committee on investment-related matters and recommend policy changes where necessary. Portfolio Management and Performance Monitoring • Maintain the real value of capital and generate sustainable annual income to support King’s operations and strategic initiatives. • Review annually the performance of the investment portfolio against agreed benchmarks and asset mix. • Regularly monitor and assess the investment risk profile of the portfolio in line with the College’s risk appetite and investment policy. • Meet regularly with appointed investment managers to review their performance, strategies, and alignment with agreed mandates. External Advisor and Manager Oversight • Appoint, review, and, if necessary, terminate external investment managers and advisors, negotiating and approving fees and charges. • Hold external managers accountable for performance and compliance with the College’s investment policy, including ethical and environmental standards. Ethical and Responsible Investment Commitments • Ensure compliance with the College’s restrictions, including prohibitions on direct investment in tobacco and commitment to environmental, social, and governance (ESG) principles. • Oversee the implementation of the College’s pledge to divest from fossil fuels (subject to financial impact assessments). • Guide the College’s aspiration to increase investments with socially responsible benefits subject to risk/return considerations. • Maintain active dialogue with investment managers on ESG and ethical issues. Governance and Accountability • Operate within the governance framework established by Council and the Finance Committee, ensuring clear separation of responsibilities between oversight and management. • Provide clear, timely, and well-judged recommendations to the Finance Committee on all investment-related matters. • Ensure the Sub-Committee’s decisions are transparent, collegiate, and aligned with the College’s mission and values. Engagement and Collegiate Contribution • Actively participate in meetings, contributing technical expertise, independent judgment, and constructive challenge. • Engage in robust yet collegiate debate to ensure well-rounded decision-making. • Support collective accountability by upholding agreed decisions of the Sub-Committee. Other Responsibilities • Consider and address any investment matters referred by the Finance Committee or the Vice President (Finance) & CFO. • Stay abreast of external market, regulatory, and policy developments that may impact the College’s investment strategy.

Membership Term & Remuneration

All members of the Investment Subcommittee who do not serve ex-officio shall normally serve a maximum of two consecutive three-year terms, with the possibility of extension for a further single three-year term (up to a maximum of nine years) in exceptional circumstances. Service on the Investment Subcommittee is not remunerated. However, members will be reimbursed for expenses incurred in carrying out their responsibilities.

Frequency of Meetings & Time Commitment

The Investment Subcommittee meets four times per year. The external investment advisors may request a special meeting, if they consider one is necessary, through the Vice President (Finance) & Chief Financial Officer. The Investment Subcommittee is supported by external Investment Advisors - Cambridge Associates. Papers are circulated seven days in advance of each meeting, and members are expected to prepare appropriately for each meeting.