Update delegated authorities

src/commercial-ops/delegated-authorities.md

@@ -4,47 +4,46 @@ related_order: 3
 last_reviewed_at: ""
 ---
 
-Each year, the Trustees and the Exec Board agree a set of targets (and a floor)
-for turnover and profitability, based on the financial modelling of the business
-plan. The Exec Board are then responsible for delivering on that plan and report
-to the Trustees on progress each quarter.
+Each year, the Trustees and the Company Board agree a set of targets (and a
+floor) for turnover and profitability, based on the financial modelling of the
+business plan. The Company Board are then responsible for delivering on that
+plan with support from the Operational Leadership Team, and report to the
+Trustees on progress each quarter.
 
-The Exec Board is responsible for the day to day management of the business. The
-sections set out below describe how the financial aspects of that management are
-organised.
+The sections below describe how the financial aspects of the plan are managed.
 
 1. **Salary costs**
 
-   The Exec Board agrees the pay policy. Individual directors can set salaries
-   within the policy. Should there be any need for an exception to the policy,
-   this must be agreed by the Exec Board.
+   The Company Board agrees dxw’s Reward Philosophy (pay policy). Should there
+   be any need for an exception to the policy, this must be agreed by the
+   Company Board.
 
    Each client-facing director is responsible for delivering the target gross
    margin produced by their teams. They can hire (or if necessary, reduce
    headcount) for their area. Any proposal to reduce headcount by redundancy
-   (rather than natural attrition) must be agreed at the Exec Board.
+   (rather than natural attrition) must be agreed by the Company Board.
 
-   Each central-services Director has provision made in the plan for their
+   Each central-services director has provision made in the plan for their
    staffing costs. They can hire up to the level of that provision, as long as
    financial performance is on track. Any proposal to increase headcount beyond
-   that cost envelope must be agreed by the Exec Board. Should financial
+   that cost envelope must be agreed by the Company Board. Should financial
    performance mean that central costs need to be reduced, any plan to reduce
-   headcount by redundancy must be agreed by the Exec Board.
+   headcount by redundancy must be agreed by the Company Board.
 
 2. **Other staff costs**
 
-   The Chief Operating Officer has lead responsibility for managing these costs.
-   They can spend up to the provision made in the plan, subject to gross profit
-   being on track. If gross profit is not on track, they must look to constrain
-   these costs, such that the net profit 'floor' is achieved.
+   The Finance and Resources Director has lead responsibility for managing
+   these costs. They can spend up to the provision made in the plan, subject to
+   gross profit being on track. If gross profit is not on track, they must look
+   to constrain these costs, such that the net profit ‘floor’ is achieved.
 
    The day to day management of these costs is achieved via various policies
-   (travel, learning & development etc) set by the Chief Operating Officer and
-   agreed at the Exec Board.
+   (travel, learning & development etc) set by the Finance and Resources
+   Director and agreed by the Company Board.
 
 3. **Premises costs and professional fees**
 
-   The Chief Operating Officer has lead responsibility for managing these costs.
+   The Finance and Resources Director has lead responsibility for managing these costs.
    They can spend up to the provision made in the plan, subject to gross profit
    being on track. If gross profit is not on track, they must look to constrain
    these costs, such that the net profit 'floor' is achieved.
@@ -55,16 +54,16 @@ organised.
    costs. They can spend up to the provision made in the plan, subject to gross
    profit being on track. If gross profit is not on track, it's possible that
    additional expenditure may be needed, if there's a reasonable expectation
-   that it generates more turnover. This must be agreed at the Exec Board.
+   that it generates more turnover. This must be agreed at the Company Board.
 
 5. **Financing costs and taking on debt**
 
-   The Exec Board will agree financing strategy for any new material capital
+   The Company Board will agree financing strategy for any new material capital
    projects or acquisitions, with the Trustees.
 
-   The Finance Director has lead responsibility for assessing these commitments
-   and the overall liquidity of the business. This includes quantifying the
-   level of fixed/floating rate risk taken on.
+   The Finance and Resources Director has lead responsibility for assessing
+   these commitments and the overall liquidity of the business. This includes
+   quantifying the level of fixed/floating rate risk taken on.
 
 6. **Project resourcing decisions**
 
@@ -79,4 +78,4 @@ organised.
 
    These both have a direct adverse impact on our margin, and must be agreed by
    a Director. Any write-offs or service credits are reported quarterly to the
-   Exec Board.
+   Company Board.