18.—(1) The functions of the governing authority of a university shall be, in pursuance of the objects of the university under section 12 but within the constraints of its budget under section 37—

(a) to control and administer the land and other property of the university,

(b) to appoint the chief officer and such other employees as it thinks necessary for the purposes of the university,

(c) subject to this Act and its charter, if any, statutes and regulations, to determine the membership from time to time of the governing authority, and

(d) to perform such other functions as are imposed on it by or under this or any other Act or by its charter, if any, statutes and regulations.

F14[(1A) The governing authority of a university shall—

(a) promote the success (including academic success) and reputation of the university,

(b) satisfy itself that appropriate systems, procedures and practices are in place—

(i) to achieve the objects of the university,

(ii) for the internal performance management and accountability of the university in respect of—

(I) the performance of its functions, and

(II) the achievement of the aims in the strategic development plan under section 34,

and

(iii) in order to implement, and report on compliance with, the policies (whether set out in codes, guidelines or other documents, or any combination thereof) of the Government or a Minister of the Government to the extent that those policies may affect or relate to the functions of the university,

and

(c) establish and implement arrangements for the management of the performance of the chief officer.]

F14[(1B) Without prejudice to the generality of subsections (1) and (1A), the governing authority of a university shall perform the following functions with regard to the university:

(a) approve expenditure for major capital and investment projects;

(b) approve annual financial statements;

(c) provide for and maintain a system of audit;

(d) provide for and maintain a system of risk management;

(e) provide for and maintain a system of quality assurance in accordance with the Qualifications and Quality Assurance (Education and Training) Act 2012 ;

(f) review and oversee the implementation of major plans of action and provide strategic direction;

(g) delegate such functions as may be appropriate to the chief officer;

(h) manage the financial affairs of the university to ensure value for money and its financial viability;

(i) account to An tÚdarás for funding provided to the university by An tÚdarás.]

(2) For the purposes of the performance of its functions under subsection (1) (b), the governing authority shall develop such interview and other procedures as in its opinion will best ensure participation in the selection process by high quality candidates from both within and outside of the employees of the university and specify those procedures in a statute or regulation.

(3) A governing authority has, subject to this or any other Act or its charter, if any, such powers as are necessary for the purposes of performing its functions.

(4) A governing authority may, from time to time, appoint such and as many committees F15[(including committees relating to audit and risk management functions)], consisting either wholly or partly of members of the governing authority, as it thinks necessary to assist it in the performance of its functions and may assign to those committees such of its functions as it thinks fit.

(5) A committee appointed under subsection (4) shall operate in such manner as the governing authority may direct and its acts shall be subject to confirmation by the governing authority unless the governing authority otherwise directs.

(6) In performing its functions a governing authority, or a committee where appropriate, shall—

(a) have regard to the promotion and use of the Irish language as a language of general communication and promote the cultivation of the Irish language and its associated literary and cultural traditions;

(b) have regard to the attainment of gender balance and equality of opportunity among the students and employees of the university and shall, in particular, promote access to the university and to university education by economically or socially disadvantaged people and by people from sections of society significantly under-represented in the student body; and

(c) ensure as far as it can that the university contributes to the promotion of the economic, cultural and social development of the State and to respect for the diversity of values, beliefs and traditions in Irish society.