17 Jan 2014
The Trustees approved the budget for 2014, which shows a deficit of £675k. The outcome for 2014 is affected by the impact of refurbishment works estimated at £297k. The salary costs are up £122k. The Board is keen to enhance membership activities towards which £40k has been allocated for two surveys - Membership survey and Early Career survey. Capital expenditure of £250k is in the budget for the acquisition of a new membership database and related systems.
The Board endorsed the 2014-2016 business plan and the planned activities and priorities. Trustees further reviewed the co-option to standing committees in order to broaden the area of expertise and skills base of the committees. It was decided to change the rules to increase the term of office for co-optees on standing committees to three years, non-renewable. This change is consistent with co-option for the Board, which was decided at the last AGM and recently approved by the Privy Council.
The publication strategy plan to increase revenue from SCI publications was discussed. The strategy outlined aims to increase revenues from subscriptions, royalties and advertising through existing products, new product development and acquisition of publications.
The Board was informed of the contract negotiations with Wiley for the four established journals - JSFA, JCTB, PI and PMSci. The negotiated offer from Wiley is based on a profit-share model, which will significantly enhance SCI's income over the ten-year contract period from 2016. The Trustees approved the offer and agreed for the Executive to proceed with negotiations of the contract.
Dr Jack Melling
Chairman, Board of Trustees