Higher Education Medium Term Development Framework II
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| Executive Management, Utilization of Funds with Financial Transparency and Self- Regulation. Governing Body of an HEI is its focal point for the development of strategies required to achieve the goals laid in its mission statement. This body is responsible for strategy formulation. Executive Management is the permanent senior staff assigned with the actual implementation of its mission under the guidance of the Vice Chancellor and the governing body. Utilization of Funds with Financial Transparency is essential for good governance so that the donor funds received be used in transparent manner for their stated purpose in mission statement. If administration cost control is not being achieved, the cause of the problem maybe the overambitious program without adequate arrangement or a setup not geared towards efficient delivery of the desired end result. Self-Regulation includes internal reporting system which determines the level of control the executive management is able to exercise and a strong independent internal audit functioning in order to ensure a system of checks and balances. It is important to take steps to implement the requisite structure changes and statutory framework to enhance university governance and fiscal effectiveness. This would not Medium Term Development Framework 2011 - 15 Page 16 of 80 only lead to reduced fiscal reliance on the Government but would also create opportunities for and autonomous, self-reliant and self-regulatory educational system. In order to make the system progressive and responsive to the national as well as international demands there is a need for pragmatic evolutionary approach in steering universities governance to achieve the desired objectives. Institutions of higher learning in Pakistan have been successful in placing themselves on the path of academic and research transformation of their institutions which is starting to bring them on-par with the world. The challenge now is to harness these achievements to prepare and implement plans for growth and development of their institutions, helping build the local community and economy so that the HEI may achieve their rightful position of leadership in society. |