The Board of VC works according to the principle of collective responsibility. The VC is responsible for setting guidelines within the executive Board. Within those guidelines, each Director, the Treasurer and the Scientific Advisers are responsible for managing his or her division independently and on his or her own responsibility. The Treasurer supports the VC in performing his or her duties. The Treasurer will monitor and maintain accounts of income and expenditure of the University and will be responsible for the formulation of annual budget, financial management and discipline and accounts. He or she is bound to abide by the guidelines set by the VC in doing so.