Similarly, we aƯirm Professor Gillies’ conclusion that the Scottish Funding Council’s Financial Memorandum with Higher Education is also fit for purpose. However, unlike the Code, it has not been updated since 2014 and, as recommended by Gillies, it would benefit from undertaking the same enhancement approach adopted by the sector’s Code. Second, we stress that the failures of management and governance highlighted at Dundee are a result of a failure to comply with the Code and do not reflect the situation across the sector.