The initial predecessor of the Services Policy Committee was the Academic Planning Committee which was split in 1969 into three separate committees: Capital Resources, Business & Finance and Academic Policy. The name of the Capital Resources Committee was changed in August 1972 to the Services Policy Committee.

The responsibilities of the Services Policy Committee remained the same as that of the Capital Resources Committee: the initial formulation, re-evaluation and revision of policy respecting the implementation of the capital budget over continuous 5-year periods; the formulation of policies on resource allocation, the maintenance of current space inventories and the allocation of existing and newly-created University space.

Membership on the Committee included 2 lay members of the Board of Governors, 6 members of the General Faculties Council, 2 students, the VP of Services Policy who was the Executive Officer, the President, the Chairman of the Board the Academic Secretary. The Committee was not a GFC or BoG committee but reported to both in order to make recommendations and for information.

The final meeting of the Services Policy Committee was held in June, 1974. In April, 1975 the Policy and Planning committee was formed which effectively combined the Services Policy, Academic Policy and Finance Policy Committees into one structure again.