Decision details

To establish a mechanism for decisions to be taken by the Council as Shareholder of its Local Authority Trading Company, HDC Ventures Ltd.

RECOMMENDS TO COUNCIL:

1.  To appoint a Shareholder Representative to act on behalf of the Council as Shareholder of the Council’s Local Authority Trading Company;

2.  To approve the Shareholder Representative’s Terms of Reference appended to the report now submitted, and

3.  To approve the establishment of a Shareholder Reference Group comprising four Councillors to be politically balanced.

A mechanism is required for decisions to be taken on behalf of the Council as the Shareholder of its Local Authority Trading Company. Legal advice and nationally recognised best practice indicate that separate arrangements should be established to exercise the Shareholder role and the appointment of a Shareholder Representative together with a Shareholder Reference Group will achieve what is required in a way that best serves the circumstances of the Council.

None considered.

None listed.