Issue - meetings

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

(Executive Councillor:  Cllr D M Tysoe)

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.

The Cabinet gave consideration to a report by the Managing Director (a copy of which is appended in the Minute Book)  regarding a mechanism for decisions to be taken by the Council as Shareholder of its Local Authority Trading Company, HDC Ventures Ltd.

The Council had established a Local Authority Trading Company, HDC Ventures, its purpose being to enable the Council to participate in commercial trading activities.

The day-to-day operation of the company was the responsibility of the Directors and the Council was the sole Shareholder.  It was therefore necessary to establish a mechanism for decisions to be taken on behalf of the Council as the Shareholder, to allow decisions to be made in a timely and expedient manner, reflecting the needs of the trading company to be responsive to its commercial environment.  Whereupon the Cabinet resolved to,

RECOMMEND 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.