Decision details

Investment and Company Governance and Resourcing

Decision Maker: Commercial Ventures Executive Sub-Committee

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

How the Council plans to strengthen its governance arrangements and resource its work to drive investments and commercial activity.

Decision:

RESOLVED that:

 

(i)             the Head of Legal & Governance, in consultation with the members of the Commercial Ventures Executive Sub-Committee, be authorised to establish a company, and undertake all necessary supporting actions, for the purposes of acting as a holding company to consider and commission commercial activities on behalf of the Council, including acquiring and establishing additional companies, consideration of business plans, and oversight of commercial governance arrangements.

 

(ii)            shareholder consent be granted for the acquisition of the Council’s existing stake in Greensand Holdings Limited and RBBC Limited by the new holding company to be established under recommendation (i) on behalf of Greensand Holdings Limited, RBBC Limited, and the new holding company once established, subject to approval of the terms of acquisition by the Head of Legal and Governance, in consultation with the members of the Commercial Ventures Executive Sub-Committee.

 

(iii)          the Head of Legal and Governance be authorised to undertake necessary steps to recruit suitably qualified directors from the elected membership of the Council to serve on the Boards of the proposed holding company that she be authorised to recruit for suitably qualified directors for all existing and future subsidiaries as set out in this report, such appointments to include non-executive directors.

 

(iv)          the Commercial Ventures Executive Sub-Committee’s support for additional staffing resources being provided for the Council’s investment and commercial activities be noted.

 

(v)           the Employment Committee be asked to agree the creation of and recruitment to a new post of Commercial Director.

Corporate Priorities : A great council.;

Wards Affected: (All Wards);

Contact: John Jory, Chief Executive Email: John.Jory@reigate-banstead.gov.uk Tel: 01737 276151.

Report author: John Jory

Publication date: 03/02/2020

Date of decision: 30/01/2020

Decided at meeting: 30/01/2020 - Commercial Ventures Executive Sub-Committee

Effective from: 12/02/2020

Accompanying Documents: