Issue - meetings

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.

Councillor T Archer, Portfolio Holder for Investment and Companies, presented the Investment and Company Governance and Resourcing report and in response to a query from a visiting Member it was explained that the commercial structure would evolve to meet the needs of the Council’s developing commercial investment. 

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.

Reason for decision: It is essential this change to our organisation structure is made to ensure it remains fit for purpose and is capable of delivering the Council’s vision and priorities. The recommendations are the logical next step on that journey now the Council has examined best practice at other authorities. These proposals ensure that the revised commercial governance structure will be transparent but also able to move at pace to take advantage of commercial opportunities that arise.

Alternative options: If, after reviewing the Recommendations and supporting report, adjustments are required, the Commercial Ventures Executive Sub-Committee should request the necessary adjustments be made and approve the actions subject to those adjustments, or do not approve the Recommendations.