Agenda and minutes

Councilor David Mellen – other Council business

Clive Heaphy

In relation to items 7 and 8 (Council owned companies financial and progress updates) in the interests of transparency Councillor Sam Webster declared that he was a Board member of Nottingham Revenues and Benefits Ltd.

In relation to items 7 and 8 (Council owned companies financial and progress updates) in the interests of transparency Councillor Neghat Khan declared that she was a Board member of Futures Advice, Skills & Employment Ltd.

To confirm the minutes of the last meeting held on 22^nd February 2022

The Committee agreed the minutes of the meeting held on 22 February 2022 as a correct record and they were signed by the Chair.

For noting.

Committee Members noted that there are companies that do not attend this meeting that the Council are not shareholders in but that the Council still has a financial interest in, for example Nottingham Express Transit or Nottingham College, and suggested that their attendance at this Committee, or another Committee of the Executive, be investigated.

Resolved to

(1)  note the current work plan;

(2)  bring recommendations to Leadership Group of further companies that could be discussed or invited to this Committee.

Report of the interim Corporate Director for Finance and Resources

Ceri Walters, Head of Commercial and Transformation Finance, presented the report providing an update on the establishment of a Shareholder Unit that will undertake the operational activities required to support the Companies Governance Executive Committee and aligning to the Together for Nottingham Plan and the requirements of the Non-Statutory Review.

A unit is currently operating using temporary resource however to ensure sustainability a permanent team will be created that will deliver and embed the revised governance practices and ensure continual development. The Shareholder Unit will consist of finance, compliance and legal support estimated at a cost of £230,000 per annum.

The following points were made following questions from the Committee:

(a)  due to current market conditions it is unknown when the posts will be recruited. Until the unit is in place there is provision within the Council;

(b)  funding for the unit will come from unbudgeted dividends that are received from those companies that are permitted to distribute them, or resilience reserve if this is insufficient. From 2023/24 mainstream budget will be allocated to embed permanency however this may be reduced on an annual review basis utilising any previous year dividends received by the Council from those companies permitted to distribute.;

Committee Members welcomed the establishment of the Shareholder Unit to enable permanency in companies governance support.

Resolved to

(1)  note the progress in the establishment of the Shareholder Unit;

(2)  note the approval for costs, associated with the establishment of the Shareholder Unit, are being undertaken through a separate process.

To consider excluding the public from the meeting during consideration of the remaining items in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

The Committee agreed to exclude the public from the meeting during consideration of the remaining items in accordance with Section 100(A) of the Local Government Act 1972 on the basis that having regard to all the circumstances, the public interest in maintaining the exemption outweighed the public interest in disclosing the information, as defined in Paragraph 3 of Part 1 of Schedule 12A to the Act, as the sensitive nature of the business affairs under consideration could, if made public, prejudice the ability of the companies concerned to operate effectively in a competitive market.

Report of the interim Corporate Director for Finance and Resources

This item does not contain any decisions that are eligible for call-in.

Ian Edward, Strategic Advisor for Companies, presented the report, updating the Committee on the latest position in respect of Council owned companies.

Report of the interim Corporate Director for Finance and Resources

This item does not contain any decisions that are eligible for call-in.

Ian Edward, Strategic Advisor for Companies, presented the report, updating the Committee on the latest position in respect of Council owned companies.