Membership
and meeting arrangements
1. The
Sub-Committee takes decisions on behalf of the Executive in terms
of commercial property and investments in accordance with the
Council’s plans, policies, strategies and procedures,
including in particular the Non-Treasury Management Investment Strategy (the Strategy)
and Financial
Regulations.
2.
The sub-committee will be made up of 5 members drawn from the
Executive as follows:
Leader of the
Council
Lead Member
for Resources and Performance (Deputy
Leader)
Lead Member
for Economic Development, Planning and
Assets
Lead Member
for Transport and Digital
Lead Member for Adults
and Health
Any substitute members must be from
the Executive.
3. The quorum shall be 3
members.
4. The Chair will be the
Leader of the Council and Lead Member for Governance and
Communications.
5.
In the absence of the Chair, the Deputy Leader of the Council and
Lead Member for Resources and Performance will chair the meeting
and another member of the Committee will be appointed if they are
absent.
6.
The sub-committee will meet as and when required and be governed by
the Executive Procedure Rules.
7.
The sub-committee will report annually to the
Executive.
Functions
1. The
Sub-Committee will be responsible for advising the Executive and
Council in respect of any strategy, policy or other arrangements
required to ensure the Council has appropriate governance
arrangements in place to protect and maintain the value of the
Council’s non-treasury and commercial investments (the
Portfolio) and providing assurance that those arrangements,
including in particular the management of risk, are operating
properly and to the benefit of the Council.
2. The
Sub-Committee will be responsible for all decisions relating to the
Portfolio which would otherwise be
taken by the Executive, noting that the usual scheme of delegations
to the Executive Lead Members and officers of the Council continues
to apply.
3. The
Sub-Committee will meet as and when required to deal with real and
personal property disposals or acquisitions and other matters
within the scope of the Strategy.
Commercial Investment
Property
4.
The Sub-Committee will be
responsible for establishing, maintaining and monitoring
arrangements to ensure that the routine management of tenancies and
licences within the Portfolio, is handled in a robust and agile
manner and delegated appropriately and that adequate financial
provision is made to meet the Council’s responsibilities
under such tenancies and licences. This
includes, but is not limited to:
§
The grant, variation, extension,
renewal or termination of leases;
§
The grant, variation, extension,
renewal or termination of new licences;
§
The conduct and agreement of all rent reviews,
including the award of rent free periods;
§
The grant, variation,
extension, renewal or termination of easements and wayleaves;
§
Agreement to changes of use;
§
The agreement of compensation claims where budgetary
provision has already been made.
Companies
5. The
Sub-Committee will be responsible for establishing, maintaining and
monitoring arrangements to ensure that the arrangements in place
for any joint ventures within the Portfolio are properly
established, maintained and monitored.
This includes, but is not limited to, arrangements
for:
§
The appointment and removal of
Council appointed directors;
§
The appointment and removal of
observers;
§
Granting or refusing consent for
matters requiring the Council’s consent as
shareholder.
