The Property and Investments
Sub-Committee is a sub-committee of the
Executive. Its functions and
responsibilities can be found listed below:-
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
1)
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
1)
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.
For further details,
please see the Constitution or
email Democratic Services on democratic@somerset.gov.uk
