Issue - decisions

RESOLVED:-

      i.        Cabinet approved the establishment of the wholly owned company, to be called “Investing 4 Brent”, for the objects and purposes set out in the report

    ii.        Cabinet agreed to appoint the following as Directors of the Company, with all the responsibilities under the Companies Act that flow from that:

-          Councillor George Crane;

-          The Strategic Director of Community Wellbeing (Phil Porter); and

-          The Director of Policy, Partnerships and Performance (Peter Gadsdon).

   iii.        Cabinet noted that the Board of the Company will be chaired by an independent voting Director, and that Martin Smith, the former Chief Executive of Ealing Council is proposed for this role.

   iv.        Cabinet approved the Articles of Association and Shareholders Agreement as set out at Appendices One and Two.

    v.        Cabinet approved the company’s initial business plan, which is set out at Appendix Three.

   vi.        Cabinet authorised the loan facility between the council and the company, as summarised in this report, and authorise the chief finance officer to finalise the legal documentation accordingly and thereafter to authorise loans on the terms set out in this report.

  vii.        Cabinet delegated to the deputy Leader, in consultation with the Chief Finance Officer, the precise mix of loan and equity funding, for the reasons set out in paragraph 6.8.

viii.        Cabinet approved the provision of an initial loan of £1m to meet the working capital (cash flow) requirements of the company on terms as summarised in this report and delegate authority to the Chief Finance Officer to finalise the legal documentation accordingly.

   ix.        Cabinet noted that the company is intended to be incorporated by the end of the calendar year, and as soon as practicably possible following expiry of the scrutiny call-in period.

    x.        Cabinet delegated to the deputy leader, in consultation with the chief finance officer, authority to finalise the Articles of Association and other legal documentation required formally to incorporate the Company in accordance with the requirements of the Companies Act 1985.