Issue - meetings

To consider the Investment Steering Group report.

Councillor Howell summarised the report for the Committee’s consideration. He said at the meeting on 21 February Council had requested a report on the establishment of an Investment Steering Group (ISG), to support the Council in the creation and development of an investment portfolio. Members also requested that the report was considered at Scrutiny before submission at Council on 9 April.

The report before members set out the current Administration’s proposals for an ISG, although the precise makeup of the group would be decided by the new Administration following the election in May. The report did set out the general governance structure for the decision making process and the principles behind such a structure, and Members were asked to provide feedback on these proposals. 

Councillor Howell said the ISG would likely be a working group of Cabinet which could include expert advisors. If investment opportunities were found, the ISG would review the business case and recommend investment opportunities to Cabinet for approval. Cabinet would then review the investment and, if satisfied, recommend to Full Council. He stressed that Full Council would make the final decision on whether or not to allocate the funding to any proposed investment. 

Councillor Light said she welcomed the proposal for a governance structure to be put in place regarding the Council’s investments. She proposed agreeing to the principles outlined in the report but added that much more work needed to be done. She asked whether this would be considered at Council on 9 April.

The Director –Finance and Corporate Services said the report could be endorsed by Full Council at its meeting on 9 April, but the ISG itself would be established under the new Administration.

Councillor Susan Barker entered the meeting at 8.15pm.

The Chairman made the following proposal:

‘Scrutiny endorse the establishment of an Investment Steering Group and request that the work on the investment governance structure is progressed and completed in May.’

The proposal was unanimously approved.

RESOLVED that Scrutiny endorse the establishment of an Investment Steering Group and request that the work on the investment governance structure is progressed and completed in May

In relation to a question from Councillor Redfern, the Chairman said he had responded to a resident’s enquiry relating to the Council’s investment strategy and he would circulate the letter confirming this.