Issue - meetings

The report by the City Solicitor (with exempt appendix A) sets out the basis upon which it is necessary and prudent to structure the Ravelin Group of companies. The basis for this is to provide an appropriate vehicle to enable company activity to occur that is efficient, legally accountable and transparent. The need to structure as suggested is to enable PCC to trade and generate profit beyond merely covering the initial cost of the activity.

RECOMMENDED that:

(1)       The City Solicitor prepares and drafts a protocol (drawn from best practice and expert advice - attached at Appendix A and Appendix D) approved  by the Governance and Audit Committee as a reference and guide for the overall corporate governance structure (i.e. company structure and board composition) relating to PCC owned companies and incorporated within the PCC's constitution.

(2)       In accordance with the protocol at Appendix A, that the following be approved in respect of the Ravelin Group companies:

(i)         A shareholder committee is established and is responsible for the oversight of the Ravelin Group companies and all other future company subsidiaries (where relevant).

(ii)        The Ravelin Group Shareholder Committee and draft terms of reference set out in detail in Appendix B are approved.

(iii)       Following the approval of the establishment of the Ravelin Group shareholder committee the previous delegations as contained within the cabinet decision meeting dated 26 February 2019 shall cease and the shareholder committee shall become the sole body exercising the shareholder functions of Ravelin Group companies.

(iv)      Any amendments to finalise  the corporate structure of the Ravelin Group and all relevant subsidiaries required to maximise the tax efficiency of the Ravelin Group and any other PCC companies is delegated to the City Solicitor in consultation with the Leader of the Council and the S.151 Officer.