Agenda and decisions

A copy of the record of the decisions taken at the Cabinet Sub-Committee meeting on 15 December 2021 are attached.

Purpose

To outline:

·       The Council as shareholder and the role of the Cabinet;

·       The requirement for commercial support; and

·       The rationale for a planned schedule of meetings.

RECOMMENDED that Cabinet:

1.                 Agree that a standing quarterly item (in June, September, December and March) be reserved on Cabinet agenda to report on issues concerning the shareholder function in PCC company matters;

2.                 Authorises the City Solicitor to engage the services of Local Partnerships to provide commercial advice to Cabinet in relation to Council owned companies going forward.

Cabinet:

1.    Agreed that there be a minimum requirement for a financial report to report to the Governance & Audit & Standards Committee annually.

2.    Agreed that a standing quarterly item (in June, September, December and March) be reserved on Cabinet agenda to report on issues concerning the shareholder function in PCC company matters;

3.    Authorised the City Solicitor to engage the services of Local Partnerships to provide commercial advice to Cabinet in relation to Council owned companies going forward.

Purpose

To provide members with an overview of the Council's ownership of Portico Shipping Limited ("Portico"); and to seek approval of the revised Articles of Association of Portico.

RECOMMEND that Cabinet

1.    Approve the revised Articles of Association of Portico and to delegate authority to the City Solicitor to take such action as shareholder that is necessary to communicate such decision to Portico.

Cabinet approved the revised Articles of Association of Portico and to delegate authority to the City Solicitor to take such action as shareholder that is necessary to communicate such decision to Portico.

Purpose

To update Cabinet on the Council's part ownership of Portsmouth Harbour Renaissance Limited ("PHRL").

RECOMMENDED that Cabinet

1.     Delegates authority to the Chief Executive, in consultation with the City Solicitor and s151 Officer, to discharge all shareholder functions of the Council in relation to PHRL save as they relate to recommendation 2; and

2.     Notes that the Chief Executive will initiate discussions with the other shareholder of PHRL in relation to the future of the company; and

3.     Requests the Chief Executive to report back to Cabinet as to any shareholder action that maybe required as a consequence of the discussions at recommendation 2.

1.    Delegated authority to the Chief Executive, in consultation with the City Solicitor and s151 Officer, to discharge all shareholder functions of the Council in relation to PHRL save as they relate to recommendation 2; and

2.    Noted that the Chief Executive will initiate discussions with the other shareholder of PHRL in relation to the future of the company; and

3.    Requested the Chief Executive to report back to Cabinet as to any shareholder action that maybe required as a consequence of the discussions at recommendation 2.

Purpose

To update the Cabinet on the City Councils ownership of shares in Magna Park Management Limited.

RECOMMENDED that Cabinet

1.    Delegates authority to the Assistant Director Property & Investment, in consultation with the City Solicitor and s151 Officer, to represent the Council as shareholder in matters related to the operation of Magna Park Limited; and

2.    To report no less than annually to the Cabinet on the performance of the company and any other relevant matters relating to it.

Cabinet

1.    Delegated authority to the Assistant Director Property & Investment, in consultation with the City Solicitor and s151 Officer, to represent the Council as shareholder in matters related to the operation of Magna Park Limited; and

2.    To report no less than annually to the Cabinet on the performance of the company and any other relevant matters relating to it.

Purpose

To update the Cabinet on the City Councils ownership and Directorship of North Harbour Estate Management Limited (NHEML).

RECOMMENDED that Cabinet:

1.    Notes the appointment of the Assistant Director Property and Investment to the board of NHEML;

2.    Delegates authority to the City Solicitor to liaise with the company secretary of NHEML to obtain a copy of the terms of appointment of the Assistant Director Property and Investment;

3.    Delegates authority to the Director of Regeneration, in consultation with the City Solicitor and s151 Officer, to take decisions as shareholder in matters related to the operation of NHEML;

4.    To report no less than annually to the Cabinet on the performance of the company and any other relevant matters relating to it.

Cabinet

1.    Noted the appointment of the Assistant Director Property and Investment to the board of NHEML;

2.    Delegated authority to the City Solicitor to liaise with the company secretary of NHEML to obtain a copy of the terms of appointment of the Assistant Director Property and Investment;

3.    Delegated authority to the Director of Regeneration, in consultation with the City Solicitor and s151 Officer, to take decisions as shareholder in matters related to the operation of NHEML;

4.    To report no less than annually to the Cabinet on the performance of the company and any other relevant matters relating to it.

Purpose

To update the Cabinet on the City Councils part ownership of Springvale Management Company Limited (SMCL).

RECOMMENDED that Cabinet:

1.    Notes the appointment of the Assistant Director Property and Investment to the board of Springvale Management Company Limited (SMCL);

2.    Delegates authority to the City Solicitor to liaise with the company secretary of SCML to obtain a copy of the terms of appointment of the Assistant Director Property and Investment;

3.    Delegates authority to the Director of Regeneration, in consultation with the City Solicitor and s151 Officer, to represent the Council as shareholder in matters relating to the operation of SMCL; and

4.    To report no less than annually to the Cabinet on the performance of the company and any other relevant matters relating to it.

Cabinet

1.    Noted the appointment of the Assistant Director Property and Investment to the board of Springvale Management Company Limited (SMCL);

2.    Delegated authority to the City Solicitor to liaise with the company secretary of SCML to obtain a copy of the terms of appointment of the Assistant Director Property and Investment;

3.    Delegated authority to the Director of Regeneration, in consultation with the City Solicitor and s151 Officer, to represent the Council as shareholder in matters relating to the operation of SMCL; and

4.    To report no less than annually to the Cabinet on the performance of the company and any other relevant matters relating to it.

Purpose

To provide members with an overview of the Council's part ownership of HCB Holding Limited.

RECOMMENDED that Cabinet:

1.    Notes the appointment of the s151 Officer to the board of HCB Holding Limited;

2.    Revokes the delegations to those named in recommendation 3 of paragraph 2 of the cabinet report dated 14/7/2014 (referred to in part 3.2) and re-designates that authority to the Deputy s151 officer in consultation with the Leader and City Solicitor¹; and

3.    Delegates authority to the Deputy s151 Officer in consultation with the City Solicitor and the Leader, to make decisions as shareholder in matters related to the operation of HCB Holding Limited.

^Note[1] Recommendation 3 was "Authority to approve a Capital Investment of up to £5 million in in the creation of Hampshire Community Bank and incur any necessary costs relating to the Due Diligence process is delegated to the Head of Financial Services and Section 151 Officer in consultation with the Strategic Director Regeneration".

Cabinet

1.    Noted the appointment of the s151 Officer to the board of HCB   Holding Limited;

2.    Revoked the delegations to those named in recommendation 3 of paragraph 2 of the cabinet report dated 14/7/2014 (referred to in part 3.2) and re-designates that authority to the Deputy s151 officer in consultation with the Leader and City Solicitor¹; and

3.    Delegated authority to the Deputy S151 Officer in consultation with the City Solicitor and the Leader, to make decisions as shareholder in matters related to the operation of HCB Holding Limited.