Issue - meetings

RESOLVED:

1.    That Cabinet endorses the Annual Report of the Strategic Investment Board.

Reasons for Decisions:

• To inform the Council about the activities of the Strategic Investment Board
• The Strategic Investment Board has been established in accordance with best practice governance to ensure effective oversight and alignment with the strategic objectives and values of the Council.

(The decisions on this item can be called in by the Resources and Performance Select Committee)

The annual report was introduced by the Leader who explained the role of the Strategic Investment Board in overseeing the council’s investments and performance of the council’s trading companies. Investment return was expected to remain between 2-2.5% of the councils net revenue budget over the next 5 years with reserves to manage any fluctuations. The Leader explained that changes to the Public Works Loan Board lending rules had prevented Councils taking on additional borrowing to invest purely for commercial gain and that the council had not made any such investments since 2018. The asset holdings of the council were regularly reviewed by the Board. The Leader gave an update on the performance of each trading company stating that each was performing well with no financial challenges.

RESOLVED:

1. That Cabinet endorses the Annual Report of the Strategic Investment Board.

Reasons for Decisions:

• To inform the Council about the activities of the Strategic Investment Board
• The Strategic Investment Board has been established in accordance with best practice governance to ensure effective oversight and alignment with the strategic objectives and values of the Council.

(The decisions on this item can be called in by the Resources and Performance Select Committee)