Issue - meetings

** Please note this report will follow as it is currently being reviewed and finalised **

Report of Shareholder Representative

Resolved

(1)          That the creation by Graven Hill Development Company (Dev Co) of a special purpose vehicle (SPV) as a company limited by shares be approved and that Dev Co be requested to prepare governance documents for final approval by the Shareholder Representative, in consultation with the Chairman of the Shareholder Boardbefore registration and director nominations occur.

(2)          That the new company be included, along with Dev Co’s existing subsidiary companies, within the shareholder agreement between the council (1) Graven Hill Village Holdings Limited (2) and Dev Co (3) entered 30 September 2019. 

The Shareholder Representative submitted a report to consider a request from Graven Hill Village Development Company (Dev Co) for the creation of an additional subsidiary company that is required to facilitate the leases for the commercial units as required as part of the delivery of Graven Hill.

In response the Members’ questions regarding if there would be any additional remuneration for the Non-Executive Directors on the Graven Hill Boards as a result creation of the creation of the additional company, the Shareholder Representative undertook to advise Members. (The Shareholder Representative subsequently advised Members that the directors for the subsidiary company will not be getting paid so there is no extra cost to the company or council.)

Resolved

(1)          That the creation by Graven Hill Development Company (Dev Co) of a special purpose vehicle (SPV) as a company limited by shares be approved and that Dev Co be requested to prepare governance documents for final approval by the Shareholder Representative, in consultation with the Chairman of the Shareholder Boardbefore registration and director nominations occur.

(2)          That the new company be included, along with Dev Co’s existing subsidiary companies, within the shareholder agreement between the council (1) Graven Hill Village Holdings Limited (2) and Dev Co (3) entered 30 September 2019. 

Reasons

The proposals in this report are designed to ensure that Dev Co has in place an effective governance structure to enable it to meet its aims and delivery objectives and in so doing safeguard the councils’ investment and return on investment.

Alternative options

None applicable