Decision details

The Leader of the Council delegated authority to the Cabinet to make the following decisions:

RESOLVED: To

1.     Note the recommendations set out in the report by PwC, and refer the report to the December meeting of the Scrutiny and Overview Committee for their challenge and assessment.  A report from that meeting to be presented at the January Cabinet meeting alongside an action plan.

2.     Authorise the initial further work required on the options identified by PWC regarding the Council’s interest in BBB in order to best inform further consideration of those options at the January Cabinet meeting.

3.     Agree that funding of BBB shall continue in line with current loan arrangements and conditions, provided that all funding for construction, and completed unit purchases shall be reviewed on a site by site basis.

4.     Agree that all site transfers to BBB, be halted until the Council has completed the options appraisal.

RESOLVED: That the Cabinet, on behalf of the Council, exercising its functions as sole shareholder of BBB to:

5.     Approve the special resolutions contained in Appendix [2] of the report to amend the articles of association of BBB to

                          I.          allow quorate meetings to take place with any two Directors present, removing the requirement for an Executive Director to be present and

                        II.          provide for the provision of all unanimous or majority decisions taken by the Directors and minutes of all Directors meetings to the Council as sole shareholder.

6.     Approve the ordinary resolutions contained in Appendix [2] of the report to appoint two Non-Executive Directors to the Board of BBB (both with a finance background), also noting and agreeing that BBB shall indemnify those new Directors in accordance with the company’s articles of association and by utilising the company’s own insurance policy.

7.     Approve the ordinary resolutions contained in Appendix [2] of the report to remove the two current Directors of BBB, in their capacity as Directors (also noting Executive Directors are employees of the company).

8.     Approve the ordinary resolution contained in Appendix [2] of the report to provide for the right of the Council as sole shareholder to inspect any of the Company’s accounting or other records or documents at any time.

RESOLVED: To recommend to Council that it note the recommendations set out above, which are to be considered by Cabinet on 25th November 2020 and that Council shall receive a verbal update in respect of the outcome, in accordance with recommendation xii of the “Croydon Renewal Plan and amendments to the 2020/21 General Fund Budget” report to Council of 21st September 2020.