Venue: THE PLAYERS SUITE - IPSWICH TOWN FOOTBALL CLUB
Contact: Henriette Holloway
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APOLOGIES AND SUBSTITUTES Minutes: Apologies were received from Councillors Sue Ayres, Simon Barrett, Elizabeth Gibson-Harries, Derek Osborne, Fenella Swan and Stephen Williams.
Councillor Hinton was substituting for Councillor Barrett. |
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DECLARATION OF INTERESTS Minutes: There were no declarations of interests. |
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TO RECEIVE NOTIFICATION OF PETITIONS IN ACCORDANCE WITH THE COUNCIL'S PETITION SCHEME Minutes: None received. |
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Ian Winslet – Development Consultant
Members are asked to comment on the report. Minutes: 4.1 Councillor Brewster, Chair of MSDC (Suffolk Holdings) Ltd. introduced the report and said that CIFCO had been trading for one year and that the Business Plan presented today had been approved by the Board of CIFCO. The Business Plan was to be presented to both Councils in July.
4.2 Ian Winslet, Development Consultant, informed Members that the reporting and risk structure had been presented to both Cabinets in October 2017. He referred to the tabled papers, which detailed ‘The General Lines of Reporting’ and ‘BMS Invest – Performance and Risk Reporting Strategy’.
4.3 Each Council owned 100% shares in each their Holding Companies, which each held 50% of the shareholding in CIFCO Capital Ltd (CIFCO). Each year both Councils approved the Business Plan and Investment Strategy for CIFCO.
4.4 In response to Members’ questions, he said that CIFCO could not make any purchases without the approval of the Holding Companies and that the two Board of the Holding Companies meet jointly every month. This meeting was attended by the Chairs of the Holding Companies, the Development Consultant, the Managers of BMS Invest and the Corporate Manager – Internal Audit.
4.5 Mr Winslet detailed the reporting structure, which included two annual reports in September and December presented to the Boards of the Holding Companies. These reports were confirmed by the Cabinets and included auditing and risk analysis. An independent risk review was also conducted annually.
4.6 Members then asked questions in relation to Report JOS/18/1 and Councillor Caston enquired if there was sufficient funding for an independent risk review and who was involved in assessing the risk processes.
4.7 It was explained that risk review was an integral part of the organisational process. The Corporate Manager – Internal Audit also had his own team conducting risk assessments. The Board of Director for CIFCO included experts for the investment sector and Jones Lang LaSalle Ltd (JLL) had a clear idea of the risk in the sector.
4.8 Chris Haworth, the Chair of the Board of CIFCO, said he had 40 years of experience in the commercial market and was familiar with the reporting structure for CIFCO and he felt that it was working well. JLL had enormous experience in the Market and provided market evidence and background.
4.9 Councillor Brewster agreed with the Chair of the Board of CIFCO and said that both the review and the reporting was good. At the monthly meeting questions were raised and discussed for both risk and investments.
4.10 Councillor Ridley, one of the Babergh Non-executive Member of the CIFCO Board, Councillor Haley being the other representative for Mid Suffolk, said that JLL had been involved from the beginning and provided sound advice. He continued that both the Non-executive Members monitored the advice received from the JLL. He reminded Members that CIFCO was a proper property investment company and that the long-term investment was beneficial for both Councils to increase the income.
4.11 Councillor Busby said he had been against the project in the beginning ... view the full minutes text for item 4. |
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RESOLUTION TO EXCLUDE THE PUBLIC (WHICH TERM INCLUDES THE PRESS) To consider, whether, pursuant to Part 1 of Schedule 12A of the Local Government Act 1972 the public be excluded from the meeting for the business specified below on the grounds that if the public were present during this item, it is likely that there would be the disclosure to them of exempt information as indicated against the item. The authors of the report propose to be considered in Part 2 of the Agenda are satisfied that the public interest in maintaining the exemption outweighs the public interest in disclosing the information.
PART 2 MATTERS TO BE CONSIDERED WITH THE PRESS AND PUBLIC EXCLUDED Minutes: The resolution was proposed and seconded.
By a unanimous vote
It was RESOLVED: -
That pursuant to Part 1 of Schedule 12AA of the Local Government Act 1972 the public be excluded from the meeting for the business specified below on the grounds that if the pubic were present during this item, it is likely that there would be the disclosure of them of exempt information as indicated against the item.
The Committee was also satisfied that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.
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JOS/18/2 CIFCO CAPITAL LTD BUSINESS AND INVESTMENT PLAN 2018 -19 Ian Winslet – Development Consultant
Members are asked to Comment on the Business Plan Minutes: Report JOS/18/2 was discussed by the Committee.
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