Decision

1. that a Torbay Council Holding Company Shareholder Panel be established with Membership and Terms of Reference as set out in Appendix 1 to the submitted report; and
2. that the Chief Executive (Anne-Marie Bond) be appointed as the Council’s Shareholder Designated Representative.

Reasons for the decision

The Torbay Council Holding Company Shareholder Panel was required to set the objectives of the Board and ensure the performance of the company and safeguard the Council’s investment.

Alternative options considered

To retain the existing SWISCo Shareholder Panel, due to the scale of the work covered by the Panel.  This option was not recommended as it would add another meeting/Panel and may lose consistency of having a single Panel providing oversight of all the Wholly Owned Companies and their subsidiaries.