Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: November 28, 2024

Purpose:

Content: Decision: 1.       To delegate authority to the Joint Strategic Director of Economy, Planning & Place, in consultation with the Monitoring Officer and Leader of the Council, to take all steps necessary to implement the members’ voluntary liquidation of the Company under the Insolvency Act 1986 (the “Winding Up”) including the appointment of a liquidator in connection with the Winding Up; 2.       To delegate authority to the Joint Strategic Director of Economy, Planning & Place to seek all further advice necessary in connection with the Winding Up including, without limitation: (i)           advice from external legal services provider; and (ii)          advice from external tax services provider. 3.       To delegate authority to the Monitoring Officer to amend the articles of association of GBCH to reduce the quorum requirement from three directors to two directors for any meeting of the board of directors of the Company. Reason(s): 1.       To enable the Council to fulfil its duties in respect of the shareholder function competently, robustly and transparently. 2.       To enable the Council to fulfil its duties in respect of best value and continuous improvement in respect of its interests in GBCH and NDH, and to keep under review the objectives, strategies and plans, and performance of each company. 3.       To fulfil the Council’s corporate governance duties in respect of GBCH and NDH. Other options considered and rejected by the Executive: None. Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted: Non-pecuniary interest declared by Councillor Tom Hunt as Chairman of the Board of Directors of Guildford Borough Council Holdings Ltd.