The Shareholder Cabinet Committee of Peterborough Council convened on Monday, 10 June 2024, to discuss several key issues, including the future of the Peterborough Limited (PL) company, the financial performance of the council's commercial investments, and the progress of the council's environmental initiatives. Decisions were made regarding the restructuring of Peterborough Limited and the allocation of funds for green projects.

Peterborough Limited Restructuring

The committee discussed the restructuring of Peterborough Limited, a company wholly owned by the council, which provides various services including waste collection, street cleaning, and maintenance of public spaces. The restructuring aims to improve efficiency and service delivery. The decision was made to proceed with the proposed changes, which include streamlining management and reallocating resources to frontline services.

Councillors debated the merits of the restructuring, with some expressing concerns about potential job losses. However, it was argued that the changes are necessary to ensure the long-term viability of the company. One councillor stated, We need to make these tough decisions now to secure the future of Peterborough Limited and continue providing essential services to our residents.

Financial Performance of Commercial Investments

The financial performance of the council's commercial investments was reviewed, with a focus on the returns generated and their impact on the council's budget. The committee noted that while some investments have performed well, others have not met expectations. It was decided to conduct a thorough review of the investment portfolio and consider divesting from underperforming assets.

Councillors highlighted the importance of these investments in generating revenue for the council. One member remarked, Our commercial investments are crucial for funding vital services, but we must ensure they are delivering the returns we need.

Environmental Initiatives

Progress on the council's environmental initiatives was also discussed. The committee reviewed the implementation of the Peterborough Green Plan, which aims to reduce the city's carbon footprint and promote sustainability. It was decided to allocate additional funds to accelerate the rollout of green projects, including the installation of electric vehicle charging points and the expansion of green spaces.

Councillors expressed strong support for these initiatives, citing the council's commitment to environmental sustainability. One councillor noted, Investing in green projects is not just about meeting our environmental targets; it's about creating a healthier, more sustainable city for future generations.

For more detailed information, you can refer to the Public reports pack and the Agenda frontsheet for the meeting.