THE DECISION:

That under Section 100A(4) of the Local Government Act 1972, the press and public were excluded from the meeting during consideration of the items of business at minute no CA.32 on the grounds that it involved the likely disclosure of exempt information as defined in paragraphs 3 and 4 of Part 1 of Schedule 12A of the Act as the Cabinet was satisfied that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

The subject of the decision:

This report sought approval to giving the Chief Executive delegated authority to make investment decisions in consultation with the Leader.  Some commercial opportunities were only available for a time limited period.  Currently, the Council could only make offers to purchase or to invest in assets and ventures subject to Council approval.  This could result in the Council being considered less favourably compared to a potential competitor that could complete an acquisition or investment more quickly.  This report sought to give the Chief Executive the authority in consultation with the Leader to approve investments up to £5,000,000 subject to several safeguards.

Alternative options considered:

None.

The reason for the decision:

Cabinet was satisfied that this decision supported the Council’s Commercial Strategy which was to become self-sufficient in 2020/21.

THE DECISION:

That Cabinet approves and recommends to Council:-

(1)        that delegated authority is given to the Chief Executive to make investment decisions in consultation with the Leader up to a value of £5,000,000 subject to the checks and balances contained in the report;

(2)        the Director of Law and Governance be authorised to make the necessary amendments to the Council’s Constitution; and

(3)        a review be undertaken on an annual basis at Annual Council.