Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which provided the procedure guide for financial appraisals of third party entities for the Committee’s approval.

The Chairman requested that further information was incorporated into the financial appraisal guide to ensure that periodic appraisals were undertaken of existing contractors to ensure that the Corporation was aware of the ongoing financial situation of contractors.

A Member, who was also the Chairman of the Barbican Centre Board, advised that financial appraisals had been discussed regularly at that Board due to the small and specialised nature of many of the contractors which the Barbican Centre used. He welcomed that the procedure provided for more detailed information, drawn from the financial appraisal process, to be included in the Committee reports where appropriate.

RESOLVED – That the Committee:

a)    Notes the report;

b)    Adopts the financial appraisal procedure guide, subject to the inclusion of a provision for periodic appraisals of existing contractors; and

a)    Delegates authority to the Chamberlain to amend the guide as necessary to comply with United Kingdom and European Community procurement law and any other legal and accounting requirements which may arise in due course.