Agenda and draft minutes

Apologies were received from Deputy Madush Gupta,  Chris Hutchinson, Deputy Edward Lord, Henry Jones, Tony Lyons, Deputy Brian Mooney, Hugh Selka and  James Tumbridge.

Members joining on-line:

Deputy Madush Gupta

James Tumbridge

Chair’s opening comments:

The Chairman welcomed Dan Carmody, the CEO of Detroit Eastern Market, USA, who would be visiting the City’s wholesale markets during his visit. Members noted the importance of shared experiences and the Chairman had been speaking to the Markets Director about arranging similar visits for the Board. 

The Chairman also welcomed Chief Commoner, Ann Holmes to the meeting.

Mr Gregory Lawrence had been granted a dispensation to speak on all matters concerning the London Central Markets (Smithfield) other than: (i) those in which he has a disclosable pecuniary interest as a shareholder or director of any company which holds a tenancy in the market; and (ii) those which would affect only him personally or his business interests as opposed to the generality of tenants within the market.

To approve the public minutes and non-public summary of the meeting held on 17^th January 2024.

RESOLVED, that – the public minutes and non-public summary of the meeting held on 17^th January 2024 be approved, subject to a correction to James Tumbridge’s name being recorded incorrectly.

Matters arising:

Smithfield Auction

The Chairman thanked Wendy Mead for her tenacity in driving this last Christmas  and looked forward to another successful event in 2024.

Terms of Reference

The Chairman and Deputy Chairman advised that they would be meeting with the Assistant Town Clerk later today in terms of the Markets Board being the ‘Ultimate Client’ in the Markets Consolidation Programme (MCP).  The Assistant Town Clerk explained that this would need to be framed in accordance with the City Corporation’s governance structure. Members re-iterated their position in that the MCP is a major consideration for the Board, which needs to be clear in the Markets Board’s Terms of Reference.

As delegated authority had not been granted when the Terms of Reference report was considered at the last meeting of the Board, it was RESOLVED, that – authority be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman of the Markets Board, to approve the Board’s Terms of Reference, ahead of their approval by the Policy and Resources Committee and confirmation by the Court of Common Council in April 2024.

Markets Co-location Programme (MCP)

Members noted that the timings for the MCP, as recorded in the minutes, were correct at the time of the meeting but would now be subject to change.

Report of the City Surveyor.

The Board received a report of the City Surveyor which provided an update on progress in supporting the City of London Net Zero targets for 2027 and 2040.    Members noted good progress to date,  with a 52% reduction in Markets Operations greenhouse gas emissions since 2019. The report also noted the future focus on ‘value chain emissions’ which are considerably larger than operational emissions and outside of the Department’s immediate control.   The officer advised of the need  to work with tenants in terms of understanding vehicle movements. A Member suggested that tenants primary concerns are likely to be cost of living pressures.  

RESOLVED, that – the report be noted.

To receive updates from the General Managers of Smithfield, New Spitalfields and Billingsgate Markets.

The Board received updates from the General Managers of Smithfield, New Spitalfields and Billingsgate Markets.

In respect of staffing matters, the Deputy Chairman suggested that the use of  Market Forces Supplements (MFS) are unsatisfactory, as the City of London Corporation should be offering competitive salaries from the outset.  The Markets Director reminded Members of the City Corporation’s Reward Refresh Project, which seeks to understand job gradings across the Corporation and how they relate to the private sector.  Members noted that this would be a lengthy process, as it requires extensive consultation with staff in terms of desirable packages; noting that aspirations and priorities change with each generation. 

RESOLVED, that – the report be noted.

Report of the Director of Markets

The Board received a report of the Markets Director, which sought to provide the Markets Board with assurance that risk management procedures in place within the Markets Division are satisfactory and that they meet the requirements of the corporate Risk Management Framework.

In response to a question about whether the risk profile is still appropriate, in respect of the MCP and failing infrastructure, the officer agreed to look at this after the meeting and circulate the update to Members. 

RESOLVED, that – the report be noted.

Report of Interim Executive Director, Environment.

The Board received a report of the Executive Director of the Environment, for information, noting that it had been considered and approved by the Planning and Transportation Committee.  Members noted that the Committee had approved a change in approach to an emissions-based charging system for visitors, which had been operated on-street in Pay & Display parking bays since 2017, and new tariff levels for a three-year period.  Members asked if, going forward. they could receive report of this nature ahead of the Planning and Transportation Committee.

During the discussion on this item, the following points were noted:

The NCP have slightly amended their tariffs since the production of this report but City Corporation rates remain competitive.

The General Manager had sent the proposed tariffs to the SMTA in mid-February  and work was ongoing in terms of data on usage numbers.  The General Manager was also seeking to keep the process as simple as possible; i.e. – by considering both electric and hybrid data, noting that some of the information available from the DVLA can be limited.

The Car Parking account falls with the  City Estate Budget, so the on-street car parking fund cannot be used to underwrite any losses.

A time-based tariff is in place, so that when concessions are agreed they can be put in place swiftly.   With the Board’s prior agreement, concessions are  dealt with under delegated authority as they are an operational matter.  

RESOLVED, that – the report be noted.

The Comptroller and City Solicitor (C&CS) confirmed that the Markets are a statutory function requiring an Act of Parliament, so long as there are tenants available,  and this should be noted in the risk report.

There were no urgent items.

MOTION - That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

RESOLVED – That under Section 100A(4) of the Local Government Act 1972, the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in Paragraph 3 of Part I of Schedule 12A of the Local Government Act as follows:-

To approve the non-public minutes of the meeting held on 17^th January 2024.

RESOLVED, that - non-public minutes of the meeting held on 17^th January 2024 be approved

To receive any non-public updates from the General Managers of Smithfield, New Spitalfields and Billingsgate Markets.

The Board received the non-public updates from the General Managers.

There were no questions.

There were no urgent items.

To approve the confidential minutes of the meeting held on 17^th January 2024.

RESOLVED, that – the confidential minutes of the meeting held on 17^th January 2024 be approved

The City Surveyor to be heard.

The Comptroller and City Solicitor was heard in respect of the MCP>