Report of the Director of Economic Development.
The Sub-Committee considered a report of the Director of Economic Development regarding a proposal to nominate a Guarantor and Co-Chair to Innovate Finance’s Board of Guarantors. Members discussed this report with regards to the specifics of this application and the general process for future nominations.
Members agreed that future appointment and nomination reports should have clarity regarding the appointment or nomination request (annexing the request where appropriate), the terms and role of the appointment and any risks that may arise for the City Corporation (e.g. for Innovate Finance, further details of the role of ‘Guarantors’ and the associated risks should be included). Reports should also include justification and supporting information when a particular Member is recommended or invited for appointment or nomination. More generally, the Sub-Committee’s Terms of Reference and Outside Bodies Framework should be standing reference items on future agendas.
With regard to the nomination to Innovate Finance, Members agreed that they were satisfied the appointment would be beneficial both to the City of London Corporation and Innovate Finance and, with reference to the Outside Bodies Framework, were happy to endorse the nomination of Alderman William Russell having regard to his particular skillset. Members noted that Innovate Finance’s new governance arrangements, including the creation of the Board of Guarantors, had not been put in place yet. Members therefore recommended a caveat to the nomination be included to ensure Alderman Russell is satisfied that the role, once defined, reflects what is anticipated.
In response to Members’ queries, the Town Clerk undertook to confirm whether the Policy & Resources Committee had the authority to make this nomination and similar ones in the future, or whether the responsibility lay with the Court of Common Council.
RESOLVED – That:
a) a recommendation be made to the Policy & Resources Committee that Alderman William Russell be nominated as Guarantor and Co-Chair of the new Board of Guarantors for Innovate Finance, to be dependent on Alderman Russell satisfaction with the role once defined in Innovate Finance’s new governance documentation; and
b) the Town Clerk to confirm where authority lay to make appointments and nominations to new Outside Bodies.