Committee details

The Capital Buildings Board is responsible for the management and oversight of major capital building projects (i.e. those projects with an estimated budget of £100 million or more), together with other such projects which have been referred to it.

Composition

·  The Chairman and Deputy or a Vice Chairman of the Policy & Resources Committee

·  The Chairman and Deputy Chairman of the Finance Committee or their nominee

·  Three Members appointed by the Policy & Resources Committee

·  Five Members elected by the Court of Common Council, at least one of whom shall have fewer than five years’ service on the Court at the time of their appointment

·  The Chairmen and Deputy Chairmen of those service committees which will become responsible for completed capital building projects, or their nominees (ex-officio)*

·  The Chairman of the General Purposes Committee of Aldermen, or their nominee.

* Such Chairmen and Deputy Chairmen (or their nominees) to become ex-officio Members of the Committee upon the Court of Common Council giving its approval in principle for the project to proceed, with their membership to cease upon the new building being handed over to their Committee.

·  Together with up to two non-City of London Corporation Members and a further two Court of Common Council Members with appropriate experience, skills or knowledge to be appointed by the Board.

The Chairman to be Chairman of Policy & Resources or their nominee.

Terms of Reference

In respect of Major Capital Building projects and/or programmes which have been approved in principle by the Court of Common Council and where the City of London Corporation is a major funder:- 

(f)   Monitoring of progress against agreed milestones; and

(g)  The release of the City of London Corporation’s funding.

^† Defined as all projects with an estimated budget of £100 million or more, or which have been otherwise referred to the Committee.

^‡ Such transactions shall therefore not require the additional approvals of the Property Investment Board, Operational Property and Projects Sub-Committee, Finance Committee, and Court of Common Council. However, the Policy & Resources Committee shall reserve the right to retain ultimate decision-making powers in respect of properties where the disposal is considered to have significant strategic or policy implications.

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