Agenda and decisions

To receive any apologies for absence

To receive any declaration of personal interest

To note any items which are urgent business in the opinion of the Chairman so that they may be considered

To consider and note the contents of this report and the appendices

To recommend the revised Inter Authority Agreement (IAA) to full Council on 5 March 2026 for approval as a reserved matter.

DECISION:

To note the content of this report and the appendices.

To recommend the amended Inter-Authority Agreement (IAA) to the full Council on 5 March 2026 for approval as an allocated matter

The Chairman shall propose that the press and public be excluded from the meeting during the discussion on the following items due to the likely disclosure of exempt information as defined in Paragraph 14 of Schedule 12A of the Local Government act 1972 Information relating to the financial or business affairs of any particular person (including the authority holding that information).

There is an acknowledged public interest in openness in relation to the use of public resources and related financial issues. It is also acknowledged that there are occasions, in order to protect the financial interests of public authorities that matters related to commercial information need to be discussed without being publicised. The report contains confidential and sensitive information relating to the creation of an investment management company. Publication of this information would be contrary to the wider public interest of securing value for money and the best overall outcome. For those reasons the matter should be exempt in the public interest.

To consider the report

To approve the newly created, legally required Shareholder Agreement (SHA).

To approve the newly created, legally required Client Service Agreement (CSA).

Where appropriate, to delegate powers to the Head of Finance, in consultation with the Chair of the Pensions Committee, to make minor amendments to the agreements, on condition that it will not change the substance of the agreements.

(copy for Members only)

DECISION

1.     To approve the Shareholder Agreement (SHA) that has been created, which was a legal requirement.

2.     To approve the Client Service Agreement (CSA) that has been created, which was a legal requirement.

3.     Where appropriate, to delegate powers to the Head of Finance Department, in consultation with the Chair of the Pensions Committee, to make minor amendments to the agreements, on condition that it will not change the substance of the agreements.

4.     In 12 - 18 months, the Shareholder Agreement (SHA) should be reviewed to look into how to include elected representatives in a non-voting function.

5.     As part of the Committee's work programme, there was a need to look at improving scrutiny arrangements and challenging WPP IM Co reports.

6.     There was a need to include a clause in the Committee's work programme to consider local investment opportunities and/or consideration to local investment proposals.