Peterborough Limited Articles of Association - SEPT20/CAB/30
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The purpose of this report is to seek Cabinet’s approval to alter Peterborough Limited’s Articles of Association (Articles) and list of Reserved Matters.
Cabinet considered the report and RESOLVED to approve:
1. Alterations to Peterborough Limited’s (trading as Aragon Direct Services) Articles of Association (“Articles”) to allow inspection by the Council and its auditors of documents relating to Peterborough Limited and the supply of such documents as set out in Appendix A;
2. Alterations to the Reserved Matters, Appendix B to allow Peterborough Limited to swiftly pursue commercial opportunities
Reasons for the decision:
The Council requires the ability to access Peterborough Limited’s documents regarding the business affairs of Peterborough Limited to enable the Council to make informed decisions as owner and ensure Peterborough Limited is fully accountable to the Council. Model Article 50 adopted in the Articles constrains the Council’s ability to such access, unless authorised by Peterborough Limited.
The alterations to Model Article 50 as set out in Annex A give the Council such access, and will avoid the need for Peterborough Limited to obtain its directors’ approvals or a resolution on a case by case basis where it chooses to authorise such access to the Council.
Furthermore, this alteration will align the Council’s access to Peterborough Limited’s documents with another Council company, NPS Peterborough Limited.
Alterations to Reserved Matters Appendix B to allow for Peterborough Limited to pursue commercial ventures swiftly whilst still ensuring Peterborough City Council are kept fully updated on any proposals.
Alternative options considered:
Not to amend Model Article 50. This would impede the Council from making informed decisions within its purview as owner of Peterborough Limited.
Interests and Nature of Interests Declared:
Cabinet Decision DEC18/CAB/65
Publication date: 21/09/2020
Date of decision: 21/09/2020
Decided at meeting: 21/09/2020 - Cabinet
Effective from: 25/09/2020