Decision details

Members were provided with a review of the EM DevCo Ltd. Throughout the three-year period, the DevCo had developed important strong relationships with a wide range of key stakeholders, including Government Agencies and had helped to put the region on the map. There had been significant progress made with emerging projects and developments. The Board of Directors with support of the Oversight Authority reviewed the future of the company and agreed that the DevCo should explore the scope for closer alignment with East Midlands Combined County Authority with further agreement that the work of EM Dev Co had naturally come to an end with a voluntary dissolution of the company being considered. The existing local authority Members had expressed their desire to seek alignment with East Midlands Combined County Authority, there was no clear source of additional funding and the Board was satisfied that it was in the best interests of the Company that it was dissolved.

The Advisory Shareholder Sub Committee RECOMMENDS that Cabinet:

1)          Supports the necessary steps being taken by the Board of Directors to bring forward the voluntary dissolution of EM DevCo Limited.

2)          Delegates authority to the Chief Executive and the Leader of the Council, to consent and sign the resolutions to enable the dissolution of the EM Dev Co Limited.