The Belfast Waterfront and Ulster Hall Ltd Shareholders’ Committee will make the decisions required by the Shareholders’ Agreement and ensure that the Company complies with the contract for the operation of the Belfast Waterfront and Ulster Halls.
· Holding the Belfast Waterfront & Ulster Hall Ltd Chairperson and Managing Director to account on contract and business performance issues;
· Scrutinising the quarterly finance and performance reports, ensuring a social and financial return on the Council’s and other funders’ investments;
· Controlling and make decisions on reserved matters on behalf of the shareholders, as set out in the Shareholders’ Agreement (e.g. authorising the company to take out a loan);
· Authorising the annual business plan, ensuring alignment with Council’s economic, social and environmental objectives;
· Agreeing and monitoring performance framework targets, including decreasing dependency on Council subsidy;
· Agreeing distributions of available profits in relation to its shareholdings;
· Recommending the appointment of the Chairperson and non-executive Directors to the Board of the BWUH Ltd and agreeing remuneration;
· Acting in the interests of the shareholders in the removal of non-executive Director/s, where there is evidence of under-performance or failure to comply with legal duties; and
· Considering business improvement requests for investment in the Council’s assets, for recommendation to Strategic Policy and Resources Committee or agreement under delegated authority.
In practice, the Committee will be responsible for:
· Agreeing the annual business plan;
· Agreeing the annual financial plan, in line with the budget allocation from the Strategic Policy and Resources Committee;
· Setting performance targets and monitoring quarterly reports;
· Agreeing any amendments to the Council’s specification at review periods;
· Authorising any capital investment proposals which enhance the asset portfolio of the Council;
· Agreeing in-year service improvement plans (in the scenario where there is under-performance) ; and
· Agreeing distribution of surpluses/reduced deficits.
Support officer: Louise McLornan, Democratic Services Officer. x6077
Democratic Services Section