West Lancashire Borough Council is advertising for a Voluntary Unpaid Development Company Board Member. Reasonable out of pocket expenses arising from attendance on Board business will be reimbursed. The Council is currently in the process of setting up a development company and has agreed the following objectives:
1. The proposed objectives for the Development Company are as follows: Generate a financial return for the Council through development of profitable services/activities, recognising that this will take time to be realised; Capture any financial benefits and tax efficiencies of dedicated delivery vehicles which are Council controlled but can benefit from agile operating arrangements; Provide an income from the new vehicle that is substantial and the new ways of working so transformational that the cost of planning, due diligence advice and setting up and operating the vehicle outweigh the status quo; Create profitable, complementary and transparent relationships with landowners, developers and investors which deliver financial and regeneration benefits; Secure additional private and Government investment into the Borough, creating a focus on delivery and providing a mechanism to build new homes for sale and rent, regeneration and commercial and industrial schemes to the Council; Maximise appropriate development, accelerate growth and take appropriate risks for the Council by providing dedicated delivery arrangements and property and commercial expertise.
2. The Council intends to form a company limited by shares, the main reasons are because a company limited by shares: Is one of the limited number of companies available pursuant to the Localism Act 2011; Will allow the Development Company to act for a commercial and industrial purpose; Will provide the Council with the greatest flexibility in terms of being able to exercise control or influence and recycle profits back into the next phase of development activity; (Depending on financial performance) pay a dividend back to the Council.
3. The Council, as sole shareholder in the Development Company, will: Appoint and remove the Directors from the board of the Development Company; Retain a control over the Development Company to realise the Development Objectives; Specify the activities that the Directors of the Development Company can conduct as a matter of day to day business and those activities that require the Council’s prior written consent (e.g. approval of the dividend, approval of the annual Business Plan, material transactions etc.); Finalise the list of the “Reserved Matters” which will be submitted with the Articles of Association; Have the ability to wind up the Company should it so wish.
Council is looking for suitable Non-Executive Directors to assist in taking the Company forward, apply by 14 September 2018.