To consider the strategic operating model of the TDA, also known as the Economic Development Company, a wholly owned company of the Council.

That a deed of indemnity be entered into with the Non-Executive Directors and Board appointees of the Torbay Economic Development Company Limited, trading as TDA.

To ensure the appropriate indemnities are in place for Non-Executive Directors and Board appointments during the transitional period whilst the TDA is dissolved.

None.

The decision will be implemented immediately.

On 19 September 2023 the Council agreed that:

1.    Torbay Economic Development Company be dissolved, with the Chief Executive overseeing the practical arrangements for the same;

2.    In further of 1. above, the Chief Executive be given delegated authority to determine, in consultation with the Leader of the Council;

a.    the transfer of subsidiary companies or component parts of the business that undertake substantial external trading activity into the Torbay Council Strategic Holding Company,

b.    the most effective arrangements for the holding of assets currently held by Torbay Economic Development Company,

c.    agreement of appropriate indemnities that may be required for non executive directors and Board appointments should this be necessary during the transitional period.

The Chief Executive was given delegated authority to agree appropriate indemnities for Non-Executive Directors and Board appointments (2.c. above).  As such, the Council has entered into a deed of indemnity in respect of all liabilities arising out of or in connection with any proceeding brought or threatened against the Director for negligence, default, breach of duty, breach of trust or otherwise, or relating to any Application for Relief, in connection with the Director's acts or omissions while in the course of acting or purporting to act as a director of the Company or which otherwise arises by virtue of the Director holding or having held such a position and any claims arising.

None.