To consider the recommendations of the Cabinet and a report regarding the future of the Torbay Economic Development Company Limited (trading as TDA).

The Council considered the recommendations of the Cabinet on the future of the Torbay Economic Development Company Limited (trading as TDA) and as set out in the submitted report.  It was noted the TDA was established as a wholly owned company of the Council in 2011 so that work could be commissioned to it in line with procurement regulations.  However, the need to deliver more for Torbay at a time of significant change in the regional and national economic development environment meant that a review of the fundamental purpose of TDA was needed.

Councillor Chris Lewis proposed and Councillor David Thomas seconded a motion, which was agreed by the Council as set out below:

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

2.         that 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.

(Note:  Prior to consideration of Minute 36, Councillors Brook, Fox and Maddison declared their non-pecuniary interests as Council appointed Directors on the TEDC Board, remained in the meeting and voted on the item.)

To consider a report that makes recommendations relating to future of the Torbay Economic Development Company Limited (trading as TDA).