Mayor's Response to Council's Objection to the Review of Investment Fund Strategy and Investment Committee Terms of Reference
- Meeting of Extraordinary, Council, Thursday, 6 April 2017 5.30 pm (Item 178.)
- View the background to item 178.
To consider the Mayor’s response to the Council’s objections to the review of the Investment Fund Strategy and Investment Committee Terms of Reference as set out in the attached Record of Decision.
Minutes:
Further to the Council meeting held on 23 February 2017, members considered the submitted report and record of decision on the Mayor’s response to the objections raised by the Council on the review of Investment Fund Strategy and Investment Committee Terms of Reference.
Mayor Oliver proposed and Councillor Mills seconded a motion as set out below:
(i) that the Council be recommended to approve the revised Torbay Council Investment Fund Strategy set out in Appendix 1 to the submitted report; and
(ii) that the Council be recommended to approve the revised Terms of Reference of the Investment Committee set out in Appendix 2 to the submitted report.
During the debate Councillor Tyerman proposed and Councillor Carter seconded an amendment to the motion as follows:
(i) that the Council be recommended to approve the revised Torbay Council Investment Fund Strategy set out in Appendix 1 to the submitted report, subject to the level of authority to the Investment Committee being increased to £10m; and
(ii) that the Council be recommended to approve the revised Terms of Reference of the Investment Committee set out in Appendix 2 to the submitted report, subject to the level of authority to the Investment Committee being increased to £10m.
A recorded vote was taken on the amendment. The voting was taken by roll call as follows: For: Councillors Barnby, Bent, Bye, Carter, Doggett, Ellery, Hill, Kingscote, Lewis (B), Lewis (C), Morey, O’Dwyer, Parrott, Pentney, Robson, Sanders, Stockman, Stringer, Stubley, Sykes, Thomas (D), Thomas (J), Tolchard, Tyerman and Winfield (25); Against: Mayor Oliver, Councillors Amil, Excell, Haddock, King, Manning and Mills (7); Abstain: Councillor Brooks (1); and Absent: Councillors Darling (M), Darling (S), Morris and Stocks (4). Therefore, as more than two-thirds of members present and voting had cast their vote in support of the amendment, it was carried.
The amended (substantive) motion was then considered by members.
A recorded vote was taken on the amended (substantive) motion.The voting was taken by roll call as follows: For: Councillors Barnby, Bent, Brooks, Bye, Carter, Doggett, Ellery, Haddock, Hill, Kingscote, Lewis (B), Lewis (C), Morey, Parrott, Pentney, Robson, Sanders, Stringer, Stubley, Sykes, Thomas (D), Thomas (J), Tolchard, Tyerman and Winfield (25); Against: Mayor Oliver, Councillors Amil, Excell, Manning and Mills (5); Abstain: Councillors King, O’Dwyer and Stockman (3); and Absent: Councillors Darling (M), Darling (S), Morris and Stocks (4). Therefore, as more than two-thirds of members present and voting had cast their vote in support of the amended (substantive) motion, it was carried as follows:
(i) that the Council be recommended to approve the revised Torbay Council Investment Fund Strategy set out in Appendix 1 to the submitted report, subject to the level of authority to the Investment Committee being increased to £10m; and
(ii) that the Council be recommended to approve the revised Terms of Reference of the Investment Committee set out in Appendix 2 to the submitted report, subject to the level of authority to the Investment Committee being increased to £10m.
Supporting documents:
-
Review of Torbay Council Investment Fund Strategy, item 178.
PDF 65 KB
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Review of Torbay Council Investment Fund Strategy Appendix 1, item 178.
PDF 260 KB
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Review of Torbay Council Investment Fund Strategy Appendix 2, item 178.
PDF 119 KB
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Record of Decision Mayors Response to Objection to Investment Strategy, item 178.
PDF 68 KB
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Cross Party Amendment Investment Strategy, item 178.
PDF 59 KB
Contact Governance Support
- Email: governance.support@torbay.gov.uk
- Tel: 01803 207087
- Fax: 01803 207112
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