Committee details

The Shareholder Committee will:

·         Protect the Council’s investment in the Company (like Miocare and Northern Roots) and make sure the Company meets the Council’s goals and achieves results in line with its policies.

·         Approve the Shareholder’s Agreement when necessary.

·         Receive, review, and provide feedback on the annual report and financial accounts of the Council Company, and decide how these will be published and shared.

·         Appoint and remove Company Directors and ensure they follow the Council's goals for the Company.

·         Agree on hiring any non-executive or external Directors and decide how they will be paid.

·         Appoint the Company auditors.

·         Decide how any surplus or dividends from the Council Company will be distributed, following the Shareholder’s Agreement, and carry out any other strategic functions related to the Council's ownership of shares.

·         Approve any guidelines for how the Council interacts with the Company (like a code of conduct for Council officers).

·         Use any reserved powers mentioned in the Company’s Shareholder Agreement or Articles of Association.

·         Refer any conflicts between the Council Company and other Council-owned companies to the Cabinet for resolution.

·         Provide protection (indemnity) to all Members and Officers who act as Directors on the company Board.

The following will apply to the Shareholder Committee meetings:

·         Agendas are published at least 5 working days before meetings. Private meetings are announced 28 days in advance. If there's an urgent matter, the Chair of Scrutiny must agree. Key decisions will also be announced 28 days ahead; if not, the Chair of Scrutiny must be informed or agree if there are less than 5 working days before the meeting.

·         Council Members can attend both the public and private parts of meetings.

·         Members of the public can attend the public part of meetings.

·         Meetings will be scheduled once a year

Extraordinary meetings can be arranged at any time by the Leader of the Council or the Board of Directors. A minimum of 3 members must be present, including either the Leader of the Council or the Statutory Deputy Leader.

Substitutions will not be allowed.

The Council will appoint 4 members of the Cabinet:

·         The Leader of the Council.

·         The Statutory Deputy Leader.

·         The Cabinet Member for Value for Money and Sustainability.

·         The Cabinet Member for Don’t Trash Oldham.

The Leader of the Council will chair the meetings, or if they are not available, the Statutory Deputy Leader will take over.

The meetings will also include the Company Directors, the Company Secretary, and the Shareholder Committee advisors.

At each meeting, the Chair will approve the minutes from the previous meeting.

The Shareholder Committee will make decisions regarding the Council’s total investment in the Company. Decisions will be made by those present, with each member having one vote. If there is a tie, the Chair will cast the deciding vote.