Decision details

Having considered an officer report and tabled legal implications and

presentations by the Cabinet Member for Resources, Councillor Kevin

Bonavia, and from the Chair of the Pensions Investment Committee,

Councillor Mark Ingleby, the Mayor agreed that:

(i) the Council becomes a shareholder in the Authorised Contractual Scheme

Operator,

(ii) the Council appoints an elected Councillor who will have power to

act for the local authority in exercising its rights as a shareholder of the ACS

Operator; and

(iii) Councillors from the London Boroughs be appointed as interim directors of

the ACS Operator, subject to the consent of their relevant authorities to the

appointments. These directors may be replaced once FCA authorisation is

formally applied for.