(a)          Decision(s)

That the decision of the Vale Commerce Board to move the company into a state of dormancy and transfer the assets and appropriate IP brands, website etc. back to the Shareholder, and transfer all assets and appropriate IP such as the brands and website back to the Shareholder be acknowledged.

(b)          Reason(s) for Decision(s)

To meet the requirements of the Shareholder Agreement under the Reserved Matters.

(c)        Alternative Options Considered

The option to continue to run Vale Commerce has been considered but discounted noting that at the time of setting up the company the Council’s own commercial function was in its infancy.  The core Council’s capability in this area has grown immeasurably since 2015.  Given the current maturity of the Council’s commercial approach the Vale Commerce concept has been superseded by the delivery opportunities now available to the Council as a whole including the success with My Account.

(d)       Relevant Scrutiny Committee

Finance and Services.

(e)        Conflicts of Interest / Dispensation(s)

Councillor Mrs J Blake, as a company director, who did not vote on this item.