The Belfast Waterfront and Ulster
Hall Ltd Shareholders’ Committee will make the decisions
required by the Shareholders’ Agreement and ensure that the
Company complies with the contract for the operation of the Belfast
Waterfront and Ulster Halls.
This includes:
·
Holding the Belfast Waterfront & Ulster Hall Ltd
Chairperson and Managing Director to account on contract and
business performance issues;
·
Scrutinising the quarterly finance and performance
reports, ensuring a social and financial return on the
Council’s and other funders’ investments;
·
Controlling and make decisions on reserved matters
on behalf of the shareholders, as set out in the
Shareholders’ Agreement (e.g. authorising the company to take
out a loan);
·
Authorising the annual business plan, ensuring
alignment with Council’s economic, social and environmental
objectives;
·
Agreeing and monitoring performance framework
targets, including decreasing dependency on Council
subsidy;
·
Agreeing distributions of available profits in
relation to its shareholdings;
·
Recommending the appointment of the Chairperson and
non-executive Directors to the Board of the BWUH Ltd and agreeing
remuneration;
·
Acting in the interests of the shareholders in the
removal of non-executive Director/s, where there is evidence of
under-performance or failure to comply with legal duties;
and
·
Considering business improvement requests for
investment in the Council’s assets, for recommendation to
Strategic Policy and Resources Committee or agreement under
delegated authority.
In practice, the Committee will be
responsible for:
·
Agreeing the annual business plan;
·
Agreeing the annual financial plan, in line with the
budget allocation from the Strategic Policy and Resources
Committee;
·
Setting performance targets and monitoring quarterly
reports;
·
Agreeing any amendments to the Council’s
specification at review periods;
·
Authorising any capital investment proposals which
enhance the asset portfolio of the Council;
·
Agreeing in-year service improvement plans (in the
scenario where there is under-performance) ; and
·
Agreeing distribution of surpluses/reduced
deficits.