Purpose

To seek Executive approval to join a new company, limited by
guarantee, for the provision of internal audit and counter fraud services, as
per the attached business case at Appendix one of the report.

 

The report also sought Executive’s approval for the payment
of a dividend by VTV, which would fund Middlesbrough’s subscription to VPS.

 

Decision

ORDERED that Executive

 

a)   
Approve the membership of Veritau Public Sector Limited, a company limited by
guarantee, and the novation of the existing contract.

b)   
Approve the payment of a dividend from Veritau Tees Valley Limited sufficient to fund the
Council’s subscription to the new company.

c)   
Approve a special resolution to wind up Veritau Tees Valley Limited once the Council’s membership
of the new company is confirmed.

d)   
Delegate the approval for the Council to
enter into all other necessary agreements to participate in the new company to
the S151 Officer.

e)   
Approve the appointment of a director to
the Board of the new company and a senior officer to the members’ committee to
oversee its governance arrangements and performance

 

AGREED that the Business Case for Veritau
Public Sector Limited and the reasons for the changes in the Veritau structure and how these impacted on the Council be
noted.