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States of Jersey Bond: Minister for Treasury and Resources - Signing of Documents

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 5 June 2014:

Decision Reference:  MD-TR-2014-0051

Decision Summary Title:

Signing of the States of Jersey Bond Execution documents

Date of Decision Summary:

5 June 2014

Decision Summary Author:

 

Treasurer of the States

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

N/A

Person Giving

Oral Report:

N/A

Written Report

Title:

N/A

Date of Written Report:

N/A

Written Report Author:

N/A

Written Report :

Public or Exempt?

 

N/A

Subject: 

The Minister for Treasury and Resources agreed to sign the States of Jersey Bond Execution documents upon the advice of the Treasurer of the States, who in turn was advised by Clifford Chance LLP and the Law Officers Department.

Decision(s): 

The Minister decided to act upon the advice received from the Treasurer of the States, who in turn was advised by Clifford Chance LLP and the Law Officers Department, and to sign the following documents in relation to the execution of the States of Jersey Bond: Agency Agreement; Subscription Agreement; Temporary Global Note; Permanent Global Note; Incumbency Certificate of the Issuer; Closing Certificate; Instruction Letter from the Issuer to Agent to Authenticate the Global Notes; Process Agent Appointment Letter; Listing Document; Formal Application; Listing Undertaking; Issuer Confirmation Letter and Sponsorship Agreement.

Reason(s) for Decision: 

To enable the Minister to record his decision to sign the Bond Execution documents based upon the advice of the Treasurer of the States, who in turn was advised by Clifford Chance LLP and the Law Officers Department.

Resource Implications: 

None.

Action required: 

None.

Signature:

 

 

 

Position: Senator P F C Ozouf

Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

 

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