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States of Jersey Bond: Delegated Authority to Treasurer of the States: 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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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-2014-0048

Decision Summary Title:

Treasury and Resources delegated Authority for the purpose of signing and/or authentication of seal for certain documents in relation to the execution of the £250,000,000 3.75 per cent. Notes due 2054 (the "States of Jersey Bond")

Date of Decision Summary:

4 June 2014

Decision Summary Author:

Treasurer of the States

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Treasury and Resources delegated Authority for the purpose of signing and/or authentication of seal for certain documents in relation to the execution of the £250,000,000 3.75 per cent. Notes due 2054 (the "States of Jersey Bond")

Date of Written Report:

4 June 2014

Written Report Author:

Head of Decision Support

Written Report :

Public or Exempt?

Public

Subject:

Treasury and Resources delegated authority to the Treasurer of the States for signing and/or authenticating the official seal of the Minister for certain documents in relation to the execution of the States of Jersey Bond.

Decision(s):

The Minister decided to delegate authority to the Treasurer of the States to sign and/or authenticate the official seal of the Minister for certain documents in relation to the execution of the States of Jersey Bond, with the list of documents being authorised detailed on the attached report.

Reason(s) for Decision: 

To authorise the Treasurer of the States to sign and/or authenticate the official seal of the Minister for certain documents in relation to the execution of the States of Jersey Bond as detailed in the attached report to enable the efficient and effective management of public finances and operation of the Treasury and Resources department.

Resource Implications:

None.

Action required:

None.

Signature:

 

 

 

Position: Senator  P F C Ozouf, Minister for Treasury and Resources

 

 

Date Signed:

 

Date of Decision:

 

Hide report
States of Jersey Bond: Delegated Authority to Treasurer of the States: Signing of Documents

 

Treasury and Resources

Ministerial Decision Report

 

 

 

 

Treasury and Resources delegated Authority for the purpose of signing and/OR use of seal for certain documents in relation to the execution of the £250,000,000 3.75 per cent. notes due 2054 (the "States of Jersey Bond")

 

  1. Purpose of Report

 

To enable the Minister for Treasury and Resources to approve delegated authority to the Treasurer of the States for signing and/or authenticating the official seal of the Minister for certain documents in relation to the execution of the States of Jersey Bond.

 

  1. Background

 

2.1        Under Article 28 of the States of Jersey Law a Minister may delegate, wholly or partly, functions conferred upon them by any Law to either an Assistant Minister or an officer.

 

2.2         Article 26(1)(b) of the States of Jersey Law refers to “an official seal, which shall be authenticated by the signature of the Minister or of any person authorized by the Minister to act in that behalf”.

 

2.3         Article 30(2) of the States of Jersey Law states that “A Minister shall not be required to present a report under paragraph (1) where the delegation is so immediate and of such brief duration that it is not practicable to present the report before the delegation ends”.

 

2.4         The execution of the States of Jersey Bond is time sensitive which will require to be executed at a specific time. This delegation of function from the Minister for Treasury and Resources is a mitigating measure in case of his absence from the office.

 

2.5         Under this delegation the Treasurer of the States will be able to sign and/or authenticate the official seal of the Minister on the following documents in relation to the execution of the States of Jersey Bond:

 

  1.                    Subscription Agreement;
  2.                    Agency Agreement;
  3.                    Global Notes;
  4.                    Offering Circular;
  5.                    Process Agent Appointment Letter;
  6.                    Incumbency Certificate;
  7.                    Listing wrapper (which, together with the Offering Circular will form the Listing Document);
  8.                    Formal application;
  9.                    Listing undertaking;
  10.                Issuer confirmation letter;
  11.                Sponsorship agreement; and
  12.                any other documents or instruments which the Treasurer of the States considers in her sole and absolute discretion to be necessary or desirable in connection with the States of Jersey Bond or any of the above documents, including (but not limited to) any documents or instruments the form of which is scheduled or annexed to (a) the above documents or (b) the Signing and Closing Memorandum in respect of the States of Jersey Bond.

 

  1. Recommendation

 

The Minister is asked to approve the delegations of authority to the Treasurer of the States to sign and/or authenticate the official seal of the Minister for certain documents in relation to the execution of the States of Jersey Bond.

 

  1. Reason for Decision

 

To authorise the Treasurer of the States to sign and/or authenticate the official seal of the Minister for certain documents in relation to the execution of the States of Jersey Bond to enable the efficient and effective management of public finances and operation of the Treasury and Resources department.

 

  1. Resource Implications

None.

 

 

 

 

Report author :  Head of Decision Support

Document date : 4th June 2014

Quality Assurance / Review : Business Manager

File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DSs, WRs and SDs\2014-0048 - T&R delegated Authority - Execution of Bond - June 2014\WR - TR delegated Authority - Execution of Bond - June 2014.doc

 

 

 

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