States of Jersey Development Company: Annual General Meeting: 2016 Voting Instructions

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A decision made 18 April 2016:

Decision Reference: MD-TR-2016-0034
Decision Summary Title:	SoJDC 2016 AGM voting instructions.		Date of Decision Summary:	14th April 2016
Decision Summary Author:	Head of Shareholder Relations		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	SoJDC 2016 AGM voting instructions.		Date of Written Report:	14th April 2016
Written Report Author:	Head of Shareholder Relations		Written Report : Public or Exempt?	Public
Subject: States of Jersey Development Company 2016 Annual General Meeting voting instructions.
Decision(s): The Minister instructed the Greffier of the States and the Treasurer of the States to vote in favour of the resolutions to be put before the Annual General Meeting of the States of Jersey Development Company (SoJDC) on 25th April 2016.
Reason(s) for decision: To fulfil the States’ role as shareholder of the SOJDC by exercising voting rights at the 2016 Annual General Meeting.
Resource Implications: This decision has no resource implications.
Action required: Treasurer and Greffier of the States are instructed to vote in respect of their nominee shareholdings in favour of each of the resolutions. The Head of Decision Support to notify the Head of Shareholder Relations once the decision has been approved.
Signature:		Position: Senator A J H Maclean, Minister for Treasury and Resources
Date Signed:		Date of Decision:

States of Jersey Development Company: Annual General Meeting: 2016 Voting Instructions

Treasury and Resources

Ministerial Decision Report

States of Jersey Development Company 2016 Annual General Meeting voting instructions.

Purpose of Report

To enable the Minister for Treasury and Resources to vote on the resolutions to be put before the 2016 Annual General Meeting of the States of Jersey Development Company on 25th April 2016.

Background

In 2010 the States Assembly through adopting P.73/2010 approved the establishment of the States of Jersey Development Company (SoJDC) as the successor to the Waterfront Enterprise Board Limited. The new company, with a revised remit, came into effect on June 2011 following adoption by the States Assembly of P.32/2011 appointing a new board of Non-executive Directors.

As at 31 December 2015 the Company’s authorised share capital is £20 million, of which 19,999,999 shares are held by the Greffier of the States on behalf of the States of Jersey and 1 share held by the Treasurer of the States.

SoJDC gave notice on 15th March 2016 that the Company will be holding its Annual General Meeting on 25th April 2016. The business is to resolve each item by Ordinary Resolution as follows:

To receive the minutes of the previous Annual General Meeting and approve the content.
To reappoint the auditors of the Company, PricewaterhouseCoopers C.I. LLP, to hold office until the next Annual General Meeting at which accounts are laid before the Company and that their remuneration be determined by the directors;
To receive the annual Remuneration Report of the Remuneration Committee and approve the remuneration that was agreed by that Committee (included with Financial Statements);
To receive the report of the directors, the annual review and the audited financial statements for the year ended 31 December 2015 together with the report of the auditors and approve the reports and the financial statements.

Recommendation

The Minister is recommended to instruct the Greffier of the States and the Treasurer of the States to vote in respect of their nominee shareholdings in favour of each of the resolutions to be put before the Annual General Meeting of the States of Jersey Development Company (SoJDC) on 25th April 2016.

Reason for Decision

To fulfil the States’ role as shareholder of the SOJDC by exercising voting rights at the 2016 Annual General Meeting.

Resource Implications

This decision has no resource implications.

Report author : Head of Shareholder Relations	Document date : 14th April 2016
Quality Assurance / Review : Head of Decision Support	File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DS, WR and SD\2016-0035 - SoJDC AGM Voting Instructions 25 April 2016
MD sponsor : Head of Shareholder Relations