States of Jersey Development Company: Re-appointment of two Non-Executive directors

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A decision made on 4 October 2019

Decision Reference: MD-TR-2019-0094
Decision Summary Title:	Report and Proposition for the re-appointment of two Non-Executive Directors to SoJDC.		Date of Decision Summary:	4th October 2019
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:	Report and Proposition for the re-appointment of two Non-Executive directors to SoJDC.		Date of Written Report:	4th October 2019
Written Report Author:	Head of Shareholder Relations		Written Report : Public or Exempt?	Public
Subject: Report and Proposition recommending to the States Assembly the re-appointment of two Non-Executive directors to the States of Jersey Development Company (“SoJDC”)
Decision(s): The Minister decided to lodge “au Greffe” a Report and Proposition recommending to the States Assembly the re-appointment of two Non-Executive directors to SoJDC.
Reason(s) for decision: Article 23 of the SoJDC Articles of Association states that the Board shall compromise the Chairman, the Managing Director, the Finance Director, the Ministerial Appointee, and three States Appointees (in addition to the Chairman). Article 29, allows the appointment of Non-Executive Directors for a three year duration, subject to Articles 30 and 32 which covers events for the retirement and termination of Non-executive Directors. Article 30(a) requires that States Appointed Non-Executive Directors should be appointed by the States on the recommendation of the Minister for Treasury and Resources and that the appointment shall take effect upon delivery to the office of notice in writing to that effect executed in accordance with Article 21(b) of the Memorandum and Articles of Association. Two of the current appointed Non-Executive Directors are reaching the end of their first three year terms and it is proposed that they are re-appointed for a further three years.
Resource Implications: There are no financial or manpower consequences to the States as a result of the introduction of this decision however the remuneration for the post of Non-Executive Director to the States of Jersey Development Company is £22,000 for a minimum of 15 days commitment per annum. As current Chair of the Audit and Risk Committee, Tom Quigley will receive an additional £3,000 per annum. The cost of remuneration is borne by the SOJDC and not by the States of Jersey.
Action required: The Head of Financial Governance to notify the Head of Shareholder Relations that the decision has been approved. The Head of Shareholder Relations to inform the Managing Director of SoJDC that this decision has been approved and the Greffier of the States to be requested to arrange for the Proposition to be lodged and debated at the earliest possible date.
Signature:		Position: Deputy S J Pinel, Minister for Treasury and Resources
Date Signed:		Date of Decision: