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Investment Board - Terms of Reference

Purpose

To make investment decisions, or recommendations for the WMCA Board as appropriate, relating to applications made in accordance with the Investment Program that underpin devolution agreements and any other investment proposals, including the Collective Investment Fund, Brownfield Land & Property Fund, Land & Property Investment Fund, Land Remediation Fund and any other funds that the WMCA appoints West Midlands Development Capital to fund manage on its behalf.

To include all WMCA transport projects (including the City Region Sustainable Tramsport Settlement) allowing investment decisions to be made to values between £5 and £20m in line with the Single Assurance Framework.

Accountable to

WMCA Board

Membership

·       Portfolio Lead for Finance & Investments.

·       Each constituent authority will appoint one member each.

·       Each of the three local enterprise partnerships will appoint one member each.

·       Non-constituent authorities will collectively appoint one member.

·       West Midlands Development Capital will appoint one member.

Chair

The Portfolio Lead for Finance & Investment will chair meetings.

Voting

All members of the Investment Board will have one vote, except the representative of West Midlands Development Capital who attend in a non-voting capacity. The Chair does not have a casting vote.

Members appointed by the Black Country authorities may choose, having given prior notification, to exercise their collective vote through a single representative.

Quorum

The quorum for the meeting will be four members.

Frequency

To meet on a monthly basis, or as required to discharge its responsibilities.

Functions

·       To consider investment proposals and to make appropriate challenges to these proposals.

·       To make specific investment decisions for the Collective Investment Fund, Land Remediation Fund and any other funds that West Midlands Development Capital manages on behalf of the WMCA.

·       To oversee and monitor investments made through the Collective Investment Fund, Brownfield Land & Property Fund, Land & Property Investment Fund and Land Remediation Fund.

·       To approve sponsored applications to be awarded funding.

·       To receive a quarterly report from West Midlands Development Capital on its performance against the objectives within the WMCA’s Investment Strategy.

·       To receive a half-yearly report on the activity of the West Midlands Growth Fund.

Delegated Authority

·       Funding decisions up to a value of £5m will normally be determined by the WMCA’s Senior Leadership Team.

·       Funding decisions between £5m - £20m will be determined by the Investment Board under authority delegated to it by the WMCA Board.

·       Funding decisions over £20m will be reserved for determination by the WMCA Board, normally following a recommendation by the Investment Board.