Decision details

That NYC, acting as Shareholder/owner of NYnet Limited (the “Company”), has approved:
• the appointment of Nigel McCloy as a director to the Company:
• the removal of Cllr Mark Crane as director to the Company.

Due to the Company being a “teckal” compliant company, the Company’s articles of association includes various reserved matters, which are decisions that must be taken by the Company’s shareholder. As NYC is the sole member of the Company, NYC’s approval was required to enable the Company to appoint new directors. In particular Reserved Matter 16 within the Company’s articles of association requires shareholder approval for “the appointment and removal of any director.” Director appointments and removal of Council directors are also specifically delegated to the Shareholder Representative under the Shareholder Committee terms of reference.

The appointment of Nigel McCloy as a director is a temporary appointment until there is a change in the Company’s Articles of Association to ensure the Company remains a “teckal” compliant company.

The following options were considered and rejected:

• Not appointing a Director – This option was rejected as it was considered necessary until there is a change in the Company’s Articles of Association to ensure the Company remains a “teckal” compliant company