City of Melbourne Councillor Stephen Mayne will present a motion at this evenings Council meeting (Tuesday 30th June) asking for greater transparency from Councils wholly owned subsidiaries including the Queen Victoria Market.
The motion seeks –
1. Figures from financial accounts including profit and loss, balance sheet and cash-flow statements.
2. Senior executive remuneration disclosure.
3. And non-executive director profiles, including professional background and qualifications.
with details to be made publically accessible.
Cr. Mayne is chairman of the council's finance and governance portfolio. His motion says – “It is important to have maximum disclosure on the credentials and contractual arrangements with the key personnel responsible for stewardship at these two important subsidiaries” (QVM and Citywide) and “....the $200 million-plus Queen Victoria Market renewal project will be the biggest capital investment in council’s history.”
At last nights meeting Council resolved to adopt the motion on improved disclosure for council subsidiaries with the following addition -
"Council encourages full adoption of these disclosure proposals in the 2014-15 annual report but acknowledges board discretion to delay some of the measures until no later than the 2016-17 annual report."