Tuesday 30 June 2015

Council To Seek Greater Transparency From QVM

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.”

UPDATE: 11:55 1/7/2015
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."