On this page, you can find out who sits on our Investment Panel, and download all relevant board papers.

Members of the Investment Panel

  • Dr Nik Kotecha
  • Ajmer Kaur Mahal
  • Andy Reed OBE 
  • Sonia Baigent
  • Neil McGhee
  • Emma Anderson
  • Councillor Terry Richardson

The Investment Panel meets quarterly.

For more information please contact Jacob Mann, Democratic Support Officer at Leicester City Council (our Accountable Body) on 0116 454 5843.

 

Terms of Reference

Purpose

The Investment Panel is a sub-committee of the LLEP Board. The Panel does not have any delegated decision making authority unless specifically granted by LLEP Board.

1. Objectives

i) To oversee an open and transparent approach to the appraisal of projects and the award of funding by the LLEP Board to appropriate projects that bid into monies allocated to the LLEP (e.g. Local Growth Fund, Growing Places Fund, EZ business rates) and to do this on behalf of the LLEP Board, and making recommendations to the LLEP Board for approval or not of projects and then ensuring that LLEP Board approved recommendations are taken through to appropriate contracting and award of funds.

ii) For external bids, the Investment Panel will act as a critical friend and review the project pipeline and business cases, form an indicative programme and make recommendations to the LLEP Board for approval.

iii) To monitor performance against contracted projects and performance of the relevant fund overall, considering output and outcome performance, funding and spend profiles and monitoring of risk. Where performance is poor the Panel will also consider appropriate courses of action and make recommendations to the Board, including if necessary, the reduction or withdrawal of funding.

iv) Provide assurance to the LLEP Board and the Accountable Body that proper and reasonable decisions are being proposed and that the checks and monitoring of project performance are undertaken.

v) To oversee operational programme related matters and make non-financial decisions including, but not exclusively, agreeing Project Change Requests, Local Growth Fund and other funding programme and project reporting returns to government.

vi) Approve funding variations within a programme of agreed projects, up to any value, which does not affect the lifetime funding to a project. Where slippage occurs the Investment Panel will advise on how best to mitigate; If a project has slipped to such an extent that it might be best to use the resources to deliver a different project then a recommendation to that effect will be made to the Board;

vii) Set delegated tolerance levels for each Programme within which the LLEP Secretariat must operate.

viii) Work with the Accountable Body to ensure the standards in the Local Assurance Framework are met.

2. Reporting Responsibilities

i) The Panel Chair shall report formally to the LLEP Board on its proceedings after each meeting on all matters within its objectives.

ii) The Panel shall make whatever recommendations to the Board it deems appropriate on any area within its duties where action or improvement is needed.

iii) The Panel will report on fund allocation, spend performance, output performance and risk to the LLEP Board at the next Board meeting following each Panel meeting.

iv) When appropriate, written reports will be provided to the Investment Panel for matters of urgency outside of the regular meeting schedule via written procedure.

3. Membership

3.1) The Investment Panel will be chaired by a LLEP Board Non-Executive Director and its membership will include six other LLEP Board Non-Executive Directors and may include the Vice-chair but not the Chair of the LLEP Board. The Panel members will elect its Chair.

3.2) Appointments to the Panel shall be agreed by the LLEP Board for a term of 3 years.

3.3) In the absence of the Panel Chair, the remaining members present shall elect one of themselves to chair the meeting.

3.4) Members of the Panel are encouraged to attend each meeting. If members cannot attend, they will be encouraged to submit their views in writing.

3.5) The Investment Panel is supported by the LLEP Executive and secretariat and the Accountable Body (Leicester City Council).

4. Format and Timings of Meetings

4.1) The Investment Panel will meet ahead of Board meetings and in accordance with the timescales for monitoring returns to funding bodies.

4.2) The meetings and papers of the Panel will be in the same format as and subject to the same conditions as the LLEP Board meetings and papers.

4.5) In accordance with the national guidance:

  1. Meeting agendas and papers will be circulated 5 clear working days before the meeting takes place;
  2. Minutes of Panel meetings to be circulated within 10 clear working days of the meeting taking place. This may be in draft if internal LLEP processes require clearance before the minutes are finalised.
  3. Any declaration of interest made at the meeting will be included in the minutes of the Panel meeting. A new declaration of interest will be updated on the relevant member’s register of interest.
  4. The quorum necessary for the transaction of business shall be three LLEP Board Non-Executive Directors. The Panel meetings can either be conducted in person or virtually.

4.6) Where a meeting of is not quorate no business shall be transacted other than information items for consideration and a vote as to the date the meeting will be reconvened.

4.7) The agenda for the Panel meetings will be developed in consultation with the Panel Chair.

4.8) Where appropriate, and as required, decisions can be taken by written procedure which will follow the written procedure process established for the LLEP Board and set out within the LAF.