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The purpose of the Investment Panel is to assess applications to the Humber LEP’s schemes of funding and make funding decisions and recommendations to the Humber LEP Board as appropriate.

Objectives

1. To develop and agree processes for administering business support initiatives funded by Humber LEP

2. To consider and assess funding applications to the Humber LEP, including the consideration of external due diligence as appropriate

3. To approve or decline applications under the scheme of delegation agreed by the LEP Board (e.g. Growing the Humber) and to make recommendations to the main LEP Board for schemes that need LEP Board approval (e.g. Growing Places Fund).

4. To monitor spend and outcomes of the projects and to report on progress to the Business Development Board and LEP Boards

Membership

The Investment Panel will be made up of private sector representatives appointed by the Chair. It will be supported and advised by the Humber LEP executive, representatives of Accountable Bodies and independent experts as needed.

The Chair of the Investment Panel will be a LEP Board member. The Vice Chair will be elected from the Investment Panel’s membership.

Conduct

1. The Investment Panel will operate in a business-like, non-bureaucratic fashion

2. A schedule of monthly meetings will be prepared on an annual basis. Meetings will only take place if there is sufficient business to discuss and additional meetings may be held if required.

3. Investment Panel members will conduct themselves according to the Nolan Principles (Appendix I).

4. Investment Panel members with personal, commercial or financial interests in any agenda items will declare them at the relevant points on the agenda and not participate in discussion or votes on those items.

5. Investment Panel members with declared personal, commercial or financial interests in any agenda items may be required to leave the room at the discretion of the Chair for the duration of the agenda item discussion

6. The Investment Panel will elect a Vice Chair who will chair meetings in the Chair’s absence. In the absence of both the Chair and the Vice Chair, a vote will be held to choose a chair for the meeting.

7. Where a vote is required, this will be through a simple majority with a casting vote for the Chair.

8. The quorum for meetings shall be three Investment Panel members.

9. Panel meetings are confined to Investment Panel members and advisers except for external presenters and observers which have been agreed with the Chair in advance.

10. Meetings will not normally be formally minuted, but there will be a formal record of decisions taken.

11. Urgent decisions required from the Investment Panel may be taken by electronic communication in between meetings, with the same requirements for quorum and declarations of interest as above.