Investment Committee launch marks another step on Combined Authority’s improvement journey

Investment Committee launch marks another step on Combined Authority’s improvement journey

A new committee tasked with assessing and making decisions on funding for projects benefitting the region held its first meeting on Thursday.

As part of the Combined Authority’s programme of improvement, the new Investment Committee will build on the existing governance structure, focusing on driving more timely, strategic and effective decisions on investments in areas such as skills and employment, economic growth, achieving net zero and increasing and improving connectivity.  Areas that support the Combined Authority’s wider goal of creating a better future for the region and its communities. It will also consider how delivery and outcomes of any spending are monitored and evaluated so they offer value for money.

The Investment Committee has the delegated authority to make decisions to approve business cases valued at between £1 million and £5 million.  It will also offer advice to the Combined Authority on investment proposals above £5 million, as well as on a range of strategic and operational decisions.

The Committee is chaired by the Combined Authority’s designated Lead Member for Investment and Economic Growth, which is the Mayor of Cambridgeshire and Peterborough, Dr Nik Johnson. It is made up of representatives from each of the seven constituent councils of the Combined Authority and members of the Business Board, including its Chair.

In its first meeting the Committee considered early-stage proposals for projects totalling nearly £8 million, including a support programme for charity, social enterprise and third sector organisations, and the extension of the region’s Digital Connectivity Strategy to improve digital infrastructure across the region for residents and businesses, fostering innovation and supporting inclusion.

The Investment Committee also has a role in advising, and making decisions where it has the authority, on any commercial activity of the Combined Authority, such as where it is a corporate shareholder of a company or group of companies.

Mayor Dr Nik Johnson said: “We want to ensure that every penny spent in Cambridgeshire and Peterborough has the greatest impact on our communities and aligns with our shared goals as a Combined Authority. I was pleased to chair the first meeting of this new committee, which will focus on making decisions and recommendations on investments which will best make that happen.”