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JT Group Limited: Memorandum and Articles of Association: Amendments: Approval

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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A decision made 19 May 2023:

Decision Reference:  MD-TR-2023-306

Public

Subject: Approval of new Memorandum and Articles of Association for JT Group Limited

 

Report Title: Approval of new Memorandum and Articles of Association for JT Group Limited

Public

Decision(s):

The Minister for Treasury and Resources decided to approve the new Memorandum and Articles of Association for JT and to instruct the Treasurer of the States and States of Jersey Investments Limited as Nominees and Trustees for the Minister, in accordance with the Declaration of Trusts, to approve a Written Shareholder Resolution approving the new Memorandum and Articles of Association.

Reason for Decision(s):

Priority number 13 of the Minister’s 2023 Ministerial Plan involves developing the governance arrangements for arm’s length bodies, which includes the States-owned entities ('SOEs').  Following the adoption of new Memoranda of Understanding with the wholly owned SOEs in May 2022, the Shareholder team commenced a project to review the Memorandum and Articles of Association for these same entities.  A new Memorandum and Articles of Association for JT has been drafted which align with modern corporate governance standards and has been agreed with the JT Board.  The proposed new Memorandum and Articles of Association has been subject to legal review.

Resource Implications: There are no financial or manpower implications for the States arising from this decision.

 

Action Required: The Minister’s Private Secretary to notify the Head of Shareholder Relations that the decision has been approved.   The Treasurer of the States and States of Jersey Investment Limited to sign a Written Shareholder Resolution approving the new Memorandum and Articles of Association.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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