CCHL was set up 1993 in response to calls for a confidential independent non-political buffer between the Council and the companies it owned. CCHL therefore ensures that a commercial approach is taken to managing the interface with the Council’s companies.
The Council’s investment in CCHL and its subsidiary companies was independently valued at over $2 billion in June 2016. CCHL has a Standard and Poor’s credit rating of A+ stable outlook.
The trading companies pay regular dividends to CCHL. In turn, CCHL pays ordinary dividends of around $46m a year to the Council. The CCHL group companies have also provided significant capital for the Council to fund other projects.
CCHL functions in relation to existing investments
In relation to the existing portfolio of investments, tasks that CCHL undertakes include:
CCHL is accountable to the Council through a number of mechanisms, including:
Neither CCHL nor the Council plays any part in the management of the CCTOs and other companies – this is solely the prerogative of their respective boards and management, who are charged with running their businesses in a commercial manner, and on an arm’s length basis from CCHL and the Council.
Board and management
CCHL employs a small team of staff, comprising: