West Somerset Railway

Director Profiles

Director: Inward Investment

ACCOUNTABLE TO: PLC BOARD VIA THE CHAIRMAN

ROLE AND RESPONSIBILITIES SUMMARY

The Director Inward Investment will be responsible to the PLC Board via of the Chairman. He/she has the lead developmental and policy role on the Board for this activity. Working as one of the Directors within the new PLC structure, the individual concerned will take responsibility for supporting the Board and the management team to optimize the opportunities, scope, and delivery of inward investment to the West Somerset Railway. The person appointed will work closely with the Finance Director, Head of Commercial Services and the other organizations across the WSR. He/she will also establish effective relationships with external bodies including Partnership Development Group, local authorities, Local Enterprise Partnership, and other fundraising organizations in identifying, coordinating, and submitting bids for resources against priorities identified by the Board within its corporate and business planning processes.

This is a voluntary role undertaken initially in a hybrid management role and then subsequently in a non-executive capacity within the new corporate structure being designed and implemented across the PLC and is in addition to the corporate board responsibilities of a PLC Director.

SPECIFIC RESPONSIBILITIES
  1. To identify the range of potential external sources for inward investment to the WSR PLC. Work with the Finance Director to ensure that these are compatible with financial governance and financial frameworks within the PLC.
  2. To develop and maintain a register of potential funds and criteria for bids. To undertake the necessary "horizon scanning" and networking to keep the PLC aware and appraised of new developments and opportunities as they arise.
  3. To coordinate and develop the necessary bid activities required to apply for external resources against priority projects agreed by the PLC Board. This will require detailed partnership work not only with other PLC Directors and the management team but also members of the wider railway family where required. This will principally be taken through Partnership Development Group. To take responsibility for writing bids where required.
  4. Together with the Finance Director, to understand and to advise the Board on the different approaches to securing inward investment particularly around the "rules of engagement" in relation to e.g. charitable status, tax and other considerations in relation to PLC responsibilities and risks around acquisition of external resources.
  5. To liaise with Board committees and other groups to establish a schedule of potential schemes this could be subject to external fund raising activity. To agree with the Board priorities for action and to develop and manage a timetable and project plans for each inward investment Programme.
  6. Work with the Finance Director and Director Governance to ensure that all financial and corporate governance criteria have been met in assessing, preparing, and submitting dates for inward investment.
  7. To develop effective relationships with potential external funding bodies in order that PLC capacity and time on bid activity can be effectively targeted to the right regime and in the right way.
  8. To provide regular reports to the Board and relevant Committees as required.
CORPORATE RESPONSIBILITIES

As a member of the Board, the Director Inward Investment will be expected to fulfil the statutory duties of a PLC Director which include:

  1. To ensure that WSR PLC complies with its governing document, company law and any other relevant legislation or regulations.
  2. To ensure that WSR PLC pursues its objects as defined in its governing document.
  3. To ensure WSR PLC uses its resources exclusively in pursuance of its objects: the company must not spend money on activities which are not included in its own objects or corporate plan, no matter how worthwhile those activities are.
  4. To contribute actively to the Board's role in giving firm strategic direction to WSR PLC, setting overall policy, defining goals and setting targets and evaluating performance against agreed targets.
  5. To safeguard the good name and values of WSR PLC.
  6. To ensure the effective and efficient administration of WSR PLC
  7. To ensure the financial stability of WSR PLC.
  8. To protect and manage the property of the company and to ensure the proper investment of the company's funds.
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