Council announces review into investment company

Redland City Council will undertake a review of its investment arm Redland Investment Corporation (RIC) following a decision in today’s General Meeting.

Redland City Mayor Karen Williams said the time was right for a review to ensure RIC continued to deliver benefits for the Redlands Coast community.

“It is now five years since RIC was formed so it makes sense for Council to have a look at it to ensure it is delivering for the community,” she said.

“In that time RIC has delivered $2 million in dividends to the Redlands Coast community and delivered and started some important projects that will support the future of our city.

“This includes work starting this week on the Weinam Creek project which will deliver vital community infrastructure.

“At the same time the expectations of Council and the community have evolved and this review will ensure Council continues to meet these expectations.”

Cr Williams said the review would also respond to changes in the local and State Government landscape.

“There has been a great deal of discussion regarding Council controlled entities in other cities, including detailed reports into their operation and governance.
“This review will consider these learnings, along with what is the best business model to deliver for the future of the community.”

Cr Williams said all current RIC projects would continue, with the report to be delivered in time for an incoming Council to consider.