The ‘Guide to Good Governance for Trust Ports’ supports and acknowledges the principle that Trust Ports should consider investing in projects that improve the overall offer of the port or services to the stakeholders which however, might not necessarily provide a commercial financial return in line with government guidance. The Guide refers to these non-commercial port investments as “stakeholder benefits” and recommends that Trust Ports consult with the stakeholders prior to confirming any stakeholder benefit investment and also that the stakeholder benefit is declared in the Annual Report.
CHC has over the last 10 years taken a very proactive approach to investing in stakeholder benefits, which the Commissioners consider have provided long-term benefits to the harbour and its broad and diverse range of stakeholders. Some important examples of CHC stakeholder benefit investments over the last decade are Trinity Landing, the Medham training pontoon and the promotion of Cowes through a wide array of mediums including, our Port Handbook, our two websites, newsletters and support for projects such as Destination Cowes and help for attracting new events.
The Commission always consults our stakeholders through the Advisory Committee before committing to any stakeholder investment and the Commissioners always welcome suggestions or proposals from stakeholders, which ideally, should be channelled via the Advisory Committee. Over the last 12 months and going forward into 2014 and 2015 the investment by the Commission into the construction of the Cowes breakwater is obviously the largest stakeholder benefit investment ever made by the Commission, however, other investments, such as CHC’s share of the refurbishment of Trinity Landing and support to the new Cowes International Etchells Invitational event are also important stakeholder benefits.
Extract from the Cowes Harbour Commission Annual Report for 2013-2014.
• Cowes Harbour Commission Annual Report 2013-2014