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Policy

Corporate Governance Framework

Our corporate governance framework sets out the necessary responsibilities and procedures that guarantee we operate properly.

  1. Contents
  2. 17 - Arrangements in the event that an Arm's Length Body (ALB) is wound up

17 - Arrangements in the event that an Arm's Length Body (ALB) is wound up

17.1. In the event of the decision being made to wind up the Gambling Commission, the gambling Commission will be required to wind-up its affairs in accordance with the timetable agreed with the Department and to put in place a plan for its closure. This will include arrangements for the handover of its residual business and assets and liabilities.

17.2. The draft wind-up plan should be forwarded to DCMS in accordance with the agreed timetable.

17.3. DCMS shall put in place arrangements to ensure that, when an ALB is wound up, this shall be done in an orderly manner. In particular DCMS should ensure that where an ALB is wound up, the assets and liabilities of the body are passed to any successor organisation and accounted for properly. In the event that there is no successor organisation, the assets and liabilities should revert to the sponsor department. To this end, the Department, in conjunction with the ALB, shall:

  • ensure that procedures are in place in the ALB to gain independent assurance on key transactions, financial commitments, cash flows and other information needed to handle the wind-up effectively and to maintain the momentum of work inherited by any residuary body
  • where a body is audited by the National Audit Office; ensure that arrangements are in place to prepare closing accounts and pass to the C&AG for external audit and that funds are in place to pay for such audits
  • arrange for the most appropriate person to sign the closing accounts. In the event that another ALB takes on the role, responsibilities, assets and liabilities, the succeeding ALB AO should sign the closing accounts. In the event that the department inherits the role, responsibilities, assets and liabilities, the Permanent Secretary should sign.

17.4. The Gambling Commission shall provide the Department with full details of all agreements where the ALB or its successors have a right to share in the financial gains of developers. It should also pass to the department details of any other forms of claw-back due to the Gambling Commission.

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