4.5 Chapter 1 introduced some of the key drivers of VfM and purpose for selecting a JV approach.
4.6 It is essential that the public and private sector parties have complementary and aligned objectives. Each party will have a contribution to make to the delivery of a successful partnership outcome and both will share in the risks and rewards, many of which may be relatively difficult to quantify fully at the outset. Through the JV these complementary resources can be integrated to create a wholly new business, not otherwise achievable.
4.7 In addition to the need for complementary objectives and shared risks and rewards, other factors supporting the use of a JV approach may include, amongst other things: the need for a more autonomous and formalised corporate governance and management/control framework; access to finance and private sector resources; and a more flexible delivery structure. These and other factors supporting the use of a JV are explained further in Annex J.