Issue - meetings

RESOLVED:   1)          That the Shareholder Agreement be noted.

2)          That  an invitation be extended to the February Share Holder Committee to Board Members of West Norfolk Housing and West Norfolk Property Companies to review the position of each Company and the Business Plans going forward.

3)          That a short plain English information sheet be provided for members on the workings of the Council Companies.

Reason for Decision

To facilitate collaborative working between the Companies and the Shareholder Committee.

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The Monitoring Officer presented for the information of the Shareholder Committee, the latest version of the Shareholder Agreement, for which a delegation to complete was in place.  The current document had not changed substantially.

It was noted that the Company had taken its own legal advice on the Agreement and connected Governance documents. 

Councillor Morley commented that he didn’t think that in 15.7 the Council’s dominant influence in the company was reflected enough in the document.  The Monitoring Officer commented that the Operational element would not have involvement by the Committee, but the Shareholder Committee’s influence was exerted through the Business Plan.

Councillor Morley sought information on how the Company’s accounts were prepared, to which it was explained that an independent Company prepared the accounts for the companies, and they were then presented as part of the intragroup accounts.  He also asked for information on the capital receipts and dividends, to which it was explained that dividends were based on any surplus, which only West Norfolk Property would be able to do.  Their treatment would be part of the Business Plans.

Councillor Morley asked for a layman’s guide to the elements of the Companies, how they operate and the explanation of the key terms.

Councillor Ring made reference to the 4 income streams of the Companies.

Under standing order 34 Councillor Ware supported the production of an information sheet on the Board, which would also be useful for new Directors.  The Chair agreed that it would be a useful document.

Attention was drawn to the information on the operation of the Companies which would be provided not less than twice a year on performance of the companies, members could see the detail of on the Shareholder agenda.

The Monitoring Officer reported on the development of an induction pack for new Directors which could be extrapolated to have accessible information on the new intranet for members.   The Chair supported the provision of a succinct information sheet for members.

Councillor Ring expressed the need to have Independent Directors with a wider skill set on the Boards, particularly the Property Company.

Councillor Ware suggested that there should be more communications between the Shareholder Committee and the Directors. A discussion ensued on the potential for a formal meeting between the Committee and Board Members.  It was suggested that there be an agenda item on the next meeting to review where we were.  Councillor Ware suggested an external person to attend, potentially a third applicant for the Director position.

The Monitoring Officer suggested that as the Business Plans were to be discussed at the next meeting it would be an agenda item.  This was agreed.

In agreeing the Shareholder Agreement it was requested to have it as a rolling item.

Councillor Morley questioned whether the Business Plan read as such, or as an annual operating plan.  Councillor Ring agreed with the comment which he felt that if there were ambitions to do more with  ...  view the full minutes text for item 11