Issue - meetings

RESOLVED: The Shareholder Committee endorsed the report and recommended the following to Audit Committee.

Recommendation to Audit Committee:

1. Note the work undertaken by the Shareholder Committee since September 2024.

2. Note the strengthening of shareholder oversight arrangements through the development of company KPI frameworks.

REASON FOR DECISION: To fulfil the Terms of Reference of the Shareholder Committee reporting annually to the Audit Committee.

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The Interim Corporate Governance Manager presented the annual update, which was to be submitted to the Audit Committee.  As this was the first report of its kind, it covered the period from September 2024 and summarised the Shareholder Committee’s oversight of West Norfolk Housing Company, West Norfolk Property Limited and the winding up of Alive West Norfolk.  It also outlined the Committee’s work on performance monitoring, business planning, financial and investment matters, governance, accountability and annual assurance.

Councillor Morley welcomed the report but expressed disappointment that, despite concerns previously raised at the Audit Committee about governance and oversight, Audit Committee Members had not used the opportunity available under Standing Order 34 to attend the Shareholder Committee.  Councillor Morley considered that a closer connection between the two committees would assist Members’ understanding.

The Chair commented that Audit Committee Members remained welcome to attend, and the Interim Corporate Governance Manager advised that this invitation could be reiterated when the report was presented. 

The Chair asked where compliance and regulatory risk sat in relation to properties operated by West Norfolk Property Limited where the Council retained the freehold.  The Housing Development Manager explained that, as the company was the landlord under the tenancy agreement, the principal landlord obligations rested with the company, although the Council remained the superior landlord.  The Assistant Director for Regeneration, Housing and Place added that the regulatory burden in both the social and private rented sectors had increased significantly and would continue to affect the costs of operating the companies.

Councillor Ring commented that the Council’s housing companies were well placed to meet the new regulatory requirements when compared with parts of the wider private rented sector.

RESOLVED: The Shareholder Committee endorsed the report and recommended the following to Audit Committee.

Recommendation to Audit Committee:

1.    Note the work undertaken by the Shareholder Committee since September 2024.

2.    Note the strengthening of shareholder oversight arrangements through the development of company KPI frameworks.

REASON FOR DECISION: To fulfil the Terms of Reference of the Shareholder Committee reporting annually to the Audit Committee.