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Agenda, decisions and draft minutes

Venue: Council Chamber - Waltham Forest Town Hall. View directions

Contact: Anthony Jackson; 020 8496 4328 

Items
No. Item

6.

APOLOGIES FOR ABSENCE AND SUBSTITUTE MEMBERS

An apology for absence has been received by Councillor Simon Miller. 

Minutes:

The Director of Governance and Law presided over the meeting until a Chair was elected at agenda item 2.

 

Apologies for absence were received from Councillors Miller and Loakes.  Councillor Douglas attended the meeting as substitute for Councillor Loakes. 

7.

ELECTION OF CHAIR

Minutes:

In the absence of the Chair, the Director of Governance and Law sought nominations for Chair of the meeting. 

 

Councillor Mitchell was duly nominated, seconded and there being no other nominations, elected Chair.

 

Councillor Louise Mitchell in the Chair.

 

 

8.

MINUTES OF THE PREVIOUS MEETING pdf icon PDF 179 KB

Minutes:

The minutes of the meeting, held on 13 June 2019, were approved and signed as a correct record. 

9.

SIXTY BRICKS BUSINESS PLAN UPDATE, NED AND MD RECRUITMENT pdf icon PDF 265 KB

Additional documents:

Decision:

Shareholder Committee:

(1)          noted that the Sixty Bricks Business Plan update attached to the report complies with the forecasts agreed in the approval of the Sixty Bricks Business Plan by Shareholder Committee in June 2019 and that the plan provides a forecast of business activity up to the year 2024;

(2)          noted the business plan update for financial year 2020/21, noting that agreement of the business plan carries no financial commitment from the Council;

(3)          noted that in the case of individual schemes to be brought forward by Sixty Bricks, each scheme will be brought to Cabinet for approval to invest in individual schemes based on the strength of each business case presented. The working assumption is that Council financing will be paid for by Sixty Bricks income flows;

(4)          approved the proposed approach to remuneration of Sixty Bricks Non-Executive Directors and MD as set out in Appendix 3 to the report; and

(5)          noted the Sixty Bricks Board intent to appoint to the currently vacant Managing Director position in the future, and to fill this post on an interim basis until a refreshed Board is in place, involving the Chair of Shareholder Committee and Senior Council officers in an advisory capacity to this appointment.

 

OPTIONS & ALTERNATIVES CONSIDERED

Business Plan, NED and MD recruitment

Shareholder’s Committee has the option not to agree this business plan update as accurate. The implication of this is that Sixty Bricks would be required to resubmit a further business plan update for agreement, and potentially would not be able to implement the remaining content of the 5 year Business Plan as per the terms of the Shareholder’s Agreement and approval obtained in June 2019

Lower remuneration packages for the NED or MD positions. This has been considered, but the company would then run the risk of attracting insufficiently experienced or skilled candidates in a competitive market. The approach put forward provides the Company with the flexibility to appoint at a higher salary point should exceptional candidates come forward.

Non appointment to the Sixty Bricks MD role is not considered sustainable for the business in the long term.

Minutes:

The Director of Housing Delivery provided a presentation to the Committee.  [The full presentation is attached, as an appendix, to this document and can be viewed electronically on the Council’s website]

In response to a question from Members, Stewart Murray – Strategic Director for Economic Growth confirmed that culture enhanced value and that when the new Board was established, Councillors could introduce themselves to the Sixty Bricks Board to help highlight the clear distinction between Sixty Bricks and the Council to help ensure that objectives were clear. 

 

Decision

Shareholder Committee:

(1)          noted that the Sixty Bricks Business Plan update attached to the report complies with the forecasts agreed in the approval of the Sixty Bricks Business Plan by Shareholder Committee in June 2019 and that the plan provides a forecast of business activity up to the year 2024;

(2)          noted the business plan update for financial year 2020/21, noting that agreement of the business plan carries no financial commitment from the Council;

(3)          noted that in the case of individual schemes to be brought forward by Sixty Bricks, each scheme will be brought to Cabinet for approval to invest in individual schemes based on the strength of each business case presented. The working assumption is that Council financing will be paid for by Sixty Bricks income flows;

(4)          approved the proposed approach to remuneration of Sixty Bricks Non-Executive Directors and MD as set out in Appendix 3 to the report; and

(5)          noted the Sixty Bricks Board intent to appoint to the currently vacant Managing Director position in the future, and to fill this post on an interim basis until a refreshed Board is in place, involving the Chair of Shareholder Committee and Senior Council officers in an advisory capacity to this appointment.