Agenda and draft minutes

To receive as a correct record the minutes of the Shareholder Committee meeting held on 25 October 2022.

The minutes of the meeting held on 25 October 2022 were approved as a correct record.

There were no items of urgent business.

No declarations of interest were made at this point.

The Chief Executive introduced a report that sought to appoint a Director to the Board as nominated by the Board of Morehomes for the Bay (Developments) Limited and Morehomes for the Bay (Investments) Limited.

Due to changes in Executive Team membership, it was necessary to appoint a new Director to the Board in line with Shareholders Agreement Part 2 Section 7 in order for its operational management of the Companies to be undertaken. Without appointing a new Director to the Board, the Board would not remain quorate and would therefore be unable to undertake its day-to-day functions or progress programs of work. This included approval of Company accounts.

Following the Board Meeting of 2 February 2023, the Chair of the Board of Directors wished to nominate Jonathan Noad in his capacity as Head of Property, Economic Growth and Regeneration to the Board of Directors for Morehomes for the Bay.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report, as follows:

The officer preferred option is Option 1. In appointing Jonathan Noad to the Board of Directors, this will result in day-to-day operational matters for the Companies being able to be progressed.

It was proposed by Councillor Wood, seconded by Councillor Brookes and resolved unanimously when put to the vote:

Resolved unanimously:

That Jonathan Noad in his capacity of Head of Property, Economic Growth and Regeneration be appointed to the Board of Directors of Morehomes for the Bay (Developments) Limited and Morehomes for the Bay  ...  view the full minutes text for item 18.

The Chief Executive presented a report that sought to provide an update to the Shareholders Committee around key areas of performance / activity since the last Shareholders Meeting in relation to activity of Morehomes for the Bay (Investments) Ltd and Morehomes for the Bay (Developments) Ltd.

As the report was for information and noting no options were provided.  Updates were provided with regard to the Board of Directors, Finance and Development opportunities.

It was noted that Jason Syers had been removed as a Director from Companies House and agreed in the previous item that Jonathan Noad be appointed to the Board of Directors (Minute 18 refers). 

In relation to Finance it was noted that accountants had been appointed to submit the dormant accounts prior to the March 21 deadline and these would be shared with the Committee at its next meeting.

With regard to development opportunities, it was noted that officers continued to scope out opportunities and these were initially expected to around Canal Quarter and/or Mainway.

Resolved:

That the report be noted.

No issues were raised under AOB.

The date of the next meeting was yet to be determined.