The Shareholder Executive Committee of Woking Council convened to discuss the governance and performance of council-owned companies, with a particular focus on Victoria Square Woking Limited. Key topics included the introduction of the Shareholder Liaison Service, the exceptional financial support arrangements, and the business plan for Victoria Square.

Shareholder Liaison Service Report

Kevin Forster presented the report of the Shareholder Liaison Service, outlining its role in advising the committee on issues related to council shareholdings. The service operates within a governance framework approved in November 2023, focusing on company performance, asset disposal, debt reduction, and robust commercial governance. Forster emphasized the importance of these measures in light of the council's financial challenges, including the Section 114 notice and intervention from the Secretary of State.

Councillor Johnson praised the report for providing a clear basis for the committee's work, while Councillor Roberts highlighted the need to consider the exceptional financial support requirements, such as asset disposals and debt reduction, in their discussions.

Victoria Square Business Plan

The committee received an overview of the business plan for Victoria Square Woking Limited. Tim, a representative from Victoria Square, discussed the company's efforts to improve governance, resolve legacy issues, and develop a long-term commercial strategy with the help of Knight-Frank. He introduced Elizabeth Hill as the new finance director and mentioned the upcoming addition of a financial controller.

Tim also addressed the board's performance, noting the positive impact of new chair Jane Wynn and non-executive director Jean-Marc Van de Veer. He highlighted the board's focus on financial transparency and proactive management accounting.

Councillor Roberts inquired about the town centre's changing role and the collaboration with other stakeholders like Wolsey Place and the Peacocks. Tim acknowledged the challenges posed by the decline in retail but expressed optimism about the town centre's future, citing high occupancy rates and potential new tenants like a hot yoga studio.

Councillor Johnson raised questions about the infrastructure and IT systems supporting Victoria Square. Tim confirmed ongoing improvements, including the introduction of a new accounting system and the recruitment of an asset management lead. He also provided updates on the hotel's expected completion in September and the need to restructure the company's title and corporate structure for future investment.

Work Programme

The committee reviewed the work programme for 2024-25, which includes monthly, quarterly, and annual meetings to track financial and performance reports and review business plans from various council companies. The programme was accepted without further queries.

The meeting concluded with a resolution to move into a private session to discuss commercially confidential items.