Decision

RESOLVED that the Cabinet remits
the decision on the limited liability agreement to the Company.
 
 
Reasons for the
decision
 
Norse has appointed PwC as
auditors of Norse Group Limited (the “Company") and its
subsidiary undertakings in the UK, including East Hampshire
Norse. PwC have requested that Norse enter into a Liability
Limitation Agreement (LLA).
 
As the LLA is reserved to the shareholder
consent the Constitution requires the Shareholder Sub-Committee to
recommend to the Cabinet if they should approve the company’s
request.
 
As Shareholder, the Council is
asked to determine whether it would
accept the LLA; or waive its
right to approval to allow the company to make the decision on
their behalf.
 
Alternative Options
considered
 
Agree to enter into a
LLA.
 
Agree to waive the
right to approval of this matter and refer it back to the
company for
determination.
 
Not to support either option above. This is
not the preferred option as the Statutory Audit will not be signed
off until we have agreements in place.
 
Call-in deadline
– Tuesday 18 February at 4.00pm