Decision

RESOLVED that it was:
 
Approved to provide the shareholder
consent for East Hampshire Norse Ltd to enter into a Limitation of
Liability Agreement with PricewaterhouseCoopers for the statutory
audit of the 2024/25 financial accounts.
 
Reasons for the
decision
 
To provide decision on a limitation of liability agreement
(LLA) with the company's auditors is a matter reserved for the
shareholders under Schedule 1, Part 1, Section EE of the
Shareholders' Agreement. (Appendix 1)
 
As per the Council's updated constitution, the Shareholder
Sub Committee has the delegated authority from Cabinet to exercise
shareholder consents directly. A formal decision was sought from
the Sub Committee to approve the company’s request to enter
an LLA for the 2024/25 statutory audit.
 
Alternative Options
Considered
 
Officers reviewed the proposal and considered the risk to
the Council to be low. Refusing to enter into the LLA would prevent
the finalisation of the company’s statutory accounts,
representing a significant compliance failure. Given the
Shareholders Sub Committee's delegated authority, a direct decision
can now be made.