Purpose

The Committee is recommended to
approve Evolve Norse Business Plan.
 

Content

Shareholder
Committee:
 
(2) 
Note the Governance arrangements established to
ensure effective management and performance monitoring of the JV,
as set out in Appendix 1, which will be extended to report to the
Shareholder Committee on a bi-annual basis going
forward. 
 
(3) 
Endorse the Evolve Norse Business Plan for 2023/24
attached as Appendix 2, noting the annual forecast operating profit
for 2023/24.  

 
(4) 
Note the contractual arrangements for the JV, which
sees profit shared by the Council and Norse Group on a 50%-50%
arrangement and any losses absorbed by the Norse Group.
 

OPTIONS & ALTERNATIVES CONSIDERED

Shareholder’s Committee has the option not to
approve the 2023/24 Business Plan and the implication of this is
that Evolve Norse would be required to resubmit a further update
for agreement, and potentially would not be able to implement the
outcomes of the Business Plan 2023/24 as per the terms of the
Shareholder’s Agreement.