Purpose

Shareholder Committee is recommended to note
progress to the Sixty Bricks Development Programme.
 

Content

Shareholder Committee:

(1)           
noted the half yearly update to Sixty Bricks Annual Business Plan
for 2023-2024;

(2)           
noted that agreement of the Business Plan carries no financial
commitment to invest in the direct delivery of the development
pipeline. Such investment decisions will be made by Cabinet on a
scheme-by-scheme basis, subject to the presentation of an
acceptable business case prior to schemes being submitted for
planning approval;

(3)           
approved the appointment of John Turnbull as a Non-Executive
Director to the Sixty Bricks Board;
and

(4)           
approved the appointment of the existing Non-Executive Directors
for a further one-year term (until October 2024), based on their
existing terms and conditions.

 
OPTIONS &
ALTERNATIVES CONSIDERED
 

The half yearly update to the Business Plan is for noting only.

In relation to the appointment of the NEDs, the following options
were considered:

1.   
Appointing new NEDs

2.   
Appointing the existing NEDs for a longer period (up to three
years)

Option 1 was discounted, as it would result in significant
disruption and sudden loss of knowledge and experience to the Sixty
Bricks business, at a critical time.

Option 2 was discounted, as it could restrict the Council’s
ability to respond in a timely manner to the recommendations from
the review.