Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: February 13, 2025

Purpose:

Content: 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