The Markets Board meeting scheduled for 20 May 2026 was set to cover a range of operational and strategic matters concerning the City of London's wholesale markets. Key discussions were anticipated regarding the upcoming Smithfield Market Christmas Auction, an update on the Markets Business Plan, and a review of current risks. The meeting also included the election of a new Chairman and Deputy Chair.

Election of Chairman and Deputy Chair

The Board was scheduled to elect a Chairman and a Deputy Chair in accordance with the relevant Standing Orders.

Public Updates from General Managers

Updates were expected from the General Managers of Smithfield Market, New Spitalfields Market, and Billingsgate Market. These updates would provide information on the operational status and recent activities at each of the markets.

Smithfield Market Christmas Auction

A report from the Markets Director was scheduled for discussion concerning the funding of the 2026 Smithfield Market Christmas Auction. The report highlighted the increasing success and popularity of the event, which now necessitates the engagement of a professional events company to meet the expectations of the City of London's Safety Advisory Group (SAG). The Board was asked to consider delegating authority to the Director of Markets to allocate up to £23,050 from the Departmental Local Risk Budget if alternative funding could not be secured. The report also suggested exploring opportunities for waiving fees or securing financial support from other City of London departments and external bodies to offset the event's costs.

Markets Business Plan Update

An update on the Markets Business Plan for 2025/26 was to be presented, detailing progress made during Period 3 (December-March). The report included Key Performance Indicators (KPIs) for outstanding debt, occupancy levels, and waste management. For Period 3, the outstanding debt across all markets was 1.81%, slightly above the target of 1.5%, attributed to payment plans for backdated rent charges at New Spitalfields. Occupancy stood at 96%, meeting the target of over 95%. Waste diversion from landfill remained at 0%, with 35% of waste being recyclable and 65% recoverable. The report also outlined progress against key objectives, including the embedding of new waste and cleaning contracts, tenant engagement on safety, and the uploading of planned preventative maintenance jobs onto Concerto.

Risk Update

A report on the wholesale market risks was scheduled for information. This report detailed key departmental risks with a current score of 6 or above, as per the City of London's Risk Management Framework. The identified risks included the extended operation of Smithfield and Billingsgate Market sites, transport risks at Billingsgate, Smithfield, and New Spitalfields Markets, and health and safety risks across the markets. The report also covered building maintenance management at Smithfield Market. Mitigating actions for these risks were outlined, with a focus on ensuring continued operational efficiency and safety.

Markets Debt Arrears

A report concerning markets debt arrears was scheduled for decision. This item, along with others, was to be discussed in a non-public session.

Tenancies at Will and Assignments

Information was to be provided on tenancies at will and assignments within the markets. This item was also scheduled for a non-public discussion.