The Strategic Investment Board met to discuss enhancements to the Shareholder Investment Panel governance and to review the performance of investment companies and properties for 2024/25. Councillors agreed to implement the recommendations for strengthening governance and noted the performance of the investment portfolio. Part of the meeting was then closed to the public to discuss financial data in more detail.

Shareholder Investment Panel Governance Enhancements

The board discussed proposed enhancements to the Shareholder Investment Panel's (SHIP) governance, aimed at strengthening governance and clarifying the committee's role. The proposals included updating the terms of reference, clarifying governance processes, and addressing potential conflicts of interest.

According to the SHIP Governance Enhancements Report, the changes are intended to:

• Update the terms of reference
• Clarify governance processes
• Address potential conflicts of interest

A key focus was on managing conflicts of interest, particularly concerning Surrey County Council officers serving as directors on boards of investment companies. It was noted that a conflict of interest policy had been adopted, leading to changes in officer roles to ensure appropriate oversight and avoid potential conflicts.

So when looking at choosing a director going forward from a Surrey County Council officer I could ask Diane to, that's not a good example, the property involvement of Surrey Choices but in terms of you could look at the highways director for example sitting on the Surrey Choices board so there's the avoidance of conflict there.

The importance of reviewing strategy, business plans, and performance at SHIP was emphasised. The aim is to ensure the Strategic Investment Board (SIB) remains informed about performance, risks, and emerging issues within the investment portfolio.

Investment Overview of 2024/25 Performance

The board reviewed the performance of the investment companies and properties for 2024/25, as detailed in the Corporate Investment Overview 24/25 Performance Review Part 1 report. Councillor Natalie Bramhall, Cabinet Member for Property, Waste and Infrastructure, noted that the report was for transparency purposes. Tom, an officer, confirmed that the performance reports had been scrutinised by SHIP, with feedback provided. He also noted that the report had come later than expected, but future reports would be presented earlier. Overall, the performance was reported to be in line with expectations, with turnover and profits as anticipated. Half-year reviews are scheduled to be presented to SIB in November, providing an update on performance against the 2025/26 plan.

The board approved the recommendations to note the review of performance reports, the content of the report, and the key risks identified and mitigation strategies in place. The decisions on this item can be called-in by the Resources and Performance Select Committee.

Exclusion of Public

The board then moved to exclude the public from the meeting to discuss items involving exempt information under the Local Government Act 1972¹.