Issue - meetings
Annual Report
Meeting: 21/11/2023 - Shareholder Sub-Committee (Item 5)
Annual reporting on Epsom & Ewell Property Investment Company Ltd (EEPIC).
Additional documents:
- Appendix 1 Report to Shareholder Sub Committee, item 5
PDF 353 KB
- Appendix 2 EEPIC Annual Review, item 5
PDF 930 KB
- Appendix 3 Filed Annual Accounts, item 5
PDF 313 KB
- Confidential Appendix 4 - Annual Business Plan , View reasons restricted (5/5)
- Appendix 5 - Housing Update, item 5
PDF 1 MB
Minutes:
The Sub-Committee received the annual report on Epsom & Ewell Property Investment Company Ltd (EEPIC).
The following matters were considered:
a) Appointment of Director. In response to a questionfrom a member, the EEPIC Managing Director informed the Sub-Committee that EEPIC directors had a spread of professional expertise across a number of fields. The Managing Director informed the Sub-Committee that the EEPIC Board had identified an individual for the vacant Development / Town Planning Director role and was hopeful that an appointment would be made. The Managing Director informed the Sub-Committee that the impact of the vacancy this year has been minimal.
b) Dividend paid to shareholder. In response to a question from a member, the EEPIC Managing Director informed the Sub-Committee that the dividend provided to the Council by EEPIC was derived from the profits of the company, which in turn were derived from the rental paid by tenants of the company’s properties. EEPIC sought to maximise its dividend to the Council whilst still maintaining an acceptable level of risk.
c) Impact of increased hybrid working. In response toa question from a member, the EEPIC Managing Director informed the Sub-Committee that IWG (tenant at the Bracknell site) had benefitted from the post-pandemic move to hybrid working.
d) Restricted matters. Matters considered by the Sub-Committee relating to exempt information following the exclusion of the public are recorded in a separate not for publication restricted minute.
Following consideration, the Sub-Committee unanimously resolved to:
(1) Note Epsom & Ewell Property Investment Company Ltd Report to Shareholder (Appendix 1 to the report);
(2) Note Epsom & Ewell Property Investment Company Ltd Shareholder Annual Review and Accounts (Appendix 2 and 3 to the report);
(3) Approve the confidential Annual Business Plan 2024-2025 (Appendix 4 to the report).