Agenda and draft minutes

To take any questions or statements from members of the Public.

No questions or statements were received from members of the public.

Members are asked to declare the existence and nature of any Disclosable Pecuniary Interests in respect of any item of business to be considered at the meeting.

No declarations of interest were made by Councillors in items on this agenda.

The Sub-Committee is asked to confirm as a true record the Minutes and Restricted Minutes of the Meeting of the Sub-Committee held on 28 March 2023 (attached) and to authorise the Chair to sign them.

The Minutes and Restricted Minutes of the meeting of the Shareholder Sub-Committee held on 28 March 2023 were agreed as a true record and signed by the Chair.

The Sub-Committee is asked to consider whether it wishes to pass a resolution to exclude the Press and Public from the meeting in accordance with Section 100A (4) of the Local Government Act 1972 on the grounds that the business involves the likely disclosure of exempt information as defined in paragraphs 3 of Part 1 of Schedule 12A to the Act (as amended) and that pursuant to paragraph 10 of Part 2 of the said Schedule 12A the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

The Committee unanimously resolved to exclude the Press and Public from the meeting in accordance with Section 100A (4) of the Local Government Act 1972 on the grounds that the business involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Act (as amended) and that pursuant to paragraph 10 of Part 2 of the said Schedule 12A the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

Annual reporting on Epsom & Ewell Property Investment Company Ltd (EEPIC).

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).