Decision details

1.      That the proposed draft shareholder agreement as at Appendix A of report CAB3401 be agreed.

2.      That the proposed draft memorandum of articles be agreed as at Appendix B of the report.

3.      That in consultation with the Strategic Director: Resources (Monitoring Officer), Corporate Head of Asset Management and the Corporate Head of Finance (S.151 Officer), the Strategic Director (with housing responsibility) be authorised to establish a council owned housing company for the purposes set out in report CAB3366.

4.      That the company name be approved as Venta Living.

5.      That the following be appointed as company directors:

a)  Strategic Director (non-housing responsibility).

b)  Two councillors with nominations to be reviewed after one year.

6.      That the Corporate Head of Housing be authorised to advertise and recruit up to two independent and remunerated directors with the requisite skills to the board of the company.

7.      That the Strategic Director (with housing responsibility) be authorised to enter into a resourcing contract with the local housing company subject to an agreed business plan to provide services to the company.

8.      That the Strategic Director (with housing responsibility) be authorised in consultation with the Strategic Director: Resources (Monitoring Officer) and the Deputy Leader and Cabinet Member for Community and Housing to finalise details of the draft articles of association, and shareholder agreement.

9.      That it be noted that full Council will consider and agree the reserved matters in the shareholder agreement.