Agenda and minutes

The Sub Committee is asked to note that the Leader of the Council has appointed Councillor Louwella Prenter as Chairperson.

The Sub Committee noted that the Leader of the Council appointed Councillor Louwella Prenter as Chairperson.

An apology of absence was received from Councillor Mahil.

The record of the meeting held on 30 May 2024 was agreed by the Sub-Committee and signed by the Chairperson as correct.

Post Meeting Note – The skills matrix had since been provided and would be regularly reviewed by the Sub Committee.

Disclosable pecuniary interests

There were none.  

Other significant interests (OSIs)

Councillor Curry declared this his wife was a trustee for the Watts Charity in Chatham High Street.

Other interests

There were none.</AI3>

The Committee agreed that the press and public be excluded from the meeting during the consideration of the exempt material relating to agenda items 5, 6 and 7 because consideration of these matters in public would disclose information falling within one or more categories of exempt information contained in Schedule 12A of the Local Government Act 1972 as specified in agenda item 8 and, in all the circumstances of the case, the Committee considered that the public interest in maintaining the exemption outweighed the public interest in disclosing the information.

Background:

This report provided an overview of the progress made against the approved MDC Ltd Business Plan as well as KPI targets. The MDC Ltd Business Plan was approved on 30 May 2024 by Medway Council as sole shareholder of MDC and its subsidiaries. The updated Business Plan presented a medium-term proposal up to 2030 and set out how MDC Ltd would deliver its objectives during this period.

The company had submitted an update on the KPIs (contained within an exempt appendix to the report) for consideration by the Sub Committee.

The Sub Committee were informed there was an error on the report and the portfolio holder should be Councillor Louwella Prenter and not Councillor Van Dyke.

The Sub Committee discussed the progress of Mountbatten House and agreed to provide a report with further information to the Sub Committee. Progress with Chatham Waterfront was also discussed and MDC Ltd offered to provide Members with a named plan for Chatham Waterfront.

MDC Ltd informed the Sub Committee of a new subsidiary that has been created, MDC New Homes, and agreed to share the Business Plan for MDC New Homes with the Sub Committee.

The cost of average rents and marketing schemes were discussed and MDC Ltd was requested to provide data on average rents and further information on marketing schemes and how diversification would be considered.

Reasons:

In order for the company to fulfil its purpose, the Shareholder should monitor progress of its objectives against the Business Plan.

Background:

This report introduced the first quarter’s financial monitoring for MDC Ltd under new governance arrangements established earlier this year.  A summary of the financial forecasts provided by the company was attached as an exempt appendix to the report.

The Sub Committee discussed the financial forecasts provided and MDC Ltd agreed to provide additional information regarding the financial forecasts for shared ownership.

Reasons:

In order to fulfil its role as shareholder, on behalf of the Council, the Sub Committee must be appraised of the financial performance of the company.

Background:

This report introduced the quarter 1 update to the strategic risk registers for MDC Ltd and its subsidiaries. The risk registers were attached at exempt appendix 1.

The Sub Committee discussed the risk of sourcing adequate contractors for projects and how MDC’s modelling had been stress tested. The Sub Committee requested further information on the risk assessment regarding contractors and stress testing that had been undertaken.

Reasons:

In order to fulfil its role as shareholder,on behalf of the Council, the Sub Committee must be regularly updated regarding the risks affecting the company and its activity and the action being undertaken to manage those risks.