Content

Decision:

1.      
Procurement of a suitably qualified company to carry
out a review into the most effective governance structure of North
Downs Housing Limited (NDH).

2.      
That the review included a detailed options
appraisal into the future operation of NDH – including
options to wind up the company or to continue operations in a
commercially viable manner.
Reason(s):

1.      
NDH has experienced difficulties meeting its
interest and debt repayments from its operating
surpluses.  A review of the
company’s viability is required.

2.      
The Board of Directors of NDH have asked the Council
to consider options for the future of the company, following an
options review undertaken by NDH by Savills.
Other options considered and rejected by the
Committee:
Do nothing.
Details of any conflict of interest declared by
the Leader or lead councillors and any dispensation
granted:
Councillor Angela Goodwin in
respect of being a director sitting on the North Downs Housing
Board of Directors.