Here is a summary of the Buckinghamshire Shareholder Committee meeting scheduled for Wednesday 15 October 2025. The meeting included discussion of company governance best practices, an update to the committee's terms of reference, and a review of the financial accounts for Aylesbury Vale Estates and Buckinghamshire Advantage. The committee was also scheduled to discuss a mid-year update and draft financial accounts from Consilio.

Terms of Reference

The Buckinghamshire Shareholder Committee was scheduled to consider incorporating governance oversight of council-owned trusts into its terms of reference. According to the Public Reports Pack, two alternative terms of reference had been drafted: one that delegates decision-making powers to the committee, and another that allows the committee to act in an advisory capacity to the cabinet only.

The report pack states that the reason for adding this to the Shareholder Committee's remit is:

to strengthen existing arrangements (as has been the case for the Council-owned subsidiaries) and, in particular to ensure good governance arrangements exist and that there is improved oversight of financial reporting and performance of the Council owned Trusts.

The two significant charities and trusts where the council is sole trustee are the Farnham Park Sports Field Charitable Trust and the Higginson Park Trust. The report pack notes that the annual report and financial accounts for both Farnham Park and Higginson Park are reported to the Audit & Governance Committee and appear in the council's main statement of accounts under the Group Accounts heading. It was suggested that the Shareholder Committee also pick up the financial oversight of the Trusts.

Best Practice Self-Assessment

The committee was scheduled to review a report on company governance best practices. According to the Public Reports Pack, since 2021, a body of best practice has developed for local authority company governance, following government inspections at some local authorities. The report is an annual self-assessment of the council's company governance arrangements against a checklist set out in Local Authority Company Review Guidance, highlighting compliance and areas for further action.

The report pack notes that the creation and conduct of the Shareholder Committee since 2022 has greatly improved the council's governance of its entities. Each of 17 areas was assessed using a RAG rating¹. Amber and Red ratings indicate areas where the committee can usefully target further work, and Green indicates that the arrangements are currently deemed compliant. The amber actions identified were:

• Review of articles/agreements under way in accordance with this requirement and as endorsed by the Committee following an Internal Audit. Consider incorporating relevant checklist bullet points into Articles/Agreements (e.g. approval of significant contracts, approval of significant activities not in the business plan, taking out new loans).
• Training (mandatory) scheduled for November 2025
• Continue to ensure the purpose of each entity is refreshed in the shareholder agreement/articles of each and regularly reviewed – further to the Internal Audit. Ensure a review for Buckinghamshire Advantage is scheduled at the appropriate stage in relation to the Woodlands development.
• Follow up the Internal Audit actions – Aylesbury Vale Estates delegation policy to be reviewed as part of wider Members Agreement review.
• Shareholder Committee to follow up on its agreed will for members of the Committee occasionally to observe a meeting(s) of each entity's board to view the role in practice.
• Entities to be asked to share financial policies and procedures so that these can be reviewed by the s151 Officer². ### Financial Accounts

The committee was scheduled to review the 2024/25 draft financial accounts of Aylesbury Vale Estates (AVE) and Buckinghamshire Advantage (BA). The Public Reports Pack also notes that the committee was scheduled to consider progress to date against the business plan for Consilio, along with an updated financial position (including outstanding loans), and to review the 2024/25 draft financial accounts of Consilio.

Director Appointments

The Shareholder Committee was scheduled to undertake an annual review of director appointments to ensure arrangements remained fit for purpose.

Forward Plan

The committee was scheduled to comment on and note the Buckinghamshire Shareholder Committee forward plan 2025/26.