The Corporate Governance Committee of Leicestershire County Council met on Friday 23 January 2026 to discuss a range of financial and governance matters. The meeting was scheduled to cover updates on the external audit of the 2024/25 financial statements, the Treasury Management Strategy for 2026/27, and a quarterly report on Treasury Management activities. Members were also set to receive an update on Risk Management, review proposed changes to the Contract Procedure Rules and the Council's Modern Slavery Statement, and discuss a Whistleblowing Report. Additionally, the committee was to consider governance documents related to Global Internal Audit Standards.

External Audit of the 2024/25 Statement of Accounts, Annual Governance Statement and Pension Fund Accounts - Update

The committee was scheduled to receive an update on the external audit of the 2024/25 financial statements. This included information on the anticipated unmodified opinion from the auditors, Grant Thornton UK LLP, and details of amendments made to the accounts concerning the Social Care Grant, the Better Care Fund, and the accounting treatment of pooled property and infrastructure investments. The report indicated that the audit work was largely complete, with final outstanding items being resolved. The committee was asked to note the updated Audit Findings Reports and approve the updated letter of representation.

Treasury Management Strategy Statement 2026/27

A report was scheduled to be presented outlining the Treasury Management Strategy Statement for 2026/27. This included a review of the minimum revenue provision (MRP) policy statement and the annual investment strategy. The report detailed the Council's approach to managing its treasury management investments, prioritising security, liquidity, and investment return. It also discussed the economic background, including forecasts for interest rates and the implications for the Council's borrowing and investment operations. The strategy aimed to ensure the prudent management of the Council's finances and compliance with updated guidance from the Chartered Institute of Public Finance and Accountancy (CIPFA) and HM Treasury.

Quarterly Treasury Management Report

The committee was due to receive an update on treasury management actions taken during the quarter ending 31 December 2025. This report provided key performance indicators (KPIs) for the Council's investment loan portfolio, including the Annual Percentage Rate (APR) and Weighted Average Maturity (WAM). It detailed movements in the total balance available for short-term investment and outlined the counterparties with whom the loan portfolio was invested. The report also included an overview of investments made beyond 12 months and compliance with prudential and treasury indicators.

Risk Management Update

A report was scheduled to provide an overview of key risk areas and the measures being taken to address them. This included an update on corporate risks, the Risk Management Policy Statement and Strategy, the Insurance Policy, and Property & Occupants Risk Management. A presentation was planned on the emerging risk of Artificial Intelligence (AI) technologies, covering assurances on accuracy, training plans, and the use of personal data. The report also detailed proposed revisions to the Risk Management Policy Statement and Strategy, including reflecting the potential impact of local government reorganisation and devolution plans, and the continuing financial uncertainty.

Global Internal Audit Standards in the UK Public Sector – Governance Documents

The committee was to be provided with details about important governance documents required for conformance with Global Internal Audit Standards (GIAS) effective in the UK public sector from 1 April 2025. This included an update on the Internal Audit Charter, a self-assessment against CIPFA's Code of Practice for the Governance of Internal Audit in Local Government, and a draft Internal Audit Strategy for January 2026 to March 2028. The report highlighted areas requiring improvement, such as developing an assurance map and establishing protocols for joint work with other organisations.

Changes to the Contract Procedure Rules

A joint report from the Director of Corporate Resources and the Director of Law and Governance was scheduled to outline forthcoming changes to the Contract Procedure Rules. These changes were intended to align with the Procurement Act 2023, which came into force on 24 February 2025. Notable amendments included updated financial thresholds, requirements for contracts longer than five years, and clarifications on preliminary market engagement and direct award procedures. The committee was asked to endorse these revised rules for approval by the County Council.

Changes to the Council's Modern Slavery Statement

The committee was scheduled to review and approve the revised Modern Slavery and Human Trafficking Statement for 2026. This statement, prepared on a voluntary basis, details the Council's approach to tackling modern slavery and human trafficking within its operations and supply chains. The main changes included alignment with the Procurement Act 2023, updated risk assessment criteria, and enhanced due diligence for high-risk contracts.

Whistleblowing Report

A report was to be presented summarising concerns raised under the Council's Whistleblowing Policy during the calendar year 2025. This included details of the disclosures made, the service areas involved, and the outcomes of the investigations. The report also outlined proposed minor updates to the current Whistleblowing Policy, such as referencing the new 'failure to prevent fraud' offence under the Economic Crime and Corporate Transparency Act 2023 and updating officer contact details and prescribed persons lists. The policy was considered to be clear, accessible, and fit for purpose, encouraging early internal reporting and providing multiple routes for reporting concerns.

The meeting also included standard agenda items such as the minutes of the previous meeting, question time, questions from members, urgent items, and declarations of interest. The date of the next meeting was also to be confirmed.