Verbal update.

The Managing Director spoke to this item on behalf of the Chairman of the Direct Services Companies. The Companies had a successful first year of trading which had resulted in the payment of a dividend and a contribution to company reserves. 

Two non-executive directors had been appointed who brought valuable skills and experience from the private sector in finance and human resources. The non-executive directors were already making a contribution and one was working with the Chairman on the set-up arrangements for an Audit & Risk Committee. A further round of interviews would take place in early August with a view to appointing a third non-executive director with a background in the construction industry.

Verbal update.

The Chairman of the Trading Companies Board, Tim Sadler said the first year had gone well and that ODS had met and exceeded the MTFP expectation. The balance sheet was healthy.  Some of ODS’s reserves were being used to progress  its all important transformation plan, pending the agreed release of  Council funds to support the plan. Two Non-Executive Directors had been appointed to the Board, Catherine Pridham and Justine Brown. Their addition to the Board would strengthen ODS’s governance. Among other thing an Audit & Risk Committee was soon to be established.  Interviews for a third  Non-Executive Director would be held in August, the Board were looking for expertise in building/construction/business growth.