Decision details

It was RESOLVED that the Committee:

(i)               Approved the re-appointment of Kreston Reeves LLP as auditor for Greensand Holdings Limited for the year to 31 December 2022.

(ii)              Authorised the Directors of the Company to fix the auditors’ remuneration for the year to 31 December 2022 as set out in the exempt annex at Part 2 of the agenda.

(iii)            Authorised the Portfolio Holder for Investment and Companies to sign on behalf of the Council as shareholder, the shareholder ordinary resolution confirming approval of recommendations (i) to (iii) as set out in the exempt annex at Part 2 of the agenda.

The Commercial Ventures Executive Sub-Committee is required to consider all the actions set out in Recommendations in its capacity as shareholder representative for Greensand Holdings Limited in order that the Company can meet its statutory obligations under the Companies Act 2006 in respect of the Directors’ Report and Audited Financial Statements and the appointment and remuneration of auditors.

Option 1 Approve the required actions as set out in the Recommendations in order that Greensand Holdings Limited can meet the requirements of the Companies Act 2006. This is the recommended option to ensure Greensand Holdings Limited is governed correctly and meets the statutory requirements.

Option 2: If after reviewing the required actions and supporting documentation, adjustments are required, the Commercial Ventures Executive Sub-Committee should request the necessary adjustments be made and approve the actions subject to those adjustments.

Option 3: To not approve the recommended actions. This is not the recommended option as failure to file accounts is a criminal offence and the Directors of Greensand Holdings Limited will not be able to carry out their statutory duties and will be in breach of the Companies Act 2006 and the Shareholder Agreement.