The Committees

Audit & Risk Committee

Chair: Shena Winning

The Audit and Risk Committee is responsible for overseeing our risk management process and receiving assurance on the system of internal control. It also provides audit and assurance services to Vestal Developments Limited and VIVID Build Limited under the terms of the IntraGroup Services Agreements.

During the year, the committee met 4 times. Our work included monitoring and agreeing the Assurance Plan, based on the Strategic Risk Register – the approach to assurance was reviewed in April 2021 and improvements will be made during 2021/22. We reviewed the outcomes of quarterly operational controls audits and specialist in-depth audits, and followed up to ensure the actions based on audit findings were completed through a control improvement plan. Key issues were monitored such as working through lockdown, internal review of repairs overspend and committee self-assessment. We also provided an overall opinion of internal controls, which confirmed our arrangements for the management of risk are robust.

Customer Services Committee

Chair: Philip Raw

The Customer Service Committee (CSC) met for the first time on 28 January 2021. It oversees the effectiveness of service performance and related standards, including setting the standards, monitoring compliance with them and reporting performance to the Board and our customers. Importantly the committee has 3 members who are customers, which gives them vital insight into the work we do and what it’s like to live in the homes we provide. During the first meeting the committee set out their workplan for the future, alongside key performance data and also considered a presentation on Universal Credit and the impact for customers.

Pensions Committee

Chair: Duncan Short

The Pensions Committee was responsible for ensuring our pension arrangements were cost effective and met the requirements of both the organisation and its members. The committee approved on 30 November 2020, following staff consultation, the bulk transfer agreement of the company pension scheme from Social Housing Pension Scheme (SHPS) to set up our own scheme through TPT. Following completion of the transfer from SHPS, the committee was disbanded on 5 February 2021. Reporting on matters concerning employee benefits and pensions in general will go to the Remuneration and Nominations Committee.

Remuneration and Nominations Committee

Chair: Jane Earl

The Remuneration and Nominations Committee (RNC) is responsible for overseeing our approach to people and reward, and the appointment and performance of our non-executive directors and the Chief Executive. During the year, the committee met 5 times. Early in the year we reviewed our compliance with the Code of Governance, carried out our annual governance review and received a COVID-19 people update. We appointed an external agency to help recruit a new Chair of the VIVID Board, and we commissioned a review of Board remuneration. We reviewed and recommended board and committee appointments including those to VIVID Plus. Later in the year we reviewed our Gender Pay Gap Report, Ethnicity Pay Report, Code of Conduct, Standing Orders and gave a commitment for an external governance review in early 2022. In December, a panel made up of members of RNC interviewed and made a recommendation to the Board in January for the appointment of a new Chair who joined us from April 2021 as Chair designate.

Project Approvals Committee

Chair: Mark Perry

The Project Approvals Committee (PAC) is responsible for approving expenditure on major projects which support our Development Strategy and Corporate Plan. It monitors the award of contracts and our planned improvement programmes to ensure that approved projects deliver the expected benefits and that the risks connected with these projects are managed. This may include the development of new schemes, the remodelling, rehabilitation, regeneration and disposal of our homes and projects within the asset management strategy. During the year, the committee met 11 times.

Despite the impact of COVID-19 the committee has had a productive year overseeing development projects that enabled us to deliver 1,010 homes for our customers. This is a fantastic achievement and to put this into context this was only 362 less homes than the 1,372 homes we delivered in 2019/20. We’re pleased to have entered a joint venture with BoKlok as the basis of a long-term partnership to deliver modular homes in our area. We’ve also simplified the Aspect joint venture structure and have a new model which has set a benchmark for future models and how these might operate. As part of our wider development programme, we’re aiming to deliver a number of large schemes in the coming years including some sites providing homes across various tenures such as:

• A further 322 homes at North Stoneham Park, Eastleigh • 416 new homes on the site of the Basingstoke Golf Club • Over 300 new homes across various sites in Warsash • Over 700 new homes at the Wisley Airfield site, near

Guildford • Over 200 new homes at Whitehouse Farm, Chichester

Treasury Committee

Chair: David Mairs

The Treasury Committee is responsible for overseeing our treasury strategy and provides assurance to the Board on new funding decisions. During the year, it met 4 times. We’ve had a busy year which started with recommending to the Board the approval of the Treasury Strategy and Investment Policy. As well as monitoring the transition from London Inter-Bank Offered Rate to Sterling Overnight Average Index (SONIA) we continued to oversee the maintenance of our liquidity levels, compliance with our Golden Rules and financial covenant compliance. We also reviewed options for our future funding strategy.