The Cabinet resolved to:
(i) Approve the Shareholder Agreement between the Council and Barking and Dagenham Reside Regeneration Limited as set out at Appendix A to the report, subject to the revision of clause 10.4 to reflect that the Council’s nominee to the new Board shall be in an observer-only capacity;
(ii) Approve in principle the creation of a new Reside Registered Provider company/entity;
(iii) Delegate authority to the Director of Inclusive Growth, in consultation with the Chief Operating Officer, the Director of Law and Governance and the Cabinet Member for Finance, Performance and Core Services, to prepare an options appraisal and business case for the most effective mechanism or form of Registered Provider(s) to deliver the Council’s objectives of increasing the supply of, access to and affordability of housing in the Borough;
(iv) Agree that further work be undertaken, on the emergence of a preferred option and approval of a business case, to register any company/entity as Registered Provider(s) with the Regulator of Social Housing, and
(v) Delegate authority to the Director of Law and Governance to prepare and execute any relevant articles of association, partnership agreements, loans or and any other relevant legal documents on behalf of the Council to implement the creation and registration of new Reside Registered Provider(s).