The Director of Finance submitted a report to the Committee, acting as Shareholder of Reading Transport Limited, which summarised the key points of a Shareholder Update report submitted by Reading Transport Limited (RTL).  Attached to the report at Appendix 1 was the Annual Review 2021/22 Shareholder Update Report from RTL.  The review covered an operational update, financial performance, pension scheme commitments, dividend proposals, fleet replacement & capital investment and strategic issues.  Annexes to the review set out management accounts for Reading Buses, Thames Valley Buses and Newbury & District.

Robert Williams, RTL CEO, and Laurence Jenkins, RTL Finance Director, attended the meeting to present the report and answer questions from the Committee.

Resolved:

(1)      That the report and the Company’s performance update attached at Appendix 1 be noted;

(2)      That RTL’s provisional management accounts for the year ended 3 April 2022 be noted;

(3)      That, given the uncertain trading conditions, RTL be required to submit an interim shareholder report covering the period to 30 June 2022 for consideration at the meeting of the Committee due to be held on 31 October 2022;

(4)      That RTL be instructed to respond to the Council’s draft tripartite agreement and seek to mitigate the significant risk of the LGPS debt crystalising, thereby protecting the interests of both the Group and the taxpayer.

(Exempt information as defined in Paragraph 3).