The Committee, in its capacity as shareholder of Reading Transport Limited (RTL), considered a report setting out at Appendix 1, the Shareholder Update Report. 

The cover report set out key points arising from the Shareholder Update including operational performance, social performance, financial performance, pension scheme commitments, capital investment programme and fleet replacement strategy, dividend policy and strategic planning and risk management.

The report also proposed the re-appointment of five Non-Executive Directors whose terms were due to end in December 2025.

Resolved –

(1)           That the content of the report and the Shareholder Update Report as attached as Appendix 1 be noted;

(2)           That the Board-approved capital investment programme set out in Section 8 of Appendix 1 be noted;

(3)           That a second term of office for five non-executive directors (Bob Pinkett until 2026; Peter Mihofer until 2029; Ian Feast until 2029; Pam Turton until 2029 and Gush Uppal to 2029) be approved;

(4)           That a Gush Uppal may retire in December 2028 to assist with future Board rotation be noted;

(5)           That the dividend proposal outlined in the report be approved.