Board Committees Asset Investment & Development Committee (IDC) Committee members Meetings attended Richard Petty (Chair to 30.09.23) 5/5 Elizabeth Froude (Chair from 1.10.23) 4/4 Fred Angole (from 01.01.24) 1/1 Nicola Bruce 8/8 Peter Truscott 7/8 IDC’s primary role is to oversee, on behalf of the Board, Anchor’s Development Programme and Planned Investment Programme. The committee considers, on a quarterly basis, the overall scale and shape of the development programme, including tenure mix, projected cost to complete, overall funding requirements, anticipated returns and key implementation issues including contractor performance, timescales and health and safety on site. The committee considers key development and asset management risks and associated mitigation proposals at each meeting, with reference to a focused Development Risk Register. The committee reviews the investment criteria and hurdles. These are applied to all new development and regeneration proposals. The committee considers new development opportunities, schemes in development and site acquisitions. The committee reviews the annual Planned Investment Programme, which feeds into the annual organisational budget approved by the Board. The committee reviews and approves strategic investment proposals within the existing portfolio, including improvements to the environmental sustainability of properties and proposals for the strategic divestment of existing properties. IDC activities for the financial year 2023-24 During the year, the committee has scrutinised and approved business cases for development of 437 new homes. It reviewed and endorsed updated financial appraisal criteria for assessing schemes presented for approval and has maintained a focus on the impact of cost inflation on the development pipeline during the year. In the summer of 2023, the committee oversaw a refresh of Anchor’s Development Strategy which was then approved by the Board. In the context of the refreshed strategy, Development Design Standards have been developed and will be adopted for all new Anchor homes. Following an annual review in 2024, the Development Strategy was updated and now focuses on building a majority of homes for social rent and some for shared ownership. The committee regularly reviews the Development Risk Register and scrutinises the success of risk mitigations. The committee takes particular care to monitor risks around sales income, financial viability of schemes and resilience of development contractors.
The committee has overseen the planned investment programme for Anchor’s properties and steered priorities for spend. The challenges of the operating environment are regularly discussed, along with the impact this has on both the planned investment and reactive maintenance budgets. Updates have been provided to the committee throughout the year on completed stock condition surveys. Together with information from ‘Don’t walk by’ surveys completed by colleagues, and feedback from customers, we use this data to inform the decisions which are made about where to prioritise our planned investment activity. The committee monitors customer satisfaction and delivery outcomes for planned works, which is not at a level we would like it to be This is one of the key factors being considered when procuring new repairs and planned investment contracts, which will start in 2025. There are also some changes taking place to colleague roles and structures in the Property and Assets. We expect the changes to result in more efficient and improved services and satisfaction. The committee has received regular updates on progress with: • Property portfolio reviews – these consider the performance of Anchor’s properties and identify where there are opportunities to improve or redevelop, or in some cases, a planned disposal is recommended if they will not support Anchor’s strategy in the long term. • Retrofitting of properties to make them more energy efficient. Much of the current programme is being co-funded by the Social Housing Decarbonisation Fund. Remuneration Committee Committee members Meetings attended Nicola Bruce (chair) 4/4 Christopher Kemball 4/4 Denise Peart 4/4 The Remuneration Committee’s responsibilities are to ensure that appropriate remuneration policies are in place, taking into account remuneration across Anchor’s workforce and external comparators alongside the experience of our residents, customers, investors and all our key stakeholders, and to determine the individual elements and total reward for all executive and senior management roles. Remuneration is structured in such a way that it attracts, motivates and retains talented individuals, while focusing them to achieve specific targets in order to deliver Anchor’s objectives and deliver value to stakeholders. No members of the executive are present when the committee is deciding on matters relating specifically to their remuneration. Remuneration Committee activities for the financial year 2023-24 During the year, the committee remained focused on cost- of-living challenges, and the implications of these for our wider workforce strategy. The committee worked closely
36 Anchor Hanover Group Annual Report & Financial Statements 2024
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