Melbourne City Council is a very busy place and as owners of QVM their actions are often relevant to our market. Two items caught our eye this week.
Greater Transparency From QVM – during the week council passed a motion seeking greater transparency from QVM. Measures will include the public release of financial accounts including profit & loss, balance sheet and cash-flow statements – disclosure of senior executive remuneration – and profile details of non-executive directors. The disclosure measures are to be fully implemented by the 2016/17 financial year report.
CEO Report – According to this week’s Age, an internal review commissioned by the city’s new CEO, Ben Rimmer, has been critical of “slow” and “bureaucratic” processes within council and issues like an antiquated IT system. The report also criticised the activities of “ageing senior leaders” with the council’s five long serving directors being in the same job for five to nineteen years. The report indicates that Melbourne’s liveable-city status will depend on how a number of issues are addressed. A 32 page action plan has already been prepared.
Have Your Say – click here.