Business Objective Performance Progress

5. Fort Regent

Continue to work collaboratively with Government on Fort Regent regeneration proposals.

Be directly involved in the master-planning process to ensure proposals are fundable and viable as well as delivering placemaking.

Perform high-level development appraisals to test various proposals.

6. Financial and Risk

Manage all business risks in line with risk mitigation measures contained within P.73/2010, the MoU and the Company's Risk Policy Standard.

Maintain costs and revenues within budget, ensure cashflow is actively managed and ensure policies and internal controls are appropriate.

7. Stakeholder Management

Provide timely quarterly updates to the Shareholder and the FPMG and regular updates to States Members. Meet the emerging political parties. Communicate the Company’s performance and activities to the public.

Support Government of Jersey in its Strategic Objectives to protect and value our environment, put children first, and to improve physical and mental health.

8. ESG

Review and update our programme for the adoption of the UK Code of Corporate Governance, resolve all findings raised in the C&AG report and all recommendations raised in the external Board Effectiveness review of 2019 and internal reviews of 2020 and 2021.

Develop the Company’s knowledge of, approach to and objectives for ESG, developing the Company’s knowledge of net zero carbon, a strategy and set of environmental targets that JDC projects must achieve.

Become a thought leader and local exemplar on sustainable building, informing and influencing both Government and the local construction industry

Due to the increase in funding costs and construction costs, GoJ proposal for Fort Regent is not viable and requires reassessment.

Options for Fort Regent under review and new proposals to be presented to the FPMG in 2023.

Risks continually assessed and projects advanced in line with risk mitigation measures.

Costs within budget, and cashflow managed well.

Deferred completion of Horizon East reduced budgeted net revenue by £3m, however the hedging interest rate swap entered into resulted in unrealised gains of £3.1m.

Delivered on updates and communication objectives. Media campaign launched in September 2022 with a series of advertorials. Regular communication via social media throughout the year.

Plans at both South Hill and SWSH Waterfront have a major focus on environment and sustainability, as well as extensive provisions for Children.

The SWSH Waterfront design is focused on open spaces, sports and arts provisions, promoting both active lifestyle and wellbeing.

All aspects successfully completed during the year.

ESG Strategy approved by the Board in October 2022. Team is focused on reviewing options for reducing carbon in use and embodied carbon.

The Company’s ESG strategy recognises that project viability remains the overriding objective.