Olympic Land Acquisition 6

Meeting: 
MQT on 2009-11-18
Session date: 
November 18, 2009
Reference: 
2009/3437
Question By: 
Len Duvall OBE
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

In Written Answer 2895/2009 you informed me that the LDA's Chief Executive, Sir Peter Rogers, and its Chairman of the Board, Harvey McGrath, signed off the LDA's Annual Governance Statement for 2007/8 on the 29 October 2008. Why, despite being in post for almost six months and having commissioned a host of expensive consultants to carry out due diligence, did Peter Rogers and Harvey McGrath feel sufficiently confident in the LDA's accounts to sign them off, despite there being a deficit in the Olympic land acquisition budget? Were your Chief Executive and Chairman 'asleep at the tiller'.

Answer

Answer for Olympic Land Acquisition 6

Answer for Olympic Land Acquisition 6

Answered By: 
The Mayor

The Chair and Chief Executive of the LDA have demonstrated robust leadership in pushing through the changes needed at the organisation and they recognise that there is still more to do. The Annual Governance Statement for 2007/8 clearly recognised that more work was needed to fully resolve inherited systemic weaknesses in LDA management arrangements.

The initial areas of attention for the new Board were those highlighted publicly by media allegations and the Forensic Audit Panel, including the issues surrounding LDA investment in smaller, riskier community based projects. However, changes to operational processes and due diligence work in respect of Olympic land were also initiated very early on and enabled the Olympic land over-commitment to be identified. This issue was dealt with decisively and effectively.