However, despite its ownership by Manchester area councils, there is only one representative of the shareholder group on the board (was two until May 2012).
Dave Goddard had to resign in May 2012 as he lost his seat as leader of Stockport Council. As the annual report only covers up to March 2012, how do you know he hasn't been replaced?
And what about the shareholders committee on which all the 10 local authorities are represented?
And finally methinks you underestimate the influence of the majority shareholder....
The proof of the pudding for the locals will be whether the dividend is at least retained or preferably increased in future years. By which time the local reps probably have changed. Like all politics, it's light the blue touch paper, retire immediately and someone will pick up the bits (or sometime the rewards) later