Programme process & timeline

The HQ Programme is being delivered through a transparent and structured process aligned with HM Treasury’s Green Book methodology and supported by independent professional advice. The programme is structured around 3 key stages: the Strategic Outline Case (SOC), the Outline Business Case (OBC), and the Final Business Case (FBC). 

A member vote is required before any action regarding a sale or taking on a mortgage can be taken.

1. Strategic Outline Case (SOC)
In late 2024, the Trustee Board approved the Strategic Outline Case, which outlined the case for change and identified a long list of options for further evaluation.

2. First Member Vote – January 2025
Corporate and Associate Members voted to approve the continuation of the Programme and the development of a detailed Outline Business Case (OBC).
Outcome: 82.8% voted in favour, enabling the next phase.

3. Outline Business Case – Now in Final Stages
The Headquarters Sponsor Board, working with professional advisers, has refined and modelled a shortlist of options using both financial and non-financial criteria. The Trustee Board, with advice from the HQSB, Council, and governance committees, will review these options and select a preferred option in September 2025.

4. Second Member Vote – Date TBC
Following the selection of the preferred option, Corporate and Associate Members will be asked to vote on a resolution to authorise the Institution to proceed. Member approval is required before any final decision or market engagement can take place.

There will be no sale of the freehold, leasehold or taking on a mortgage against the building (if that is the selected solution) without a member vote. 

5. Full Business Case (FBC)
Following a successful vote, we’ll proceed with the Final Business Case for approval.

Timeline of key milestones: