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Venue: Committee Rooms - West Wing, Guildhall

Contact: Joseph Anstee
tel. no.: 020 7332 1480  Email: joseph.anstee@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies for absence were received from Henry Colthurst, Simon Duckworth, Christopher Hayward, Dhruv Patel, Deputy Henry Pollard, James de Sausmarez and Deputy Tom Sleigh.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

Minutes:

There were no declarations.

 ...  view the full minutes text for item 2.

3.

Minutes of the previous meeting pdf icon PDF 79 KB

To agree the public minutes and non-public summary of the meeting held on 9 May 2018.

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 9 May 2018 be approved as an accurate record.

 ...  view the full minutes text for item 3.

4.

Minutes of the Financial Investment Board pdf icon PDF 57 KB

To note the public minutes and non-public summaries of the meetings held on 24 May 2018, 12 July 2018, 20 September 2018 and 22 November 2018.

 ...  view the full agenda text for item 4.

Additional documents:

Minutes:

RESOLVED - That the public minutes and non-public summary of the Financial Investment Board meetings held on 24 May 2018, 12 July 2018, 20 September 2018 and 22 November 2018be noted.

 

 ...  view the full minutes text for item 4.

5.

Minutes of the Property Investment Board pdf icon PDF 65 KB

To note the public minutes and non-public summary of the meetings held on 16 May 2018, 13 June 2018, 18 July 2018, 12 September 2018, 10 October 2018 and 7 November 2018.

 

 ...  view the full agenda text for item 5.

Additional documents:

Minutes:

RESOLVED - That the public minutes and non-public summary of the Property Investment Board meetingsheld on 16 May 2018, 13 June 2018, 18 July 2018, 12 September 2018, 10 October 2018 and 7 November 2018 be noted.

 

 ...  view the full minutes text for item 5.

6.

Minutes of the Social Investment Board pdf icon PDF 69 KB

To note the public minutes and non-public summary of the meetings held on 20 June 2018 and 17 October 2018.

 ...  view the full agenda text for item 6.

Additional documents:

Minutes:

RESOLVED - That the public minutes and non-public summary of the Social Investment Board meetingsheld on 20 June 2018 and 17 October 2018 be noted.

 ...  view the full minutes text for item 6.

7.

Annual Review of the Committee's Terms of Reference pdf icon PDF 48 KB

Report of the Town Clerk

 ...  view the full agenda text for item 7.

Minutes:

The Committee considered a report of the Town Clerk asking the Committee to review its terms of reference. A Member suggested that point (d) be slightly amended to reflect that the Investment Committee recommended proportions between property and non-property assets, rather than prescribing them. The Committee agreed to this amendment.

 

RESOLVED – That, pending the above amendment, the Committee’s terms of reference be approved for submission to the Court.

 

 ...  view the full minutes text for item 7.

8.

Resolution of the Social Investment Board pdf icon PDF 64 KB

Report of the Town Clerk

 ...  view the full agenda text for item 8.

Additional documents:

Minutes:

The Committee considered a report of the Town Clerk detailing a resolution of the Social Investment Board. The Committee was referred to the resolution containing revised terms for the Social Investment Board at Appendix 1, as agreed by Members of the Board.

 

A Member suggested that it made clearer that Members taken from the wider Court would be elected, as this was only implied in the resolution. A Member added that the proposed changes may require approval from the Policy & Resources Committee when it considered proposed changes to the terms of reference of all Committees before the next municipal year.

 

In response to a query from a Member, the CGO confirmed that the Board historically had only approved or rejected investment proposals, but had more recently began to consider originating schemes, such as an accommodation for key workers scheme. Any schemes would continue to be subject to the constituted investment principles of the Board.

 

On the potential accommodation for key workers scheme, the Social Investment Board would need to consider that the properties may be subject to local authority rules which would give residents the right to buy, and therefore capital could be put at risk by right to buy legislation. The Chairman advised that the Member contact the Chairman of the Social Investment Board. A Member advised the Committee that the project was currently on hold due to the wider governance review of Bridge House Estates.

 

RESOLVED – That, subject to amendment to clarify that Members from the wider Court are elected, and subsequent approval by the Policy & Resources Committee if required, the resolution be approved.

 ...  view the full minutes text for item 8.

9.

Brexit Update

The Chamberlain to be heard.

 ...  view the full agenda text for item 9.

Minutes:

The Chairman introduced the update, noting that the impact of the Brexit process on property and financial investments was distinct. With regards to property, international demand may be stimulated by the fluctuating value of the pound, but this may only offset reduced short-term demand for property. With regards to financial investment, the global economy was a more significant factor due to the international nature of the Corporation’s portfolio.

 

The Chamberlain advised the Committee that any threat to the Corporation’s income streams were monitored. The Town Clerk had been hosting a fortnightly Brexit Planning Group, which involved Chief Officers, and had been tracking the situation carefully as it developed.

 

A Member stated that the ongoing legal case between the European Medical Agency and the Canary Wharf Group may have implications for the City of London Corporation, particularly if the European Medical Agency’s case was successful, and expressed their hope that officers were tracking the case as it developed. The City Surveyor confirmed that no properties in the Corporation’s portfolio were currently let to EU agencies or related bodies.

 ...  view the full minutes text for item 9.

10.

Report of Action Taken pdf icon PDF 44 KB

Report of the Town Clerk

 ...  view the full agenda text for item 10.

Minutes:

The Committee received a report of the Town Clerk advising Members of actions taken by the Town Clerk under delegated authority or urgency procedures since the last meeting of the Committee.

 

RESOLVED – That the report be noted.

 ...  view the full minutes text for item 10.

11.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

 ...  view the full minutes text for item 11.

12.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

 ...  view the full minutes text for item 12.

13.

Exclusion of the Public

MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

 ...  view the full agenda text for item 13.

Minutes:

RESOLVED - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.

 

Item No.

 

Paragraph(s) in Schedule 12A

14 - 24

                            3

25 - 26

                            -

 

 ...  view the full minutes text for item 13.

14.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 9 May 2018 as a correct record.

 ...  view the full agenda text for item 14.

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 9 May 2018 be approved as an accurate record.

 ...  view the full minutes text for item 14.

15.

Non-public minutes of the Financial Investment Board

To note the non-public minutes of the meetings held on 24 May 2018, 12 July 2018, 20 September 2018 and 22 November 2018.

 ...  view the full agenda text for item 15.

Minutes:

RESOLVED - That the non-public minutes of the Financial Investment Board meetings held on 24 May 2018, 12 July 2018, 20 September 2018 and 22 November 2018 be noted.

 

 ...  view the full minutes text for item 15.

16.

Non-public minutes of the Property Investment Board

To note the non-public minutes of the meetings held on 16 May 2018, 13 June 2018, 18 July 2018, 12 September 2018, 10 October 2018 and 7 November 2018.

 ...  view the full agenda text for item 16.

Minutes:

RESOLVED - That the non-public minutes of the Property Investment Board meetings held on 16 May 2018, 13 June 2018, 18 July 2018, 12 September 2018, 10 October 2018 and 7 November 2018 be noted.

 

 ...  view the full minutes text for item 16.

17.

Non-public minutes of the Social Investment Board

To note the non-public minutes of the meetings held on 20 June 2018 and 17 October 2018.

 

 ...  view the full agenda text for item 17.

Minutes:

RESOLVED - That the non-public minutes of the Social Investment Board meetings held on 20 June 2018 and 17 October 2018 be noted.

 ...  view the full minutes text for item 17.

18.

Strategic Property Estate - Annual Update

Report of the City Surveyor

 ...  view the full agenda text for item 18.

Minutes:

The Committee received a report of the City Surveyor.

 ...  view the full minutes text for item 18.

19.

City's Estate Strategy Report

Report of the City Surveyor

 ...  view the full agenda text for item 19.

Minutes:

The Committee received a report of the City Surveyor.

 ...  view the full minutes text for item 19.

20.

City Fund Strategy Report

Report of the City Surveyor

 ...  view the full agenda text for item 20.

Minutes:

The Committee received a report of the City Surveyor.

 ...  view the full minutes text for item 20.

21.

Bridge House Estates - Annual Strategy Update

Report of the City Surveyor

 ...  view the full agenda text for item 21.

Minutes:

The Committee received a report of the City Surveyor.

 ...  view the full minutes text for item 21.

22.

Investments Performance Monitoring to 30 September 2018

Report of the Chamberlain

 ...  view the full agenda text for item 22.

Minutes:

The Committee received a report of the Chamberlain.

 

 ...  view the full minutes text for item 22.

23.

Update of the Social Investment Board

Report of the Chief Grants Officer and Director of City Bridge Trust

 ...  view the full agenda text for item 23.

Minutes:

The Committee received a report of the Chief Grants Officer and Director of City Bridge Trust.

 ...  view the full minutes text for item 23.

24.

Report of Non-Public Action Taken

Report of the Town Clerk

 ...  view the full agenda text for item 24.

Minutes:

The Committee received a report of the Town Clerk.

 ...  view the full minutes text for item 24.

25.

Non-public questions on matters relating to the work of the Committee

Minutes:

There were no non-public questions.

 ...  view the full minutes text for item 25.

26.

Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded

Minutes:

There were two items of other business.

 ...  view the full minutes text for item 26.

 


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