Skip to content

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 Chris Boden, John Chapman, Deputy Jamie Ingham Clark, Deputy Clare James and Jeremy Mayhew.

 ...  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.

Order of the Court of Common Council pdf icon PDF 60 KB

To receive the Order of the Court of Common Council on 25 April 2019.

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

Minutes:

The Committee received an Order of the Court of Common Council of 25 April 2019 appointing the Committee and approving its Terms of Reference.

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

4.

Appointment of the Boards and Frequency of Meetings pdf icon PDF 74 KB

Report of the Town Clerk

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

Additional documents:

Minutes:

The Committee considered a report of the Town Clerk seeking Members’ approval on the composition, frequency of meetings, and co-option protocol for the Committee’s Boards.

 

The Town Clerk read a list of names who had indicated their wish to serve on the Financial Investment Board and, with 13 Members indicating their willingness for 12 to 14 places, it was: -

 

RESOLVED – That the following Members be elected to the Financial Investment Board for the year ensuing:

 

Nick Bensted-Smith

Henry Colthurst

Simon Duckworth

Alderman Robert Howard

Alderman Robert Hughes-Penney

Deputy Jamie Ingham Clark

Deputy Clare James

Tim Levene

Andrien Meyers

Deputy Henry Pollard

James de Sausmarez

Ian Seaton

Deputy Philip Woodhouse

 

The Town Clerk read a list of names who had indicated their wish to serve on the Property Investment Board and, with 12 Members indicating their willingness for 12 to 14 places, it was: -

 

RESOLVED – That the following Members be elected to the Property Investment Board for the year ensuing:

 

Chris Boden

John Chapman

Alderman Alison Gowman

Christopher Hayward

Michael Hudson

Deputy Jamie Ingham Clark

Shravan Joshi

Deputy Edward Lord

Andrien Meyers

Dhruv Patel

Deputy Tom Sleigh

Deputy Philip Woodhouse

 

The Town Clerk read a list of names who had indicated their wish to serve on the Social Investment Board. Four Members indicated their willingness to serve for three appointments, and a ballot was therefore required. Following the ballot, it was

 

RESOLVED – That Nick Bensted-Smith, Tijs Broeke and Deputy Henry Pollard be elected to the Social Investment Board for the year ensuing.

 

Election of Chairman and Deputy Chairman to the Financial Investment Board

The Town Clerk invited Members of the newly appointed Financial Investment Board to elect a Chairman in accordance with Standing Order 29. A list of Members eligible to stand was read out and

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

5.

Election of Chairman

To elect a Chairman in accordance with Standing Order 29.

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

Minutes:

The Committee proceeded to elect a Chairman in accordance with Standing Order No.29. The Town Clerk read a list of Members eligible to stand and Deputy Tom Sleigh, being the only Member who expressed his willingness to serve, was duly elected as Chairman of the Committee for the ensuing year.

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

6.

Election of Deputy Chairman

To elect a Deputy Chairman in accordance with Standing Order 30.

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

Minutes:

The Committee proceeded to elect a Deputy Chairman in accordance with Standing Order No.30. The Town Clerk read a list of Members eligible to stand and Nick Bensted-Smith, being the only Member who expressed his willingness to serve, was duly elected as Deputy Chairman of the Committee for the ensuing year.

 

The newly-elected Chair gave thanks to Members for their trust and support and congratulated the new Chairmen and Deputy Chairmen of the Boards. This was an interesting time for the Committee with existential risks, increasing valuations and potentially turbulent years ahead. The new Chair added that he wanted to use the significant experience and expertise on the Committee and involve everyone in its work. The Chair then welcomed new and returning Members to the Committee and thanked outgoing Members for their service.

 

VOTE OF THANKS

 

THAT the Members of the Investment Committee wish to express their sincere thanks to

 

ANDREW MCMURTRIE

 

for his capable stewardship as Chairman of the Investment Committee and for his dedicated service to the work of the Investment Committee and Investment Boards.

 

Whilst a short but sweet tenure as Chairman of this Committee, Andrew has been a valued Committee Member for the past six years. He has also been a consistent, committed and knowledgeable Chairman of the Financial Investment Board since October 2015, and has also served on the Social Investment Board since December of that year. Andrew’s extensive knowledge and experience of investment matters has been of great value to the work of all bodies.

 

As Chairman, Andrew has provided clarity of direction and a reasoned approach to the work of the Financial Investment Board. Whilst facing challenges, his term has been positive and productive. Over the last three years, all three Funds have outperformed their benchmark, with both the Pension Fund and City’s

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

7.

Minutes of the previous meeting pdf icon PDF 65 KB

To agree the public minutes and non-public summary of the meeting held on 16 January 2019.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 16 January 2019 be approved as an accurate record.

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

8.

Minutes of the Financial Investment Board pdf icon PDF 64 KB

To note the public minutes and non-public summary of the meeting held on 12 February 2019.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the Financial Investment Board meetingheld on 12 February 2019 be noted.

 

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

9.

Minutes of the Property Investment Board pdf icon PDF 76 KB

To note the public minutes and non-public summary of the meetings held on 12 December 2018, 23 January 2019, 20 February 2019 and 20 March 2019.

 

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

Additional documents:

Minutes:

A Member raised the issue of sustainability and responsible investment with regards to property investments, and suggested that the Committee consider developing a consistent policy and review mechanism for use across all three Boards. The Chamberlain responded that through the Financial Investment Board the City of London Corporation had signed up to the Principles of Responsible Investment and looked closely at the ESG credentials of the City of London Corporation and its fund managers. Social Impact Investing and Green Finance were also currently under consideration. A Sustainable Buildings Policy was a useful consideration and an overarching policy on green and sustainable investment would be helpful to draw the various strands together.

 

The Chair suggested that a working party or task and finish group be set up to work on such a policy for the whole investment portfolio, and asked for delegated authority to work on establishing such a group, in consultation with the Deputy Chairman and officers. The Committee noted that the City of London Corporation had also developed a Responsible Business Strategy. A Member suggested involving the Finance Committee as a number of major properties were overseen by the Corporate Asset Sub-Committee.

 

RESOLVED – That:

 

a)             the public minutes and non-public summaries of the Property Investment Board meetings held on 12 December 2018, 23 January 2019, 20 February 2019 and 20 March 2019 be noted; and

 

b)            Authority be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman, to establish a body to look into developing an overarching green and sustainable investments policy that could be applied across the City of London Corporation’s investment portfolio.

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

10.

Minutes of the Social Investment Board pdf icon PDF 62 KB

To note the public minutes and non-public summary of the meeting held on 7 February 2019.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the Social Investment Board meetingheld on 7 February 2019 be noted.

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

11.

Brexit Update

The Chamberlain to be heard.

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

Minutes:

The Committee received an update on Brexit from the Chamberlain.

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

12.

Election of Epping Forest Verderers 2020 pdf icon PDF 85 KB

Joint report of the Town Clerk and the Director of Open Spaces

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

Additional documents:

Minutes:

The Committee considered a report of the Town Clerk and the Director of Open Spaces concerning the election of Epping Forest Verderers in 2020. The Town Clerk gave Members an overview of the electoral system for verderers and explained the background behind the proposal.

 

RESOLVED – That the Investment Committee agree that the proxy vote of the Investment Committee will not be used for the 2020 election of verderers.

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

13.

Questions on matters relating to the work of the Committee

Minutes:

In response to a query from a Member, the Chair advised the Committee that he would consult with Members to review the timings of meetings.

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

14.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

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

15.

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 15.

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

16 – 25

                            3

26 – 27

                            -

 

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

16.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 16 January 2019.

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

Minutes:

RESOLVED: That the non-public minutes of the meeting held on 16 January 2019 be approved as an accurate record.

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

17.

Non-public minutes of the Financial Investment Board

To note the non-public minutes of the meeting held on 12 February 2019.

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

Minutes:

The Committee received the non-public minutes of Financial Investment Board meetings since the last meeting of the Investment Committee.

 

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

18.

Non-public minutes of the Property Investment Board

To note the non-public minutes of the meetings held on 12 December 2018, 23 January 2019, 20 February 2019 and 20 March 2019.

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

Minutes:

The Committee received the non-public minutes of Property Investment Board meetings since the last meeting of the Investment Committee.

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

19.

Non-public minutes of the Social Investment Board

To note the non-public minutes of the meeting held on 7 February 2019.

 

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

Minutes:

The Committee received the non-public minutes of Social Investment Board meetings since the last meeting of the Investment Committee.

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

20.

City Fund, City's Estate and Bridge House Estates - Scheme of Delegations and Gateways

Report of the City Surveyor

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

Minutes:

The Committee considered a report of the City Surveyor.

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

21.

Bridge House Estates - Investment Strategy

Report of the Town Clerk & Chief Executive

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

Minutes:

The Committee received a report of the Town Clerk.

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

22.

Bridge House Estates: Part Investment of the Proceeds from the Sale of 1-5 London Wall Buildings

Report of the Chamberlain

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

Minutes:

The Committee considered a report of the Chamberlain.

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

23.

Strategic Asset Allocation Review

Report of the Chamberlain and the City Surveyor

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

Minutes:

The Committee considered a report of the Chamberlain and the City Surveyor.

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

24.

Update on the Activities of the Financial Investment Board

Report of the Chamberlain

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

Minutes:

The Committee received a report of the Chamberlain.

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

25.

Update on the activities of the Social Investment Board

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

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

Minutes:

The Committee received a report of the CGO.

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

26.

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 26.

27.

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

Minutes:

There was no other business.

 ...  view the full minutes text for item 27.

 


Back to top of page