Agenda and minutes

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 John Chapman, Simon Duckworth, Sheriff Christopher Hayward, Deputy Edward Lord, Deputy Catherine McGuinness, Ian Seaton and Deputy Philip Woodhouse.

 ...  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 89 KB

To agree the public minutes and non-public summary of the meeting held on 16 May 2020.

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

Minutes:

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

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

4.

Minutes of the Financial Investment Board pdf icon PDF 76 KB

To note the public minutes and non-public summaries of the meetings held on 20 May 2019, 3 July 2019, 17 September 2019 and 29 November 2019.

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

Additional documents:

Minutes:

RESOLVED - That the public minutes and non-public summaries of the Financial Investment Board meetings held on 20 May 2019, 3 July 2019, 17 September 2019 and 29 November 2019 be noted.

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

5.

Minutes of the Property Investment Board pdf icon PDF 184 KB

To note the public minutes and non-public summary of the meetings held on 8 May 2019, 12 June 2019, 17 July 2019, 11 September 2019, 9 October 2019, 6 November 2019 and 11 December 2019.

 ...  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 meetings held on 8 May 2019, 12 June 2019, 17 July 2019, 11 September 2019, 9 October 2019, 6 November 2019 and 11 December 2019 be noted.

 

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

6.

Minutes of the Social Investment Board pdf icon PDF 82 KB

To note the public minutes and non-public summary of the meetings held on 22 May 2019 and 6 November 2019.

 ...  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 meetings held on 22 May 2019 and 6 November 2019 be noted.

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

7.

Annual Review of the Committee's Terms of Reference pdf icon PDF 54 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 queried whether the wording of the Committee’s terms of reference could be more specific, particularly with regard to paragraph (d) and the Committee’s recommendations to the Resource Allocation Sub Committee, and to the terms of reference for each of the Investment Boards. The Chamberlain advised that this could be taken away to consider whether more precise wording might be appropriate.

 

The Committee agreed to delegate authority to the Town Clerk, in consultation with the Chairman and Deputy Chairman, to agree any revisions for onward submission to the Policy & Resources Committee and Court of Common Council, as appropriate.

 

Members then discussed whether it continued to be appropriate to submit all the minutes of Board meetings to the Grand Committee in hard copy. As the minutes were for information only, and Members of the Committee considered Board minutes for approval at their respective Board meetings, it was suggested that going forward, the Board minutes be circulated electronically.

 

RESOLVED – That the Investment Committee:

 

a)    Note the report; and

 

b)    Accounting for feedback from Members, delegate authority to the Town Clerk in consultation with the Chairman and Deputy Chairman, to agree any revisions to the terms of reference for onward submission to the Policy & Resources Committee and Court of Common Council, as appropriate.

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

8.

Review of the Co-option Protocol pdf icon PDF 86 KB

Report of the Town Clerk

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

Minutes:

The Committee considered a report of the Town Clerk presenting the Committee’s existing protocol for co-opting Members to the Financial, Property and Social Investment Board for review. The Town Clerk introduced the report and drew Members’ attention to the key points.

 

Members discussed the recommendation to include a provision in the co-option protocol to encourage diversity. Whilst it was agreed that knowledge, expertise and specific skill sets where required should not be compromised, Members recognised that maximising the talent pipeline and encouraging application from all backgrounds was beneficial, and that emphasis and encouragement were important in maintaining awareness.

 

Members noted that similar measures had been adopted elsewhere and agreed that a positive statement should be encouraged. A Member stressed that all Committees should be actively encouraging diversity as this was mandated in the City of London Corporation’s wider aims and objectives. Arising from the discussion, the Committee agreed that an appropriately worded provision should be added to the protocol.

 

The Committee then discussed whether paragraph 4 should be amended. The Committee had a level of discretion with regards to the appointment of former Common Councillors or City of London Corporation employees, and with regards to close friends and relatives, which should have been considered in respect of all appointments. Members suggested that this paragraph could be relaxed and noted that co-optees were also required to complete a Register of Interest form and declare personal and prejudicial interests.

 

Members of the Financial Investment Board noted that the Board currently did not have any Co-opted Members, and suggested that the Financial Investment Board consider this at a future meeting.

 

The Chair thanked Members for their contributions and advised that a revised protocol could be circulated to Members for comment, requesting delegated authority along with the Deputy Chairman to agree a revised

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

9.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

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

10.

Any Other Business that the Chair considers urgent

Minutes:

There was no other business.

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

11.

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 11.

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

12 – 15

16 – 17

                              3

3,5

18 – 25

26 – 27

                              3

-

 

 

 

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

12.

Non-public minutes of the previous meeting

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

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

Minutes:

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

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

13.

Non-public minutes of the Financial Investment Board

To note the non-public minutes of the meetings held on 20 May 2019, 3 July 2019, 17 September 2019 and 29 November 2019.

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

Minutes:

RESOLVED – That the non-public minutes of the Financial Investment Board meetings held on 20 May 2019, 3 July 2019, 17 September 2019 and 29 November 2019 be noted.

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

14.

Non-public minutes of the Property Investment Board

To note the non-public minutes of the meetings held on 8 May 2019, 12 June 2019, 17 July 2019, 11 September 2019, 9 October 2019, 6 November 2019 and 11 December 2019.

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

Minutes:

RESOLVED - That the non-public minutes of the Property Investment Board meetings held on 8 May 2019, 12 June 2019, 17 July 2019, 11 September 2019, 9 October 2019, 6 November 2019 and 11 December 2019 be noted.

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

15.

Non-public minutes of the Social Investment Board

To note the non-public minutes of the meetings held on 22 May 2019 and 6 November 2019.

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

Minutes:

RESOLVED - That the non-public minutes of the Social Investment Board meetings held on 22 May 2019 and 6 November 2019 be noted.

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

16.

Bridge House Estates Strategic Review - Update Three and Update on the Development of the Bridge House Estates Investment Strategy

Report of the Town Clerk and Chief Executive & the Chief Grants Officer and Director of City Bridge Trust (CGO)

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

Minutes:

The Committee received a report of the Town Clerk and Chief Executive & the Chief Grants Officer and Director of City Bridge Trust (CGO).

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

17.

Financial Forecasting and Potential Asset Disposal

Report of the Chamberlain

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

Minutes:

The Committee received a report of the Chamberlain.

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

18.

Responsible Investment Update

Minutes:

The Committee received an update on the City of London Corporation’s Responsible Investment work.

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

19.

Strategic Property Estate - Annual Update

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's Estate 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.

City Fund Strategy Report

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.

Bridge House Estates - Annual Strategy Update

Report of the City Surveyor

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

Minutes:

The Committee received a report of the City Surveyor.

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

23.

Investment Performance Monitoring to 30 September 2019

Report of the Chamberlain

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

Minutes:

The Committee received a report of the Chamberlain.

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

24.

Update of the Social Investment Board

Report of the CGO

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

Minutes:

The Committee received a report of the CGO.

 ...  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 Chair 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 26.