Venue: Committee Rooms - West Wing, Guildhall
Contact: Joseph Anstee
tel. no.: 020 7332 1480
Email: joseph.anstee@cityoflondon.gov.uk
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Apologies Minutes: Apologies for absence were received from Alderman Peter Hewitt, Deputy Philip Woodhouse, Alexander Barr, Henry Colthurst and Ian Seaton. |
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Members' Declarations under the Code of Conduct in respect of items on the agenda Minutes: There were no declarations. |
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Minutes of the previous meeting PDF 126 KB To agree the public minutes and non-public summary of the meeting held on 26 October 2017. Minutes: RESOLVED - That the public minutes and non-public summary of the meeting held on 26 October 2017 be agreed as a correct record. |
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Report of the Town Clerk. Minutes: The Board received a list of outstanding actions.
On applications for elected professional client status, the Board noted that MIFID II would come into effect as of 3 January 2018. The Board was advised that there had been a reasonable amount of responses to the 32 letters sent to a combination of fund managers, advisors and counterparties. Reminders would be sent out the following week to those that had not confirmed the results of their opt-up application reviews.
RESOLVED – That the report be noted. |
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Monthly Investment Analysis Review PDF 308 KB Report of the Chamberlain Additional documents:
Minutes: The Board received a report of the Chamberlain concerning the monthly investment analysis review for October 2017. The report detailed the list of current investments and their performance and provided an update on the general economic outlook.
Members noted that the Corporation’s current treasury investments amounted to £860m with a weighted average rate of return of 0.53%. A Member queried the number of local authorities that appeared on the list of current investments. The Chamberlain confirmed that these were short-term deposits over which durations local authorities offered competitive lending rates. The recent rise in base rate had not fully filtered through all the money markets yet but the expectation is this will begin to impact the portfolio’s overall return in the coming months.
RESOLVED – That the report be noted.
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Mid-Year Treasury Management Review 2017-18 PDF 132 KB Report of the Chamberlain Minutes: The Board received a report of the Chamberlain concerning the mid-year treasury management review for the 2017/18 financial year. The Board was advised the Corporation was in the process of selecting an Ultra Short Dated/Short Dated Bond Fund as an additional mandate for its cash balances. A shortlist of fund managers had been drawn up for consideration by the Chamberlain and in consultation with the Chairman and Deputy Chairman the final selection process would shortly be carried out.
RESOLVED – That the report be noted.
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Questions on matters relating to the work of the Committee Minutes: There were no questions. |
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Any Other Business that the Chairman considers urgent Minutes: There was no other business. |
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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. 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 10-17 3 18-19 - |
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Non-public minutes of the previous meeting To agree the non-public minutes of the meeting held on 26 October 2017. Minutes: RESOLVED - That the non-public minutes of the meeting held on 26 October 2017 be agreed as a correct record.
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Non Public Outstanding Actions Report of the Town Clerk Minutes: The Board received a list of non-public outstanding actions.
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ESG Survey Results Presentation of Mercer Minutes: The Board received the results of the recent ESG Survey, presented by Mercer.
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City's Cash and Bridge House Estates Strategy Review Proposal Report of Mercer Minutes: The Board considered a report of Mercer.
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Investment Monitoring Reports Minutes: |
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Investment Monitoring Report to 30 September 2017 Report of the Chamberlain Minutes: The Board received a report of the Chamberlain.
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Quarterly Monitoring Report Report of Mercer Minutes: The Board received a report of Mercer. |
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London CIV: Appointment of Multi Asset Manager and Private Debt Manager Report of the Chamberlain Minutes: The Board received a report of the Chamberlain. |
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Non-public questions on matters relating to the work of the Committee Minutes: Members asked questions on matters relating to the work of the Board. |
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Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded Minutes: The Board discussed urgent business.
The next meeting was scheduled for Thursday 1st February 2018.
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