Agenda and minutes

Financial Investment Board - Thursday, 26th May, 2016 1.45 pm

Venue: Committee Rooms - West Wing, Guildhall

Contact: Philippa Sewell
tel. no.: 020 7332 1426  Email: philippa.sewell@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

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

Minutes:

Apologies were received from Henry Colthurst, Alderman Peter Hewitt, Alderman Robert Howard, Edward Lord, and James de Sausmarez.

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

2.

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

 

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

Minutes:

There were no declarations.

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

3.

Resolution of Investment Committee

To receive the resolution from the Investment Committee on 25th May 2016, setting out the Financial Investment Board’s Membership. TO FOLLOW

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

Minutes:

The resolution from the Investment Committee on the appointment of the Financial Investment Board and its Chairman and Deputy Chairman was noted. The Chairman welcomed the new Members of the Board, Alderman Hewitt and Edward Lord, and thanked outgoing Member, Tom Hoffman. In light of his past contributions to the work of the Board, Members agreed to co-opt Tom Hoffman for the ensuing year.

 

RESOLVED – That:

a)    the Board’s appointment and election of Chairman and Deputy Chairman, which took place at the Investment Committee on 25 May 2016, be ratified; and

b)    Tom Hoffman be co-opted to the Financial Investment Board.  

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

4.

Minutes of the previous meeting pdf icon PDF 197 KB

To agree the public minutes and non-public summary of the meeting held on 4 February 2016.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 4 February 2016 be agreed as a correct record.

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

5.

Outstanding Actions pdf icon PDF 60 KB

Report of the Town Clerk.

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

Minutes:

RESOLVED – That the report be noted.

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

6.

APPOINTMENT OF FINANCIAL INVESTMENT BOARD MEMBER TO THE SOCIAL INVESTMENT BOARD

To agree, in addition to the Chairman or their nominee, the appointment of a Financial Investment Board member to the Social Investment Board.

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

Minutes:

RESOLVED – That Nick Bensted-Smith, alongside the Chairman, sit on the Social Investment Board as a representative of the Financial Investment Board.

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

7.

Terms of Reference and Frequency of meetings pdf icon PDF 137 KB

Report of the Town Clerk.

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

Minutes:

The Board received a report of the Town Clerk.

 

RESOLVED – That the Board’s Terms of Reference be noted, and that the Board continues to meet approximately six times a year.

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

8.

Monthly Investment Analysis Review pdf icon PDF 351 KB

Report of the Chamberlain.

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

Minutes:

The Board received the monthly review for April 2015, which detailed the list of current investments.

 

RESOLVED – That the report be noted.

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

9.

Questions on matters relating to the work of the Committee

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

Minutes:

There were no questions.

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

10.

Any Other Business that the Chairman considers urgent

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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

12-18                                                                                       3

19-20                                                                                       -

 ...  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 4 February 2016.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 4 February 2016 be agreed as a correct record.

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

13.

Decisions taken under Delegated Authority or Urgency since the last meeting of the Board

Report of the Town Clerk.

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

Minutes:

RESOLVED – That the two decisions taken under delegated authority and urgency since the last meeting be noted.

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

14.

London CIV

Presentation of Hugh Grover and Julian Pendock from the London CIV.

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

Minutes:

The Board received a presentation from Hugh Grover, ?Chief Executive Officer at London LGPS CIV Ltd, after which Members had the opportunity to ask questions.

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

15.

Review of the Activities of the Financial Investment Board 2015/16

Report of the Chamberlain.

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

Minutes:

The Board received a report of the Chamberlain.

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

16.

Private Equity

Report of the Chamberlain.

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

Minutes:

The Board received a report of the Chamberlain.

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

17.

Investment Performance Monitoring to 31 December 2015

Report of the Chamberlain.

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

Minutes:

The Board received a report of the Chamberlain.

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

18.

Quarterly Monitoring Report

Report of Mercer.

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

Minutes:

The Board received a report of Mercer.

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

19.

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

 

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

Minutes:

There were no non-public questions.

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

20.

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

 

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

Minutes:

There was no other business.

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