Agenda and minutes

Apologies were received from Alderman Peter Hewitt and Clare James.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 6 September 2016.

RESOLVED - That the public minutes and non-public summary of the meeting held on 6 September 2016 be agreed as a correct record.

Report of the Town Clerk.

The Board received and discussed the list of Outstanding Actions, and the Chairman clarified that the presentation on the Charities Pool would be for unit holders, although Board Members would be invited to attend. 

RESOLVED – That the report be noted.

Report of the Chamberlain.

The Board received the monthly review for September 2016, which detailed the list of current investments. With regards to better use of cash reserves, officers advised they were meeting with Capita Asset Services, the City’s Treasury advisors, to discuss what options might be available to the City.

RESOLVED – That the report be noted, and future monthly investment analysis reviews be circulated to the Board electronically as soon as they were available.

There were no questions.

MiFID II

The Markets in Financial Instruments Directive (MiFID) was applied in the UK from November 2007, but was being revised. Consultations were currently underway, but Members noted MiFID II was likely to have serious implications on the Corporation with regard to the treasury management function and as administrators of the pension fund. The changes were currently set to take effect from 3 January 2018, with organisations being required to start planning for the changes ahead of implementation.

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.

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

9-13, 15                                                                                   3

14                                                                                            -

To agree the non-public minutes of the meeting held on 6 September 2016.

RESOLVED - That the non-public minutes of the meeting held on 6 September 2016 be agreed as a correct record.

Report of the Town Clerk.

The Board received and discussed the list of non-public Outstanding Actions.

RESOLVED – That the report be noted.

The Board received a presentation from Wellington Management.

The Board received a presentation from IFM Investors.

Report of the Chamberlain.

The Board considered a report of Mercer.

There were no non-public questions.

There was one item of other business.