Agenda and minutes

Financial Investment Board - Thursday, 29th June, 2017 1.45 pm

Venue: Committee Rooms - West Wing, Guildhall

Contact: Sacha Than (interim cover)
tel. no.: 020 7332 3419  Email: sacha.than@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

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

Minutes:

Apologies were received from Deputy Jamie Ingham Clark, Deputy Clare James, Andrien Meyers, James de Sausmarez and Ian Seaton.

 

The Chairman and Board thanked former Clerk to the Board, Philippa Sewell for her work.

 ...  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:

Alexander Barr declared an interest due to working for Aberdeen Asset Management which is merging with Standard Life.

 

Deputy Philip Woodhouse declared that he had received an invitation to Ruffer LLP on a private basis.

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

3.

Minutes of the previous meeting pdf icon PDF 187 KB

To agree the public minutes and non-public summary of the meeting held on 18 May 2017.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 18 May 2017 be agreed as a correct record.

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

4.

Outstanding Actions pdf icon PDF 56 KB

Report of the Town Clerk.

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

Minutes:

The Board received the list of Outstanding Actions. In response to the Chairman’s question, the Chamberlain explained that the current (2017/18) Treasury Management Strategy allowed for investments with  up to three years maturity.

 

RESOLVED – That the report be noted.

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

5.

Monthly Investment Analysis Review pdf icon PDF 449 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Board received the monthly review for May 2017 which detailed the list of current investments. Members discussed the report in detail and noted that there would be further discussion on the investments at item 12.

 

RESOLVED – That the analysis review be noted.

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

6.

Risk Register for Bridge House Estates pdf icon PDF 92 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Board received the risk register for Bridge House for review. Members noted that the risks set out in the report ensured the Board were meeting their statutory requirements.

 

RESOLVED – That the Board:

 

a)    review the two risks currently on the register for the Financial Investment Board, relating to a potential reduction in income from non-property investments and cash balances, and confirm that appropriate control measures are in place, and;

b)    confirm that there are no other risks relating to the services overseen by the Financial Investment Board which should be added to the BHE risk register.

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

7.

Questions on matters relating to the work of the Committee

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

Minutes:

There were no questions.

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

8.

Any Other Business that the Chairman considers urgent

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

Minutes:

There was no other business.

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

9.

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 9.

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

10-18                                                                                       3

19-20                                                                                       -

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

10.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held of 18 May 2017.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 18 May 2017 be agreed as a correct record.

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

11.

Non-Public Outstanding Actions

Report of the Town Clerk.

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

Minutes:

The Board received the list of non-public outstanding actions.

 

RESOLVED – That the report be noted.

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

12.

Treasury Management - Medium Term Cash Investment Opportunities

Report of the Chamberlain (To Follow).

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

Minutes:

The Board considered a report of the Chamberlain.

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

13.

Review of Investment Strategy

Report of Mercer.

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

Minutes:

The Board considered a report of Mercer.

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

14.

Hampstead Heath Trust & Charities Pool Investment Performance monitoring to 31 March 2017

Report of the Chamberlain.

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

Minutes:

The Board noted a report of the Chamberlain.

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

15.

Charities Pool Survey Results

Report of the Chamberlain.

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

Minutes:

The Board considered a report of the Chamberlain.

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

16.

Sir William Coxen Trust Fund Performance monitoring to 31 March 2017

Report of the Chamberlain.

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

Minutes:

The Board noted a report of the Chamberlain.

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

17.

Property Investments - Fees

Report of the Chamberlain.

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

Minutes:

The Board considered two reports, one of the Chamberlain and one of Mercer.

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

18.

Investment Monitoring

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

Minutes:

The Board considered two reports, one of the Chamberlain and one of Mercer, regarding investment performance.

 ...  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.