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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 Alderman Peter Hewitt, Deputy Philip Woodhouse, Alexander Barr, Henry Colthurst and Ian Seaton.

 ...  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 126 KB

To agree the public minutes and non-public summary of the meeting held on 26 October 2017.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 26 October 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 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.

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

5.

Monthly Investment Analysis Review pdf icon PDF 308 KB

Report of the Chamberlain

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

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.

 

 

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

6.

Mid-Year Treasury Management Review 2017-18 pdf icon PDF 132 KB

Report of the Chamberlain

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

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.

 

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

7.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

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

8.

Any Other Business that the Chairman considers urgent

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

10-17                                                                                       3

18-19                                                                                       -

 ...  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 on 26 October 2017.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 26 October 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 a list of non-public outstanding actions.

 

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

12.

ESG Survey Results

Presentation of Mercer

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

Minutes:

The Board received the results of the recent ESG Survey, presented by Mercer.

 

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

13.

City's Cash and Bridge House Estates Strategy Review Proposal

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.

Investment Monitoring Reports

Minutes:

14a

Investment Monitoring Report to 30 September 2017

Report of the Chamberlain

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

Minutes:

The Board received a report of the Chamberlain.

 

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

14b

Quarterly Monitoring Report

Report of Mercer

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

Minutes:

The Board received a report of Mercer.

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

15.

London CIV: Appointment of Multi Asset Manager and Private Debt Manager

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.

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.

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

17.

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.

 

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

 


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