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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 were received from Henry Colthurst, Alderman Robert Howard, James de Sausmarez, Ian Seaton and Deputy Philip Woodhouse.

 ...  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.

Resolution of the Investment Committee

The Town Clerk to provide a verbal update in relation to the resolution of the

Investment Committee dated 9 May 2017 appointing the Board and its Chairman

and Deputy Chairman.

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

Minutes:

The Board noted the resolution of the Investment Committee on 9 May 2018, appointing the Board and approving its terms of reference. With regards to the Board’s appointments to the Social Investment Board, the Board agreed that Henry Colthurst should be appointed alongside the Chairman.

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

4.

Minutes of the previous meeting pdf icon PDF 62 KB

To agree the public minutes and non-public summary of the meeting held on22 March 2018.

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

Minutes:

It was clarified that the use of the word ‘underwritten’ to describe the central government’s role in loans between local authorities was misleading. The central government had the power to intervene in the finances of a local authority in exceptional circumstances, and for this reason it is considered unlikely that any local authority would default on a loan repayment. However, Central government does not underwrite loans taken out by local authorities.

 

RESOLVED – That, pending the above clarification, the public minutes and non-public summary of the meeting held on 22 March 2018 be agreed as a correct record.

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

5.

Outstanding Actions pdf icon PDF 36 KB

Report of the Town Clerk.

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

Minutes:

The Board noted that Member training would be available to members of the Financial Investment Board and Finance Committee, and would not be delivered through the Member Development Steering Group. Officers would liaise to arrange a suitable date and time in the ensuing months.

 

RESOLVED – That the report be noted.

 

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

6.

Monthly Investment Analysis Review pdf icon PDF 329 KB

Report of the Chamberlain

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

Additional documents:

Minutes:

The Board received a report of the Chamberlain concerning the monthly investment analysis review for March 2018.

 

RESOLVED – That the report be noted.

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

7.

Financial Investment Board - Risk Register pdf icon PDF 67 KB

Report of the Chamberlain

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

Additional documents:

Minutes:

The Board considered a report of the Chamberlain reviewing the amended risks and actions for the Financial Investment Board’s revised risk register. The register had been amended following feedback from Members at the last meeting of the Financial Investment Board and the Investment Committee.

 

RESOLVED – That the Financial Investment Board confirm that appropriate control measures were in place, and agree to review the risk register twice per year, updating where necessary.

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

8.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

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

9.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

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

10.

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 10.

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

11-16                                                                                       3

17-18                                                                                       -

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

11.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on22 March 2018.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 22 March 2018 be agreed as a correct record.

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

12.

Presentation by Principles for Responsible Investment

Minutes:

The Board received a presentation from representatives of Principles for Responsible Investment (PRI). The organisation sets global principles and monitors asset managers and asset owners in relation to these principles through investment strategy and implementation. City of London Corporation intends to sign up to the PRI on behalf of all its underlying capacities. The Board was advised the Corporation would be required to complete a detailed annual review on its activities that would be returned to PRI for evaluation. During the first year of membership, the annual review would be private, and feedback will be provided. In subsequent years the annual review would be made public.

 

The Board was given an overview of PRI and where the Corporation would fit in. PRI worked with an international network of around 2000 signatories to put six principles for responsible investment into practice. The organisation is investor-led and supported by the UN, with over US$80trillion dollars of assets currently under management, largely concentrated in Europe.

 

The PRI defined responsible investment as an approach to investing that aims to incorporate ESG factors into investment decisions, to better manage risk and generate sustainable, long-term returns. Key behaviours considered and expected of signatories centred around ESG integration, ESG screening and active ownership. The world was changing quickly and ESG factors could reveal macro trends, and help to identify the opportunities of the future.

 

The key expectation of being a PRI signatory was the year-on-year reporting on the implementation of the principles of responsible investment. As an outsource investor, the Corporation’s value would be in the selection and monitoring of fund managers. PRI would help the Corporation to identify ESG risks and pick up on future risks, in line with the market. The average reporting score of signatories had improved over the 8 years the model had

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

13.

Review of Financial Investment Board Activities 2017/18

Report of the Chamberlain

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

Minutes:

The Board received a report of the Chamberlain.

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

14.

City's Cash and Bridge House Estates - Investment Strategy Review Follow-Up

Report of the Chamberlain

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

Minutes:

The Board considered a report of the Chamberlain.

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

15.

London CIV - Appointment of a Multi Asset Credit 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.

Investment Monitoring Reports

Minutes:

16a

Investment Monitoring to 31 March 2018

Report of the Chamberlain

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

Minutes:

The Board received reports of the Chamberlain and of Mercer.

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

16b

Quarterly Monitoring Report

Report of Mercer

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

Minutes:

17.

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

Minutes:

There were no non-public questions.

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

18.

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

Minutes:

There was no other business.

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

 


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