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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 Deputy Tom Hoffman, Deputy Clare James, Tim Levene, Andrien Meyers, James de Sausmarez 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.

Minutes of the previous meeting pdf icon PDF 57 KB

To agree the public minutes and non-public summary of the meeting held on 24 May 2018.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 24 May 2018 be agreed as a correct record.

 

Following a Member query, the Chamberlain was asked to resend the briefing note on local authority lending.

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

4.

Outstanding Actions pdf icon PDF 35 KB

Report of the Town Clerk.

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

Minutes:

The Board was advised that Treasury Management training would be scheduled for Financial Investment Board and Finance Committee Members after the summer recess. The training would be important if the City of London Corporation decided to borrow in the future.

 

RESOLVED – That the report be noted.

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

5.

Monthly Investment Analysis Review pdf icon PDF 299 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 May 2018. The Board noted the current investment list and total investment values set out in the report, which now included the two short dated bond funds. Members noted that the Board had the option to consider further investment in short dated bond funds in the autumn if appropriate. The Board was advised that funds could be drawn down from the short dated bond funds relatively quickly if necessary.

 

The Board noted an error in the report wherein an investment had been attributed an average rate of return of 0.0%, which would be corrected.

 

RESOLVED – That the report be noted.

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

6.

ESG and the Draft Statement of Commitment to the UK Stewardship Code pdf icon PDF 163 KB

Report of the Chamberlain

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

Minutes:

The Board considered a report of the Chamberlain providing an update on points raised by Members following a presentation from colleagues at Principles of Responsible Investment (PRI), and on the advice/comments received from the Financial Reporting Council (FRC) following the submission of a draft Statement of Commitment to the UK Stewardship Code.

 

The Board was advised that following the previous meeting, the Chamberlain had spoken with PRI regarding reputational risk, and the outcome of these discussions were set out in the report. The City of London Corporation, if signing up, would voluntarily report in the first year, and in subsequent years would be required to report, but would not be required to publish PRI feedback on the report.

 

The Statement of Commitment to the UK Stewardship Code was presented to the Board for re-approval following advice and comments from the FRC. If approved, the statement would be submitted for formal assessment. The aim was to be awarded Tier 1 status, and the Board was asked to delegate authority to the Town Clerk in consultation with the Chairman and Deputy Chairman to agree any further changes necessary to achieve Tier 1 status.

 

The Board was advised by Mercer that the strands of work the Corporation had already undertaken would put them in a strong position to receive a positive end of year report. Members noted that the Corporation did not have to sign up immediately, but there was appetite for the Corporation to take the lead in this area and set an example. The first year would be the most burdensome, but reporting would become easier to manage once the process for doing so was set up following the first year. Mercer would be able to provide assistance in the process, such as by reviewing fund managers and writing to managers

 ...  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 24 May 2018.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 24 May 2018 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.

Investment Performance Monitoring to 31 May 2018

Report of the Chamberlain

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

Minutes:

The Board received a report of the Chamberlain.

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

13.

Multi Asset Manager Search - City's Cash and Bridge House Estates

Report of the Chamberlain and Mercer

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

Minutes:

The Board considered a report of the Chamberlain and Mercer.

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

14.

Pension Fund - LCIV Global Fund Managers

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.

Equity Portfolio Manager Structure Review

Report of the Chamberlain and Mercer

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

Minutes:

The Board considered a report of the Chamberlain and Mercer.

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

16.

Sir William Coxen Trust Fund Performance Monitoring to 31 March 2018

Report of the Chamberlain

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

Minutes:

The Board considered a report of the Chamberlain.

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

17.

Hampstead Heath Trust & Charities Pool Investment Monitoring to 31 March 2018

Report of the Chamberlain

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

Minutes:

The Board considered a report of the Chamberlain.

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

18.

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 18.

19.

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

Minutes:

There were three items of other business.

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

 


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