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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:

There were no apologies.

 ...  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 20 September 2018.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 20 September 2018 be agreed as a correct record.

 ...  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 Chamberlain advised that Treasury Management training was now likely to be scheduled in the New Year, and officers would look for a date in January or February.

 

RESOLVED – That the list of outstanding actions be noted.

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

5.

Monthly Investment Analysis pdf icon PDF 339 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 September 2018. The Board noted the current investment list and total investment values set out in the report.

The Chamberlain advised that the majority of cash held were payments due to third parties or restricted reserves. The Board noted the average rate of return of 0.84%.

 

A Member asked if a chart tracking performance of yield could be added to future reports, so that it could be monitored on a quarterly basis, particularly in respect of changing interest rates. The Chamberlain responded that officers would look into whether this could be incorporated into the report format.

 

RESOLVED – That the report be noted.

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

6.

Mid-Year Treasury Management Review 2018/19 pdf icon PDF 182 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 2018/19 financial year.

 

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:

The Chairman advised the Board that he had recently attended a London CIV (LCIV) meeting at London Councils as the nominated shareholder for the City of London Corporation Pension Fund.

 

The LCIV portfolio was an Authorised Contractual Scheme (ACS) regulated by the Financial Conduct Authority (FCA). If an authority wanted to hold passive, index-tracking funds under the umbrella of the LCIV, it was able to, but those funds were not available on the LCIV platform. The Chairman added that collectively, the local authorities invested in the LCIV currently carried more assets under management in passive funds than in active funds, with some authorities carrying as much as 40% passive in their individual portfolios. This was a contrast to the Corporation, which did not currently have any assets under management in passive funds. Members had not previously been minded to invest in passive funds, but were reminded that this was still an option.

 ...  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

9-12                                                                                         3

13-14                                                                                       -

 ...  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 20 September 2018.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 20 September 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 Monitoring Reports

Minutes:

12a

Investment Monitoring to 30 September 2018

Report of the Chamberlain

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

Minutes:

12b

Quarterly Monitoring Report

Report of Mercer

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

Minutes:

The Board received reports of the Chamberlain and of Mercer.

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

13.

Global Equity Manager Search - Verbal Update

The Chamberlain to be heard.

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

Minutes:

The Board considered a report of the Chamberlain.

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

14.

Bridge House Estates Strategic Review - Update

Report of the Town Clerk & Chief Executive and the Chief Grants Officer & Director of City Bridge Trust

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

Minutes:

The Board considered a joint report of the Town Clerk & Chief Executive and the Chief Grants Officer & Director of City Bridge Trust.

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

15.

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

Minutes:

There was one non-public question.

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

16.

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 16.

 


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