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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 Simon Duckworth, Alderman Robert Hughes-Penney, Andrien Meyers 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 69 KB

To agree the public minutes and non-public summary of the meeting held on 20 May 2019.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 20 May 2019 be agreed as a correct record.

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

4.

Outstanding Actions pdf icon PDF 40 KB

Report of the Town Clerk.

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

Minutes:

The Board received a list of outstanding actions and noted that all actions arising from the last meeting had been addressed.

 

RESOLVED – That the outstanding actions list be noted.

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

5.

Monthly Investment Analysis Review pdf icon PDF 352 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 2019. The Board noted the current investment list, total investment values and average rate of return set out in the report, and was advised that the further investments of £25 million in each of the short-dated bond funds were made on 5 June 2019 and would be reflected in the report as of the next meeting.

 

RESOLVED – That the report be noted.

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

6.

Risk Register for Financial Investment Board pdf icon PDF 66 KB

Report of the Chamberlain

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

Additional documents:

Minutes:

The Board considered a report of the Chamberlain reviewing the Financial Investment Board’s risk register. The Chamberlain introduced the report and advised the Board of amendments made to the risk register following the previous meeting, concerning asset pooling, cybersecurity and responsible investment. The Chamberlain advised of corrections on page 35 to the target risk rating and score where this did not appear in the table.

 

A Member asked the Board whether their targets could be more ambitious, given all but one current risk rating was currently at target, and whether the Board might consider producing a statement on risk appetite. The Chamberlain responded that identified risks were mitigated as much as possible, and risk and target would sometimes be similar. The Board could consider devising a statement on risk appetite, and as the risk register was managed by the Board, Members could make further changes if desired. The Chairman added that the nature of the Board’s work meant that scores tended to be consistent.

 

In response to a query from a Member, the Chamberlain advised that cybersecurity was a major corporate risk, managed by the Audit and Risk Management Committee, and the risk managed by the Financial Investment Board was a smaller part of this general risk. Whilst the Board oversaw assets, there was a robust mitigation against impersonation or other fraud, as asset changes could not be made without committee approval and multiple signatories.

 

Members discussed whether the risk relating to Insufficient cash might need to be reviewed, in light of proposals for borrowing in the near future and the Fundamental Review. The Board then discussed responsible investment risk relating to Environmental, Social and Governance (ESG) factors, including how this was measured and distinctions within this category. A Member cited the example of Royal Dutch Shell, who had a

 ...  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

10-16                                                                                       3

17-18                                                                                       -

 ...  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 May 2019.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 20 May 2019 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 Performance Monitoring to 31 March 2019

Report of the Chamberlain

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

Minutes:

12b

Quarterly Monitoring Report Q1 2019

Report of Mercer

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

Minutes:

The Board received reports of the Chamberlain and Mercer.

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

13.

Hampstead Heath Trust & Charities Pool Investment Performance Monitoring to 31 March 2019

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.

Sir William Coxen Trust Fund Performance Monitoring to 31 March 2019

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.

BHE: Part Investment of the Proceeds from the Sale of 1-5 London Wall Buildings - Request for Delegated Authority

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.

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

Minutes:

There were non-public questions.

 ...  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:

There were items of other business.

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

 


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