Agenda and minutes

Financial Investment Board - Friday, 29th November, 2019 1.45 pm

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

 ...  view the full agenda text for item 1.

Minutes:

Apologies for absence were received from Henry Colthurst (Deputy Chairman), Alderman Robert Howard, Deputy Clare James, Andrien Meyers and Deputy Henry Pollard.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

 

 ...  view the full agenda text for item 2.

Minutes:

There were no declarations.

 ...  view the full minutes text for item 2.

3.

Minutes of the previous meeting pdf icon PDF 56 KB

To agree the public minutes and non-public summary of the meeting held on 17 September 2019.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 17 September 2019 be agreed as a correct record.

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

4.

Monthly Investment Analysis Review pdf icon PDF 240 KB

Report of the Chamberlain

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Additional documents:

Minutes:

The Board received a report of the Chamberlain concerning the monthly investment analysis review for October 2019. The Board noted the current investment list, total investment values and average rate of return set out in the report.

 

RESOLVED – That the report be noted.

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

5.

Mid-Year Treasury Management Review 2019/20 pdf icon PDF 85 KB

Report of the Chamberlain

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Minutes:

The Board received a report of the Chamberlain concerning the mid-year Treasury Management review for the 2019/20 financial year. The Board discussed the increase in the margin on Gilt rates charged by Government for loans issued to local authorities by the Public Works Loan Board. The Chamberlain advised that this had been unexpected and was likely to be the subject of further discussion after the General Election.

 

RESOLVED – That the report be noted.

 

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

6.

Risk Register for Financial Investment Board pdf icon PDF 72 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 outlined each amendment made to the risk register since the last review in turn, for the Board’s information. The Chamberlain also advised the Board of two senior staff changes at the London Collective Investment Vehicle (LCIV).

 

A Member queried the due dates and target levels of risks on the register, and put to the Board whether more forward thinking was required when monitoring risks, such as creating risk trends for analysis by scoring each risk on a quarterly basis. The Chamberlain responded that other tools and formats were used on risk registers for other Committees, and this was something that could be taken away to consider whether they could be applied to the Board’s risk register.

 

RESOLVED – That the Financial Investment Board:

 

a)    Note the existing risks and actions present on the Financial Investment Board’s Risk Register, and confirm that appropriate control measures are in place;

 

b)    Confirm that there are no further risks relating to the services overseen by the Financial Investment Board; and

 

c)    Ask officers to consider alternative tools and formatting that might enable further analysis of the Risk Register going forward.

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

7.

Questions on matters relating to the work of the Committee

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Minutes:

There were no questions.

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8.

Any Other Business that the Chairman considers urgent

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Minutes:

There was no other business.

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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

10-18                                                                                       3

19-20                                                                                       -

 ...  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 17 September 2019.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 17 September 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

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Minutes:

The Board received a list of non-public outstanding actions.

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

12.

Investment Monitoring Reports

 

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Minutes:

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

12a

Performance Monitoring to 30 September: Pension Fund

Report of the Chamberlain

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Minutes:

The Board received a report of the Chamberlain.

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

12b

Performance Monitoring to 30 September: City's Cash and Bridge House Estates

Report of the Chamberlain

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Minutes:

The Board received a report of the Chamberlain.

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

12c

Quarterly Monitoring Report

Report of Mercer

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Minutes:

The Board received a report of Mercer.

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

13.

Infrastructure Investment - City's Cash

Report of the Chamberlain

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Minutes:

The Board considered a report of the Chamberlain.

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14.

Private Equity Portfolio Review

Report of the Chamberlain

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Minutes:

The Board considered a report of the Chamberlain.

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

15.

Investment Consultant Strategic Objectives (LGPS only)

Report of the Chamberlain

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Minutes:

The Board considered a report of the Chamberlain.

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

16a

Responsible Investment Update - Follow up to Stewardship Assessment

Report of the Chamberlain

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Minutes:

The Board considered a report of the Chamberlain.

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

16b

Responsible Investment Update

Report of the Chamberlain

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Minutes:

The Board received a report of the Chamberlain.

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

17.

Sir William Coxen Trust - Review of Investments

Report of the Chamberlain

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Minutes:

The Board considered a report of the Chamberlain.

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

18.

Financial Forecast and Potential Asset Disposal

Report of the Chamberlain

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Minutes:

The Board received a report of the Chamberlain.

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

19.

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

 

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

Minutes:

There were no non-public questions.

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

20.

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

 

 ...  view the full agenda text for item 20.

Minutes:

There were several items of other business.

 ...  view the full minutes text for item 20.