Agenda and draft minutes

Venue: Virtual Public Meeting (Accessible Remotely)

Contact: Joseph Anstee
tel. no.: 020 7332 1480  Email: joseph.anstee@cityoflondon.gov.uk

Items
No. Item

At the start of the meeting, the Chairman welcomed Members and those watching the live broadcast of the meeting via YouTube, before reminding Members of the guidance circulated for the conducting of remote meetings.

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 106 KB

To agree the public minutes and non-public summary of the meeting held on 11 February 2020.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 11 February 2020 be agreed as a correct record.

 

Matters Arising

 

Outstanding Actions

The Chairman advised that of the Board’s outstanding actions, the Risk Register was on the agenda, and that the Board would now provide an update to the Local Government Pensions Board in September, due to the cancellation of the Local Government Pensions Board’s July meeting.

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

4.

Monthly Investment Analysis Review pdf icon PDF 403 KB

Report of the Chamberlain

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

Additional documents:

Minutes:

The Board received a report of the Chamberlain concerning the monthly investment analysis review for April 2020. 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.

Risk Register for Financial Investment Board pdf icon PDF 123 KB

Report of the Chamberlain

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

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.

 

A Member suggested amending the wording of Risk CHB FIB 02, particularly to strengthen the distinction between target and absolute returns. The Board then discussed whether the risk of insufficient cash as set out in Risk CHB FIB 05 had increased due to the current climate and related City of London Corporation activity elsewhere. The Chamberlain advised that there was some pressure in this area, but that officers were comfortable with the current level of liquidity due to cash balances. Members suggested that the Board periodically receive a balance sheet review to inform their deliberations related to this risk as it had implications for assets, even if decisions related to cash management were the remit of other Committees.

 

In response to a Member in respect of CHB FIB 07, the Chamberlain advised that updated guidance and changes to draft regulations were expected, which would also pick up clarifications arising from a recent Supreme Court ruling on directing investments.

 

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)    Request that officers amend the Register as suggested and submit the Risk Register to the next meeting of the Board for further review.

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

6.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

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

7.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

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

8.

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 8.

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 - 13                                                                                       3

14 - 15                                                                                     -

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

9.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 11 February 2020.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 11 February 2020 be agreed as a correct record.

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

10.

Investment Monitoring Reports

Minutes:

10a

Performance Monitoring to 31 March 2020: Pension Fund

Report of the Chamberlain

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

Minutes:

The Board received a report of the Chamberlain.

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

10b

Performance Monitoring to 31 March 2020: City's Cash and Bridge House Estates

Report of the Chamberlain

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

Minutes:

The Board received a report of the Chamberlain.

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

10c

Quarterly Monitoring Report

Report of Mercer

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

Minutes:

The Board received a report of Mercer.

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

11.

Charities Pool: Update

Report of the Chamberlain

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

Minutes:

The Board considered a report of the Chamberlain.

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

12.

Green Finance Initial Workshop

The Chairman to be heard.

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

Minutes:

The Board received an oral update.

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

13.

Pension Fund Investment Strategy Review Workshop

Report of Mercer

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

Minutes:

The Board discussed a report of Mercer.

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

14.

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 14.

15.

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

Minutes:

There was other business.

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