Agenda and minutes

Apologies were received from Alex Barr and Tim Levene.

The Chairman welcomed new Members of the Board, Alex Barr and Tim Levene (in their absence), Andrien Meyers and Deputy Jamie Ingham Clark. The Chairman also thanked outgoing Members of the Board Deputy Roger Chadwick, Alderman Peter Hewitt, Deputy Edward Lord and Deputy Tom Hoffman.

The Chairman advised that he and his wife were attending the Chelsea Flower Show as guests of M&G.

The Town Clerk to provide a verbal update in relation to the resolution of the Investment Committee dated 17 May 2017 appointing the Board and its Chairman and Deputy Chairman.

The resolution from the Investment Committee on the appointment of the Financial Investment Board and its Chairman and Deputy Chairman was noted. With regards to the Financial Investment Board’s appointments to the Social Investment Board, Members agreed that the current appointees should continue.

RESOLVED – That:

a)    the Board’s appointment and election of Chairman and Deputy Chairman, which took place at the Investment Committee on 17 May 2017, be ratified; and

b)    the Chairman and Deputy Chairman be appointed to the Social Investment Board.

To agree the public minutes and non-public summary of the meeting held on 2 February 2017.

RESOLVED - That the public minutes and non-public summary of the meeting held on 2 February 2017 be agreed as a correct record.

Report of the Town Clerk.

The Board received a report of the Town Clerk outlining a decision taken since the last meeting.

RESOLVED – That the report be noted.

Report of the Town Clerk.

The Board received the list of Outstanding Actions. In response to a proposal in invite Artemis to a future meeting, the Board noted that the fund manager was unable to attend the next meeting in June and, as such, agreed for an informal meeting to be arranged with them and the Chairman and Deputy Chairman. A Member advised that he had heard that Adrian Gosden, who left Artemis in 2016, might be managing a new fund later this year.

RESOLVED – That the report be noted, and a meeting with Artemis Fund Managers be arranged outside of the meeting.

Report of the Chamberlain.

The Board received the monthly review for March 2017 which detailed the list of current investments. Members discussed the report in detail and, with regard to cash balances, the Chairman advised that a significant proportion of balances would be drawn down over the coming years to fund various major projects (such as Museum of London) and the £200m held as part of the City’s contribution to Crossrail had been paid.

Officers advised that a report would be coming to the Board’s June meetings regarding medium term (i.e. two years) investment options and setting out the timeline for the major projects being funded. In response to a Member’s question regarding UK Index Linked Gilts, officers advised investments could be done via Capita and undertook to report back regarding the period of investment.

RESOLVED – That up to £50m be invested with UK Index Linked Gilts and officers report back as to the period of investment.

There were no questions.

The Chairman thanked officers and those involved with the Investment Committee Dinner held last month, which had been very successful and well received.

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.

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

11-19                                                                                       3

20-21                                                                                       -

To agree the non-public minutes of the meeting held on 2 February 2017.

RESOLVED - That the non-public minutes of the meeting held on 2 February 2017 be agreed as a correct record.

Report of the Town Clerk.

The Board received a report of the Town Clerk outlining a decision taken since the last meeting.

RESOLVED – That the report be noted.

Joint report of the Chamberlain and the Comptroller & City Solicitor.

The Board considered a joint report of the Chamberlain and the Comptroller & City Solicitor.

Report of the Chamberlain.

The Board noted a report of the Chamberlain.

Verbal report of the Chamberlain.

The Board considered an oral report of the Chamberlain.

The Board considered two reports, one of the Chamberlain and one of Mercer, regarding investment performance.

Report of Mercer.

The Board received a report of Mercer.

There were no non-public questions.

There was no other business.