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Minutes of the Property Investment Board

To note the public minutes and non-public summary of the meetings held on 12 December 2018, 23 January 2019, 20 February 2019 and 20 March 2019.

 

Minutes:

A Member raised the issue of sustainability and responsible investment with regards to property investments, and suggested that the Committee consider developing a consistent policy and review mechanism for use across all three Boards. The Chamberlain responded that through the Financial Investment Board the City of London Corporation had signed up to the Principles of Responsible Investment and looked closely at the ESG credentials of the City of London Corporation and its fund managers. Social Impact Investing and Green Finance were also currently under consideration. A Sustainable Buildings Policy was a useful consideration and an overarching policy on green and sustainable investment would be helpful to draw the various strands together.

 

The Chair suggested that a working party or task and finish group be set up to work on such a policy for the whole investment portfolio, and asked for delegated authority to work on establishing such a group, in consultation with the Deputy Chairman and officers. The Committee noted that the City of London Corporation had also developed a Responsible Business Strategy. A Member suggested involving the Finance Committee as a number of major properties were overseen by the Corporate Asset Sub-Committee.

 

RESOLVED – That:

 

a)             the public minutes and non-public summaries of the Property Investment Board meetings held on 12 December 2018, 23 January 2019, 20 February 2019 and 20 March 2019 be noted; and

 

b)            Authority be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman, to establish a body to look into developing an overarching green and sustainable investments policy that could be applied across the City of London Corporation’s investment portfolio.

Supporting documents:

 


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