Agenda item

To elect a Deputy Chairman in accordance with Standing Order 30.

The Committee proceeded to elect a Deputy Chairman in accordance with Standing Order No.30. The Town Clerk read a list of Members eligible to stand and Nick Bensted-Smith, being the only Member who expressed his willingness to serve, was duly elected as Deputy Chairman of the Committee for the ensuing year.

The newly-elected Chair gave thanks to Members for their trust and support and congratulated the new Chairmen and Deputy Chairmen of the Boards. This was an interesting time for the Committee with existential risks, increasing valuations and potentially turbulent years ahead. The new Chair added that he wanted to use the significant experience and expertise on the Committee and involve everyone in its work. The Chair then welcomed new and returning Members to the Committee and thanked outgoing Members for their service.

VOTE OF THANKS

THAT the Members of the Investment Committee wish to express their sincere thanks to

ANDREW MCMURTRIE

for his capable stewardship as Chairman of the Investment Committee and for his dedicated service to the work of the Investment Committee and Investment Boards.

Whilst a short but sweet tenure as Chairman of this Committee, Andrew has been a valued Committee Member for the past six years. He has also been a consistent, committed and knowledgeable Chairman of the Financial Investment Board since October 2015, and has also served on the Social Investment Board since December of that year. Andrew’s extensive knowledge and experience of investment matters has been of great value to the work of all bodies.

As Chairman, Andrew has provided clarity of direction and a reasoned approach to the work of the Financial Investment Board. Whilst facing challenges, his term has been positive and productive. Over the last three years, all three Funds have outperformed their benchmark, with both the Pension Fund and City’s Cash outperforming their benchmark over the last five years.

Andrew’s extensive experience of the process of asset allocation, portfolio construction and security analysis has equipped him to ask searching questions of the City of London Corporation’s various fund managers, and to be effective in holding them to account. Andrew has been a strong advocate for the Pension Fund as the City of London’s shareholder representative on the London Collective Investment Vehicle.

Andrew has also been instrumental in promoting responsible investment and ESG during his time as Chairman of the Board. During his tenure, the City of London Corporation has agreed a Statement of Commitment to the UK Stewardship Code and a Responsible Investment Policy, and become a signatory to the Principles of Responsible Investment. The City was also opted up to professional status under MiFID II in 2018.

The Committee wishes to thank Andrew for his expertise and his significant service to the Investment Committee and the Financial and Social Investment Boards. The stewardship that Andrew has demonstrated is much appreciated by all Members of this Committee, who wish him much success in his continued service in the City of London Corporation and in other bodies.