Agenda and minutes

Apologies for absence were received from Alderman Sir Robert Finch, George Gillon, Brian Harris and Clare James.

There were no declarations.

To appoint the Committee and approve its Terms of Reference.

The Committee considered the Order of the Court of Common Council of 19 April 2012 appointing the Committee and approving its Terms of Reference.

RECEIVED

To agree the public minutes and non-public summary of the meeting held on 13 January 2012.

RESOLVED: That the public minutes and non-public summary of the meeting held on 13 January 2012 be approved as an accurate record.

To note the draft public minutes and non-public summary of the meeting held on 2 February 2012.

RESOLVED: That the public minutes and non-public summary of the Financial Investment Board meeting held on 2 February 2012 be noted.

To note the public minutes and non-public summary of the meetings held on 18 January 2012, 15 February 2012 and 14 March 2012.

RESOLVED: That the public minutes and non-public summary of the Property Investment Board meetings held on 18 January 2012, 15 February 2012 and 14 March 2012 be noted.

Report of the Town Clerk.

The Committee considered a report of the Town Clerk to appoint the Committee’s two Boards (Property Investment Board and Financial Investment Board), approve their composition and terms of reference and agree the frequency of meetings.

The Town Clerk tabled amended terms of reference for the Financial Investment Board and proceeded to read the names of those Members who had expressed a willingness to serve on the Committee’s two Boards.

RESOLVED: That –

      i.        the composition and terms of reference for the two Boards be agreed, subject to the following conditions:

a.    that the composition should make clear that the Deputy Chairman (in addition to the Chairman) for both Boards should be determined by the relevant Board; and

b.    the Financial Investment Board terms of reference should be reviewed and amended in due course should the Board be required to take a formal role in relation to the newly established Social Investment Fund.

     ii.        Membership of the Boards would be:

Financial Investment Board

Deputy Ken Ayers (Chief Commoner)

Ray Catt

Roger Chadwick

Simon Duckworth

Deputy Anthony Eskenzi

Brian Harris

Tom Hoffman

Robert Howard

Clare James

Anthony Llewelyn-Davies

Deputy Edward Lord

Jeremy Mayhew

Henry Pollard

Ian Seaton

Stuart Fraser (Ex-Officio Member)

Property Investment Board

Deputy Ken Ayers (Chief Commoner)

Deputy Michael Cassidy

Roger Chadwick

Deputy Anthony Eskenzi

Martin Farr

Alderman Sir Robert Finch

Archie Galloway

George Gillon

Brian Harris

Michael Hudson

Deputy Keith Knowles

Deputy Edward Lord

Mark Boleat (Ex-Officio Member)

    iii.        the Investment Committee would continue to meet three times a year, with meetings to be held in January, April/May and July;

   iv.        the Financial Investment Board would continue to meet approximately six times a year;

    v.        the Property Investment Board would continue to meet approximately eight to ten times a year;

   vi.        it be noted that the Chairman and Deputy

To elect a Chairman pursuant to Standing Order No. 29.

The Committee proceeded to elect a Chairman in accordance with Standing Order No. 29. A list of Members eligible to stand was read and Ray Catt, being the only Member who expressed a willingness to serve, was declared to have been elected as the Chairman of the Investment Committee for the ensuing year.

To elect a Deputy Chairman pursuant to Standing Order No. 30.

The Committee proceeded to elect a Deputy Chairman in accordance with Standing Order No. 30. A list of Members eligible to stand was read and Deputy Michael Cassidy, being the only Member who expressed a willingness to serve, was declared to have been elected as the Deputy Chairman of the Investment Committee for the ensuing year.

Presentation of Peter Damesick, Chief Economist - Global Research & Consulting at CBRE.

The City Surveyor introduced Peter Damesick, EMEA Chief Economist at CBRE who then provided Members with an overview of the Central London Real Estate Market Outlook.

The Chairman thanked Mr Peter Damesick and Members asked a number of questions in relation to the presentation.

RECEIVED

The Town Clerk to be heard.

There were no decisions taken under Delegated Authority or Urgency Procedures since the previous meeting.

There were no questions.

The Chairman expressed his thanks to Robert Hughes-Penney, the outgoing Chairman of the Investment Committee and Financial Investment Board.

Mr Hughes-Penney stated that it had been a pleasure and a privilege to serve on the Committee and he wished Members every success in the future.

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: