Agenda and minutes

Apologies were received from Deputy Michael Cassidy, Henry Colthurst, Henry Pollard, and Jeremy Mayhew.

There were no declarations.

To receive the Order of the Court of Common Council, 23 April 2015.

The Committee received the order of the Court of Common Council, 23 April 2015 appointing the Committee and approving its terms of reference. Members also noted and approved a proposal discussed at the Policy & Resources Committee meeting held on 30 April 2015 to appoint the Chairman of the Social Investment Board to the Investment Committee, either through an existing vacancy or by creating an ex-officio appointment.

Report of the Town Clerk.

The Town Clerk sought Members’ approval on the composition and frequency of meetings of the Committee’s Boards.

RESOLVED – That the composition and frequency of meetings for the Committee’s Boards be agreed and the terms of reference be approved.

The Town Clerk read a list of names who had indicated their wish to serve on the Financial Investment Board and, with 11 Members indicating they willingness for 12 to 14 places, it was:-

RESOLVED – That the following Members be elected to the Financial Investment Board for the year ensuing.

Financial Investment Board

Nicholas Bensted-Smith

Roger Chadwick

Henry Colthurst

Simon Duckworth

Tom Hoffman

Deputy Robert Howard

Clare James

Andrew McMurtrie

Henry Pollard

Ian Seaton

Philip Woodhouse

The Town Clerk read a list of names who had indicated their wish to serve on the Property Investment Board and, with 12 Members indicating their willingness for 12 to 14 places, it was:-

RESOLVED – That the following Members be elected to the Property Investment Board for the year ensuing.

Property Investment Board

Christopher Boden

Mark Boleat

Deputy Michael Cassidy

Deputy John Chapman

Roger Chadwick

George Gillon

Brian Harris

Deputy Robert Howard

Michael Hudson

Deputy Alastair Moss

Dhruv Patel

Tom Sleigh

Election of Chairman and Deputy Chairman to the Financial Investment Board

The Town Clerk invited Members of the newly appointed Financial Investment Board to elect a Chairman in accordance with Standing Order 29. A list of Members eligible to stand was read out and Deputy Robert Howard being the only Member indicating his willingness to serve was declared to have been elected for the year ensuing.

The Town Clerk invited Members of the newly appointed Financial Investment Board to elect a Deputy Chairman in accordance with Standing Order 30. A list of Members eligible to stand was read out and Andrew McMurtrie

To elect a Chairman in accordance with Standing Order 29.

Members were invited to elect a Chairman in accordance with Standing Order 29. A list of Members eligible to stand was read out and Deputy Robert Howard being the only Member indicating his willingness to serve was declared to have been elected for the ensuing year.

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

Members were invited to elect a Deputy Chairman in accordance with Standing Order 30. A list of Members eligible to stand was read out and Deputy Alastair Moss being the only Member indicating his willingness to serve was declared to have been elected for the ensuing year.

RESOLVED UNANIMOUSLY - THAT at the conclusion of his term of office as their Chairman, the Members of this Committee wish to extend to

Deputy Michael Cassidy

their sincere thanks and appreciation for the extremely able and competent manner in which he has presided over their deliberations and the detailed interest and commitment he has shown in all aspects of the work of the Investment Committee.

Michael has been an extremely knowledgeable and dedicated Chairman of this Committee’s Property Investment Board. His experience and understanding of investment matters has been a driving force behind a number of successful developments for the City of London Corporation, such as International House and Shoreditch Estate, as well as maintaining and building upon excellent investment fund performance across all estates.

By representing the Committee on the Policy and Resources Committee, Michael has ensured that the City of London Corporation aim to continually improve and develop property investment to benefit residents and City workers as well as the Corporation. Furthermore, he has helped the City Corporation achieve its £200 million contribution to the Crossrail fund, aided significantly by the redevelopment of 100 Cheapside.

He has been a passionate supporter for transformation, including Project Bald Eagle, transferring assets internally, and the proposed re-location of the Museum of London to a larger and more suitable brand-new site at Smithfield Market, which will enhance the surrounding area and greatly benefit the Museum and visiting public alike.

Michael’s guidance and expertise has been instrumental in securing the redevelopment of the London Fruit

To agree the public minutes and non-public summary of the meeting held on 16 January 2015.

RESOLVED - That the public minutes and non-public summary of the meeting held on 16 January 2015 be approved as an accurate record.

To note the draft public minutes and non-public summary of the meeting held on 5 February 2015.

RESOLVED - That the draft public minutes and non-public summary of the Financial Investment Board meetingheld on 5 February 2015 be noted.

To note the public minutes and non-public summaries of the meetings held on 14 January 2015, 18 February 2015, and the draft minutes of 25 March 2015.

RESOLVED - That the public minutes and non-public summaries of the Property Investment Board meetings held on 14 January 2015, 18 February 2015, and the draft minutes of 25 March 2015 be noted.

To note the draft public minutes and non-public summary of the meeting held on 4 February 2015.

RESOLVED - That the draft public minutes and non-public summary of the Social Investment Board meetingheld on 4 February 2015 be noted.

Report of the Chief Grants Officer.

The Committee received a report of the Chief Grants Officer regarding investment risk the City of London Corporation Social Investment Fund faced from Right to Buy. Members noted that there was currently no risk, but voiced their concern over the potential threats with the likely extension of the Right to Buy policy. The Chief Grants Officer advised that his officers would continue to monitor the guidance being issued from Central Government and present a report on the situation in due course.

RESOLVED – That the report be noted, and a follow-up report be presented in due course.

There were no questions.

There was no other business.

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

            15-21                                                               3

            22                                                                     -

To agree the non-public minutes of the meeting held on 16 January 2105.

RESOLVED - That the non-public minutes of the meeting held on 16 January 2015 be approved as an accurate record.

To note the draft non-public minutes of the meeting held on 5 February 2015.

RESOLVED - That the draft non-public minutes of the Financial Investment Board meetingheld on 5 February 2015 be noted.

To note the non-public minutes of the meetings held on 14 January 2015, 18 February 2015, and the draft minutes of 25 March 2015.

RESOLVED - That the non-public minutes of the Property Investment Board meetingheld on 14 January 2015, 18 February 2015, and the draft non-public minutes of 25 March 2015 be noted.

To note the draft non-public minutes of the meeting held on 4 February 2015.

RESOLVED - That the draft non-public minutes of the Social Investment Board meetingheld on 4 February 2015 be noted.

Report of the Chamberlain.

Members received a report of the Chamberlain.

Report of the Chief Grants Officer.

Members received a report of the Chief Grants Officer.

There was one non-public question.

There was no other business.