Agenda and minutes

The Chair welcomed all those in attendance to the meeting and thanked members of the public observing the meeting for their participation.

Apologies were received from Deputy Henry Pollard and Deputy Philip Woodhouse.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 20 January 2021 and the special meeting held on 6 May 2021.

RESOLVED – That the public minutes and non-public summary of the meeting held on 20 January 2021 and the special meeting on 6 May 2021 be approved as an accurate record.

Matters Arising

The Town Clerk advised that two further Members had submitted expressions of interest in serving on the Financial Investment Board, having missed the Appointment of the Boards at the special meeting on 6 May 2021, and asked the Committee to consider expanding the constitution of the Board by two places in order to appoint these Members to the Financial Investment Board.

RESOLVED – That the Investment Committee agree to expand the constitution of the Financial Investment Board by two places, and subsequently to appoint Deputy Clare James and Tim Levene to the Financial Investment Board.

To note the public minutes and non-public summary of the meeting held on 9 February 2021.

RESOLVED - That the public minutes and non-public summary of the Financial Investment Board meeting held on 9 February 2021 be noted.

To note the public minutes and non-public summary of the meetings held on 27 January 2021 and 17 March 2021.

RESOLVED - That the public minutes and non-public summary of the Property Investment Board meeting held on 27 January 2021 and 17 March 2021 be noted.

To note the public minutes and non-public summary of the meeting held on 3 February 2021.

RESOLVED - That the public minutes and non-public summary of the Social Investment Board meeting held on 3 February 2021 be noted.

Report of the Town Clerk

The Committee considered a report of the Town Clerk presenting a resolution of the Bridge House Estates Board at its meeting on 4 May 2021. The Town Clerk introduced the item and gave Members some further context in respect of the resolution to Investment Committee.

The Managing Director of Bridge House Estates (BHE) then advised that the BHE Board had agreed as a priority to proactively seek advice and draw on the expertise of other Committees, with a healthy dialogue on important matters, in order to facilitate business as usual and inform the Board’s decision-making, pending further deliberations regarding the BHE Board’s governance.

A Member noted that the resolution could be more specific in distinguishing between advice in respect of investment strategy and advice in respect of specific investments, and suggested that the Committee delegate advisory roles relating to property and non-property investments to the Property Investment Board and Financial Investment Board respectively, as they met more frequently than the Grand Committee. The Chair endorsed the proposal to delegate to the Boards, adding that it was difficult to justify setting up new or parallel bodies at this time.

A Member commented that the Committee, in conjunction with the Investment and BHE Boards, should begin to consider the longer-term arrangements for managing investments, particularly BHE investments, and suggested that the BHE Board be encouraged to make recommendations with a view to reaching a consensus on what should happen. The Member added that the likelihood that a Pensions Committee would need to be established in due course would also need to be taken into account as part of the longer-term arrangements.

Members further commented that the resolution was an appropriate first step and should be agreed, and that strategic and management matters could be separated out if necessary. A Member noted that

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.

To agree the non-public minutes of the meeting held on 20 January 2021.

RESOLVED – That the non-public minutes of the meeting held on 20 January 2021 be approved as an accurate record.

To note the non-public minutes of the meeting held on 9 February 2021.

RESOLVED - That the non-public minutes of the Financial Investment Board meetingheld on 9 February 2021 be noted.

To note the non-public minutes of the meeting held on 27 January 2021 and 17 March 2021.

RESOLVED - That the non-public minutes of the Property Investment Board meetingsheld on 27 January 2021 and 17 March 2021 be noted.

To note the non-public minutes of the meeting held on 4 May 2021.

RESOLVED - That the non-public minutes of the Social Investment Board meetingheld on 4 May 2021 be noted.

The Town Clerk to be heard.

The Committee discussed future governance.

Report of the Chamberlain

The Committee received a report of the Chamberlain.

There were no non-public questions.

There was no other business.