Agenda and minutes

Venue: VIRTUAL PUBLIC MEETING (ACCESSIBLE REMOTELY)

Contact: Chloe Rew
tel. no.: 020 7332 1427  Email: chloe.rew@cityoflondon.gov.uk

Note: VIRTUAL PUBLIC MEETING (ACCESSIBLE REMOTELY) 

Items
No. Item

1.

Apologies

Minutes:

It was proposed by Jeremy Mayhew and seconded by Alexander Barr that Alderman Luder takes the chair.

 

Apologies were received from Andrien Meyers and John Petrie.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the Agenda

Minutes:

There were none.

 ...  view the full minutes text for item 2.

3.

Order of the Court pdf icon PDF 84 KB

To receive the Order of the Court of Common Council dated 16 July 2020 appointing the Committee and setting its terms of reference.

 ...  view the full agenda text for item 3.

Minutes:

Members received the Order of the Court dated 16 July 2020 appointing the Committee and setting its Terms of Reference.

 ...  view the full minutes text for item 3.

4.

Election of a Chairman

To elect a Chairman in accordance with Standing Order 29.

 ...  view the full agenda text for item 4.

Minutes:

Members elected a Chair in accordance with Standing Order 29.

 

RESOLVED, that – being the only Member willing to serve, Alexander Barr be elected as Chair for the ensuing year.

 

 ...  view the full minutes text for item 4.

5.

Election of Deputy Chairmen

To elect 1 Deputy Chairman (Member) in accordance with Standing Order 30, and 1 Deputy Chairman (External) in accordance with a convention adopted by the Committee on 6 March 2018.

 

 ...  view the full agenda text for item 5.

Minutes:

Members elected a Deputy Chairman (Member) in accordance with Standing Order 30 and a Deputy Chairman (Externa) in accordance with the convention adopted by the Committee on 6 March 2018.


RESOLVED – that Alderman Luder be elected Deputy Chairman (Member) and Hilary Daniels be elected Deputy Chairman (External) for the ensuing year.

 

 ...  view the full minutes text for item 5.

6.

Vote of Thanks

Minutes:

RESOLVED UNANIMOUSLY, that –

 

Members of the Audit & Risk Management Committee wish to place on record their sincere appreciation to –

 

ALDERMAN IAN LUDER

for the dedication he has shown in all aspects of his work on their Committee in his three years as Chairman. Ian’s experience outside the Corporation has brought valuable expertise to the Committee’s work resulting in tangible improvements to the Corporation’s audit and risk management processes.

 

WITH IAN’S LEADERSHIP, the Committee has exercised the highest level of independent challenge and oversight of the adequacy of risk management, internal controls and the financial reporting frameworks.

 

THROUGH IAN’S GUIDANCE, the Committee has played a key oversight role in ensuring that the Corporation’s risk management framework and policies are operating effectively. Through the Chief Officer Risk Challenge Sessions, Ian has led thoughtful and productive discussions with Chief Officers to enhance the maturity of risk management across the Corporation.

 

UNDER IAN’S CHAIRMANSHIP, the Committee has witnessed a demonstrable increase in engagement with risk management, both with Members through Deep Dive reviews of significant corporate risks, and on the part of officers. Moreover, the Committee has seen improved engagement with the work of internal audit across departments, driving departmental engagement with the internal audit process and with implementation of recommendations.

 

TO STRENGTHEN THE RELATIONSHIPS with London’s Local Authorities, Ian established the London Local Authority Audit Chairs’ meetings, which has provided valuable opportunities for Chairs of Audit & Risk Management Committees to share knowledge, experiences, and best practices for audit and risk management oversight across London.

 

FINALLY, THE COMMITTEE WISHES TO PLACE ON RECORD its sincere thanks to Ian for his commitment to the Committee’s cause and for championing the Committee in all areas of his work in the Corporation. His colleagues wish him the very best for the future.

 ...  view the full minutes text for item 6.

7.

Minutes pdf icon PDF 106 KB

To agree the public minutes and non-public summary of the meeting held on 14 July 2020.

 ...  view the full agenda text for item 7.

Minutes:

RESOLVED, that – the minutes of the previous meeting held on 13 July 2020 be agreed as a correct record.

 ...  view the full minutes text for item 7.

8.

Appointment to Sub-Committees pdf icon PDF 200 KB

Report of the Town Clerk & Chief Executive.

 ...  view the full agenda text for item 8.

Minutes:

Members considered a report of the Town Clerk & Chief Executive relative to appointments to the Nominations Sub-Committee and the Performance & Resource Management Sub-Committee of the Police Authority Board.

 

Nominations Sub-Committee

 

In addition to the Chairman and Deputy Chairman (Member), the following Members were appointed to the Nominations Sub-Committee for the ensuing year:

 

1.    Deputy Jamie Ingham Clark

2.    Alderman Prem Goyal

3.    Caroline Mawhood

4.    Dan Worsley

 

Performance & Resource Management Sub-Committee

 

The following Members were appointed to the Performance & Resource Management Sub-Committee:

 

1.    Caroline Mawhood

2.    Dan Worsley

 ...  view the full minutes text for item 8.

9.

Outstanding Actions of the Committee pdf icon PDF 14 KB

Members are asked to note the Committee’s Outstanding Actions List.

 ...  view the full agenda text for item 9.

Minutes:

Members received the Committee’s outstanding actions list. The following points were noted:

-       The Head of Audit and Risk Management provided an update regarding the City of London School for Girls internal audit recommendations. The recommendations were on track to be completed and the action could be stricken from the list.

-       Departmental COVID-19 risks were included in the Risk Update at item 13 and the action could be stricken from the list.

 ...  view the full minutes text for item 9.

10.

Committee Work Programme pdf icon PDF 140 KB

Members are asked to note the Committee’s Work Programme.

 ...  view the full agenda text for item 10.

Additional documents:

Minutes:

Members received the Committee’s work programme.

 ...  view the full minutes text for item 10.

11.

Bridge House Estates Annual Report and Financial Statements 2019/20 pdf icon PDF 108 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 11.

Additional documents:

Minutes:

Members considered a report of the Chamberlain relative to the Bridge House Estates Annual Report and Financial Statements for 2019/20.

 

RESOLVED, that – Members:

1.    consider the contents of the audit management report issued by BDO;

2.    recommend approval of the BHE Annual Report and Financial Statements for the year ended 31 March 2020 to the Finance Committee, subject to the following issues raised:

a.    p. 46: amend wording to directly reference the ‘emphasis of matter’ within the auditors opinion as a result of the material valuation uncertainty on investment properties;

b.    p. 46: consider the disclosures relating to fund managers utilised;

c.     p. 47: amend wording to reflect that financial investments are not managed to a capital protection mandate;

d.    p. 80: consider the disclosures relating to the geographical spread of financial investments held;

e.    p. 80: consider disclosures relating to the nature of financial investments held;

f.      p. 82: consider table heading within Note 17: Market Risk; and,

3.    delegate authority to the Chamberlain, in consultation with the Chairman and Deputy Chairman of the Audit and Risk Management Committee, for approval of any material change to the financial statements required before the signing of the audit opinion by BDO.

 

 ...  view the full minutes text for item 11.

12.

Internal Audit Update Report pdf icon PDF 172 KB

Report of the Head of Audit and Risk Management.

 ...  view the full agenda text for item 12.

Additional documents:

Minutes:

Members received a report of the Head of Audit and Risk Management relative to the Internal Audit Update. It was reported that Internal Audit was satisfied with how the new approach to reviewing implementation of previous audit recommendations was working, and highlighted areas of work that required a second follow up.

 

RESOLVED, that – the report be received and its contents noted.

 ...  view the full minutes text for item 12.

13.

Risk Update pdf icon PDF 223 KB

Report of the Chamberlain.

 

Non-public appendices found at Agenda Item 20.

 ...  view the full agenda text for item 13.

Additional documents:

Minutes:

Members received a report of the Chamberlain relative to the Risk Update, which included the Corporate Risk Register and the COVID-19 risks, as requested at the previous meeting, which were thematic group risks which sat below the corporate risks.

 

RESOLVED, that – the report be agreed and its contents noted.

 ...  view the full minutes text for item 13.

14.

Deep Dive Risk Reviews

Minutes:

14a

CR29: Information Management Programme Progress Update and CR29 Information Management Deep Dive pdf icon PDF 242 KB

Report of the Town Clerk & Chief Executive.

 ...  view the full agenda text for item 14a

Minutes:

Members received a report of the Chamberlain relative to a Deep Dive of CR29: Information Management. The report provided a progress update of the Information Management Programme. It was noted that the transfer to Sharepoint was in the pre-procurement stage. In terms of embedding, this would require a change in mindset across the organisation. The information management campaign had commenced and would be rolled out one department at a time, to be completed by mid-November.

 

RESOLVED, that –

1.    an update be brought to Committee at a future date regarding actions taken to address the risks associated with the Information Management Strategy (2018-2023) not fully being implemented; and,

2.    the report be received and its contents noted.

 ...  view the full minutes text for item 14a

14b

CR30: Refresh of CR30 for Implementation Phase of Climate Action Strategy pdf icon PDF 131 KB

Report of the Town Clerk & Chief Executive.

 ...  view the full agenda text for item 14b

Additional documents:

Minutes:

Members received a report of the Town Clerk & Chief Executive relative to a Deep Dive of CR30 Climate Action, and the implementation phase of the Climate Action Strategy. It was reported that the Strategy would be considered by the Court of Common Council in due course. Chief Officers named as action owners would consider risk ratings and make linkages across related risks.

 

RESOLVED, that –

1.    CR30 Climate Action be brought back to the Committee as a Deep Dive in 6 months’ time;

2.    CR30 be incorporated into the work programme in order to be regularly considered by the Committee; and,

3.    the report be received and its contents noted.

 ...  view the full minutes text for item 14b

15.

Annual Summary of HMICFRS Inspections and Reports pdf icon PDF 134 KB

Report of the Commissioner of the City of London Police.

 ...  view the full agenda text for item 15.

Minutes:

Members received a report of the Commissioner of the City of London Police (CoLP) relative to the Annual Summary of Mer Majesty’s Inspectorate of Constabulary, Fire and Rescue Services (HMICFRS) Inspections and Reports, which provide an overview of inspection activity which took place from September 2019 to September 2020. It was noted that due to the COVID-19 lockdown, HMIC suspended most of its activities, and there would be a move to virtual inspections in the future. It was further noted in the overview, only one report related specifically to the CoLP, and the remainder were national reports which the CoLP must have regard to.

 

RESOLVED, that – the report be received and its contents noted.

 ...  view the full minutes text for item 15.

16.

Questions on matters relating to the work of the Committee

Minutes:

There were none.

 ...  view the full minutes text for item 16.

17.

Any other Business that the Chairman considers urgent

Minutes:

The Committee considered an urgent matter relative to an incident at Smithfield Market on 15 August 2020 in which a canopy collapsed. Members were concerned that the Committee had not been directly informed of the incident. The Director of Markets & Consumer Protection and the City Surveyor informed the Committee of steps taken since the incident to ensure the structure was safe and noted plans to reopen East Poultry Avenue once safety works were completed. The Committee agreed that the Chairman would write to the Town Clerk expressing concern regarding the communication from Chief Officers to the Committee.

 

* Members agreed to extend the meeting *

 ...  view the full minutes text for item 17.

18.

Exclusion of the Public

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.

 ...  view the full agenda text for item 18.

Minutes:

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.

 ...  view the full minutes text for item 18.

19.

Non-Public Minutes of the previous meeting

To agree the Non-Public minutes of the meeting held on 14 July 2020.

 ...  view the full agenda text for item 19.

Minutes:

RESOLVED, that – the non-public minutes of the previous meeting held on 14 July be agreed as a correct record.

 ...  view the full minutes text for item 19.

20.

Non-Public Appendices to the Risk Update

Non-Public Appendices to be read in conjunction with the report of the Chamberlain at Agenda Item 13 – Risk Update.

 ...  view the full agenda text for item 20.

Minutes:

The non-public appendix was read in conjunction with the Report of the Chamberlain at Agenda Item 13.

 ...  view the full minutes text for item 20.

21.

Non-Public questions on matters relating to the work of the Committee

Minutes:

There were none.

 ...  view the full minutes text for item 21.

22.

Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded

Minutes:

There was no other business.

 ...  view the full minutes text for item 22.

23.

Confidential Minutes of the Previous Meeting

To agree the confidential minutes of the previous meeting held 14 July 2020.

 ...  view the full agenda text for item 23.

Minutes:

RESOLVED, that – the confidential minutes of the previous meeting held on 14 July 2020 be agreed as a correct record.

 ...  view the full minutes text for item 23.

24.

Confidential Questions on Matters Relating to the Work of the Committee

Minutes:

There were none.

 ...  view the full minutes text for item 24.

25.

Any other business that the Chairman considers urgent and the Committee agrees should be considered in confidential session

Minutes:

There was no other business.

 ...  view the full minutes text for item 25.