Agenda and minutes

Apologies were received from Alderman Robert Howard, Deputy Clare James and James de Sausmarez.

Deputy Philip Woodhouse declared that he had been invited to Lindsell Train's Annual Presentation.

Henry Colthurst declared an interest due to being a member of Hackney Pension Board.

Alexander Barr declared a standing interest due to working for Standard Life Aberdeen PLC which was branded as Aberdeen Standard Investments, and would withdraw from the meeting during any discussion of Aberdeen Standard Investments.

To agree the public minutes and non-public summary of the meeting held on 5th September 2017.

RESOLVED - That the public minutes and non-public summary of the meeting held on Tuesday 5 September 2017 be agreed as a correct record.

Matters Arising

London CIV

The Chairman reiterated that the Board would be obliged to invest the Pension Fund into the London CIV over the long-term, and executive leaders from the CIV would be invited to speak with Board Members in early 2018.

MIFID II

The Chamberlain confirmed that opt-up applications had been sent to the relevant fund managers and a number of responses had been received, with further responses expected shortly.

ESG Survey

The Chamberlain explained that an encouraging level of feedback had been received from Members from the ESG survey. Further responses were required by 3 November, and a reminder would be circulated to Members.

Report of the Town Clerk.

The Board received a list of outstanding actions. On applications for elected professional client status, the Committee noted that MIFID II would come into effect as of 2nd January 2018.

RESOLVED – That the report be noted.

Report of the Chamberlain.

The Board received a report of the Chamberlain concerning the monthly investment analysis review for August 2017. The report detailed the list of current investments and their performance and provided an update on the general economic outlook.

Members noted that the Corporation's current treasury investments amounted to £850m with an average interest rate of 0.57%. The Chairman explained that any rise in interest rates in the near future might be helpful, although a potential rise may have already been priced into some of the rates the Corporation was receiving.

A Member asked whether the reporting dates could be more closely aligned with FIB meeting dates. The Chamberlain stated that this was in part due to the fact that reports were required to be finalised some time before the meeting, and the Corporation does not always receive the previous month end data from Capita in time to be included in the report. The Chamberlain added that the previous month end information was included wherever possible.

RESOLVED - That the analysis review be noted.

Report of the Chamberlain.

The Board received a report of the Chamberlain concerning the end of year treasury management review for the 2016-17 financial year.

The Board noted that in comparison to most local authorities, treasury management was more straightforward as the Corporation did not require any capital borrowing. Treasury Indicators were set out in the appendix to the report.

The Chamberlain confirmed that the City's contribution to Crossrail had been paid before the 31st March 2017 and so was accounted for in the figures.

RESOLVED - That the report be noted.

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

10-15                                                                                       3

16-17                                                                                       -

To agree the non-public minutes of the meeting held on 5th September 2017.

RESOLVED - That the non-public minutes of the meeting held on 5 September 2017 be agreed as a correct record.

Report of the Town Clerk.

The Board received a list of non-public outstanding actions.

RESOLVED - That the report be noted.

Report of Mercer.

The Board noted a report of Mercer.

 Covering report of the Chamberlain and Report of Mercer.

The Board considered a report of the Chamberlain and Mercer.

Report of the Chamberlain.

The Board noted a report of the Chamberlain.

The Board noted a report of the Chamberlain.

There were no non-public questions.

The Board discussed urgent business.