Agenda and minutes

There were no apologies.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 20 September 2018.

RESOLVED - That the public minutes and non-public summary of the meeting held on 20 September 2018 be agreed as a correct record.

Report of the Town Clerk.

The Chamberlain advised that Treasury Management training was now likely to be scheduled in the New Year, and officers would look for a date in January or February.

RESOLVED – That the list of outstanding actions be noted.

Report of the Chamberlain

The Board received a report of the Chamberlain concerning the monthly investment analysis review for September 2018. The Board noted the current investment list and total investment values set out in the report.

The Chamberlain advised that the majority of cash held were payments due to third parties or restricted reserves. The Board noted the average rate of return of 0.84%.

A Member asked if a chart tracking performance of yield could be added to future reports, so that it could be monitored on a quarterly basis, particularly in respect of changing interest rates. The Chamberlain responded that officers would look into whether this could be incorporated into the report format.

RESOLVED – That the report be noted.

Report of the Chamberlain

The Board received a report of the Chamberlain concerning the mid-year Treasury Management review for the 2018/19 financial year.

RESOLVED – That the report be noted.

There were no questions.

The Chairman advised the Board that he had recently attended a London CIV (LCIV) meeting at London Councils as the nominated shareholder for the City of London Corporation Pension Fund.

The LCIV portfolio was an Authorised Contractual Scheme (ACS) regulated by the Financial Conduct Authority (FCA). If an authority wanted to hold passive, index-tracking funds under the umbrella of the LCIV, it was able to, but those funds were not available on the LCIV platform. The Chairman added that collectively, the local authorities invested in the LCIV currently carried more assets under management in passive funds than in active funds, with some authorities carrying as much as 40% passive in their individual portfolios. This was a contrast to the Corporation, which did not currently have any assets under management in passive funds. Members had not previously been minded to invest in passive funds, but were reminded that this was still an option.

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

9-12                                                                                         3

13-14                                                                                       -

To agree the non-public minutes of the meeting held on 20 September 2018.

RESOLVED - That the non-public minutes of the meeting held on 20 September 2018 be agreed as a correct record.

Report of the Town Clerk

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

Report of the Chamberlain

Report of Mercer

The Board received reports of the Chamberlain and of Mercer.

The Chamberlain to be heard.

The Board considered a report of the Chamberlain.

Report of the Town Clerk & Chief Executive and the Chief Grants Officer & Director of City Bridge Trust

The Board considered a joint report of the Town Clerk & Chief Executive and the Chief Grants Officer & Director of City Bridge Trust.

There was one non-public question.

There were three items of other business.