Venue: Committee Rooms - West Wing, Guildhall
Contact: Joseph Anstee
tel. no.: 020 7332 1480
Email: joseph.anstee@cityoflondon.gov.uk
No. | Item |
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Apologies Minutes: There were no apologies. |
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Members' Declarations under the Code of Conduct in respect of items on the agenda Minutes: There were no declarations. |
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Minutes of the previous meeting PDF 57 KB To agree the public minutes and non-public summary of the meeting held on 20 September 2018. Minutes: RESOLVED - That the public minutes and non-public summary of the meeting held on 20 September 2018 be agreed as a correct record. |
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Report of the Town Clerk. Minutes: 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. |
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Monthly Investment Analysis PDF 339 KB Report of the Chamberlain Additional documents: Minutes: 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. |
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Mid-Year Treasury Management Review 2018/19 PDF 182 KB Report of the Chamberlain Minutes: 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. |
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Questions on matters relating to the work of the Committee Minutes: There were no questions. |
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Any Other Business that the Chairman considers urgent Minutes: 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. |
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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. 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.
Item No. Paragraph(s) in Schedule 12A 9-12 3 13-14 - |
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Non-public minutes of the previous meeting To agree the non-public minutes of the meeting held on 20 September 2018. Minutes: RESOLVED - That the non-public minutes of the meeting held on 20 September 2018 be agreed as a correct record. |
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Non-Public Outstanding Actions Report of the Town Clerk Minutes: The Board received a list of non-public outstanding actions. |
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Investment Monitoring Reports Minutes: |
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Investment Monitoring to 30 September 2018 Report of the Chamberlain Minutes: |
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Quarterly Monitoring Report Report of Mercer Minutes: The Board received reports of the Chamberlain and of Mercer. |
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Global Equity Manager Search - Verbal Update The Chamberlain to be heard. Minutes: The Board considered a report of the Chamberlain. |
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Bridge House Estates Strategic Review - Update Report of the Town Clerk & Chief Executive and the Chief Grants Officer & Director of City Bridge Trust Minutes: The Board considered a joint report of the Town Clerk & Chief Executive and the Chief Grants Officer & Director of City Bridge Trust. |
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Non-public questions on matters relating to the work of the Committee Minutes: There was one non-public question. |
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Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded Minutes: There were three items of other business. |