Agenda and minutes

Venue: Committee Rooms - West Wing, Guildhall

Contact: Philippa Sewell
tel. no.: 020 7332 1426  Email: philippa.sewell@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

There were apologies from Roger Chadwick.

 ...  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 no declarations.

 

The resolution from the Investment Committee on the appointment of the Financial Investment Board, its Chairman and Deputy Chairman, and the frequency of meetings was noted. Members noted that subsequent to the Investment Committee meeting, George Gillon had withdrawn his interest in the Board and Stuart Fraser had registered an interest in serving on the Board. Members also noted that Philip Woodhouse had registered an interest in serving on the Board but, as he was not a Member of the Investment Committee, appointment would have to be under the co-option protocol.

 

RESOLVED - That the Board’s appointment, election of Chairman and Deputy Chairman of the Board which took place at the Investment Committee on 14 May 2014 be ratified.

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

3.

Appointment of Financial Investment Board Member to the Social Investment Board

To agree, in addition to the Chairman or his nominee, the appointment of a Financial Investment Board member to the Social Investment Board.

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

Minutes:

Members noted that the Social Investment Board would be discussing expanding its membership at its next meeting, with a view to making a proposal to the Policy and Resources Committee that the Financial Investment Board be allowed more nominees.

 

RESOLVED – That Andrew McMurtrie, alongside the Chairman, sits on the Social Investment Board as a representative of the Financial Investment Board.

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

4.

Minutes of the previous meeting pdf icon PDF 178 KB

To agree the public minutes and non-public summary of the meeting held on 5 February 2014.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 5 February 2014 be agreed as an accurate record.

 

Matters Arising
Treasury Management training
The Corporate Treasurer reported that this would be half a day’s training and would also be offered to Finance Committee Members.

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

5.

Monthly Investment Analysis Review pdf icon PDF 265 KB

Report of the Chamberlain.

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

Minutes:

The Board received the monthly review from March 2014, which detailed the list of current investments. Members considered the report and, in response to questions, the Chamberlain reported that investments were not placed in financial institutions with a Fitch credit rating (or equivalent) of less than A. The acceptance of building societies was based on the financial strength of their balance sheet. 

 

RESOLVED – That the report be noted.

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

6.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

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

7.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

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

8.

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 8.

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) no.

            9-17                                                                            3

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

9.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 2 February 2014.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 5 February 2014 be agreed as an accurate record.

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

10.

BlackRock Transition Management

Presentation by BlackRock.

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

Minutes:

The Board received a presentation from BlackRock.

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

11.

Transition Review

Report of Aon Hewitt.

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

Minutes:

Aon Hewitt presented a review of the Transition Management.

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

12.

Investments Performance Monitoring to 31 December 2013

Report of the Chamberlain.

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

Minutes:

An updated was provided by the Chamberlain.

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

13.

Quarterly Investment Report

Report of Aon Hewitt.

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

Minutes:

An update was given by Aon Hewitt.

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

14.

Pensions Infrastructure Platform Update

Report of Aon Hewitt.

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

Minutes:

Aon Hewitt presented a report on the Pensions Infrastructure Platform (PIP).

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

15.

Private Equity Pipeline and Manager Selection

Report of Aon Hewitt.

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

Minutes:

Aon Hewitt presented a report on the Private Equity pipeline and selections.

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

16.

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

Minutes:

There was one non-public question.

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

17.

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

Minutes:

There were two items of other business.

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