Agenda and minutes

There were no apologies.

Deputy Henry Pollard declared an interest by virtue of his employment at Invesco.

To agree the public minutes and non-public summary of the meeting held on 3^rd December 2014.

RESOLVED - That the public minutes and non-public summary of the meeting held on 3 December 2014 be agreed as an accurate record.

Report of the Town Clerk.

RESOLVED – That the report be noted.

Report of the Chamberlain.

The Board received a report of the Chamberlain setting out the City’s Treasury Management Strategy Statement and Annual Investment Strategy for 2015/16. Members noted that the revised sections had been highlighted and that additional wording at paragraph 5 would be added regarding Capita’s views. This report would go to the Finance Committee for approval before being presented to the Court of Common Council.

RESOLVED – That the Treasury Management Strategy Statement and Annual Investment Strategy for 2015/16 be approved and submitted to the Court of Common Council for formal adoption.

Report of the Chamberlain.

The Board received the monthly review for December 2014, which detailed the list of current investments.

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.

To agree the non-public minutes of the meeting held on 3^rd December 2014.

RESOLVED - That the non-public minutes of the meeting held on 3 December 2014 be agreed as an accurate record subject to one amendment.

Presentation from Southeastern.

The Board received a presentation from Southeastern, after which Members had the opportunity to ask questions.

Report of the Town Clerk.

The Board considered the draft Financial Investment Board handbook pages.

Report of Aon Hewitt.

The Board received a report of Aon Hewitt updating Members on the research pipeline and the tactical plan for 2015, which had been revised to given a stronger European focus. In response to a Member’s query, the Corporate Treasurer reported that the following statuses for the private equity investments:

·         New Mountain IV (US Large Buyout) – commitment made and money drawn down

·         Crestview III (US Large Buyout) – commitment made; money not yet drawn down

·         Exponent III (UK Mid-Market Buyout) – commitment made and money drawn down

·         Frontier IV (US Growth Equity) – documentation being progressed

·         Ares Special Situations Fund IV (Global Special Situations) – documentation being progressed

·         Coller International Partners VII (Global Secondaries) – documentation to commence in Q1 2015

In response to a follow-up query, Members noted that a Review of Private Equity was anticipated for the May meeting of the Board.

RESOLVED – That a review of Private Equity be discussed at the May 2015 meeting.

Report of Aon Hewitt.

The Board received a report of Aon Hewitt.

There was one non-public question.

There was no other business.