Agenda and minutes

Apologies were received from Deputy Henry Pollard.

There were no declarations.

To receive the resolution of the Investment Committee dated 14 May 2015 appointing the Board and to ratify the election of Chairman and Deputy Chairman of the Board taken at this meeting.

The resolution from the Investment Committee on the appointment of the Financial Investment Board and its Chairman and Deputy Chairman was noted. The Chairman thanked outgoing Members of the Board, Ken Ayers and Stuart Fraser.

RESOLVED - That the Board’s appointment and election of Chairman and Deputy Chairman, which took place at the Investment Committee on 14 May 2015, be ratified.

Report of the Town Clerk.

RESOLVED – That the Board’s terms of reference, frequency of meetings and 2015/16 work programme be noted and agreed.

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

Members noted that the Social Investment Board was currently reviewing its membership.

RESOLVED – That Nicholas Bensted-Smith, alongside the Chairman, sit on the Social Investment Board as a representative of the Financial Investment Board.

To agree the public minutes and non-public summary of the meeting held on 5 February 2015.

RESOLVED - That the public minutes and non-public summary of the meeting held on 5 February 2015 be agreed as a correct record.

Report of the Town Clerk.

Pension Fund Objective

The Corporate Treasurer advised that this was set by the Finance and Establishment Committees. She undertook to discuss the objective with the actuary and give an update at the next meeting.

Charities Pool

In response to Members’ questions, the Corporate Treasurer advised that a report setting out the accounts of this fund was due to be considered by the Finance Committee at their July meeting.  There would also be a separate report outlining the criteria for Charities to invest in the Charities Pool. Members requested that, if organisations were considering investing in the Charities Pool, the objectives of the fund be clearly explained.

RESOLVED – That:

(a)  An update regarding the Pension Fund Objective be given at the next meeting;

(b)  An update on the criteria for Charities to invest in the Charities Pool  be provided at the Board’s meeting in September 2015; and

(c)  The report be noted.

Joint report of the Town Clerk, Chamberlain, City Surveyor and the Director of Culture, Heritage and Libraries.

Members received a joint report of the Town Clerk, Chamberlain, City Surveyor and the Director of Culture, Heritage and Libraries regarding the key risks register for Bridge House Estates.

RESOLVED – That the Risk Register be confirmed with regards to risks 2 and 3.

Report of the Chamberlain.

The Board received the monthly review for April 2015, which detailed the list of current investments. Members queried the level of cash being held, and the Chamberlain confirmed this was owing to the commitment to the Crossrail which would be paid in March. In terms of individual investments, the Corporate Treasurer advised that the amount and rate was dependant on what was available on the day and the time of day. The Corporate Treasurer also advised that she was speaking to Capita about ranking the investments by sector.

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 5 February 2015.

RESOLVED - That the non-public minutes of the meeting held on 5 February 2015 be agreed as a correct record.

Report of the Chamberlain.

The Board received a report of the Chamberlain.

Report of the Chamberlain.

The Board received a report of the Chamberlain.

Report of Aon Hewitt.

The Board received a report of Aon Hewitt.

Report of Aon Hewitt.

The Board received a report of Aon Hewitt.

Report of the Chamberlain (TO FOLLOW).

Members considered a report of the Chamberlain.

Report of the Chamberlain (TO FOLLOW).

Members considered a report of the Chamberlain.

There were no non-public questions.

There were two items of other business.