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:

Apologies were received from Simon Duckworth, Tom Hoffman and Edward Lord.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

Minutes:

Philip Woodhouse declared an interest in item 10, by virtue of being a client of Ruffer, and Ian Seaton declared a non-pecuniary interest in the same item by being acquainted with Jonathan Ruffer.

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

3.

Minutes of the previous meeting pdf icon PDF 181 KB

To agree the public minutes and non-public summary of the meeting held on 26 May 2016.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 26 May 2016 be agreed as a correct record.

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

4.

Outstanding Actions pdf icon PDF 59 KB

Report of the Town Clerk.

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

Minutes:

RESOLVED – That the report be noted.

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

5.

MONTHLY INVESTMENT ANALYSIS REVIEW pdf icon PDF 343 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Board received the monthly review for May 2016, which detailed the list of current investments.

 

Brexit

Members discussed the impact Brexit was having on investment markets, and was likely to have over the near future. The Chamberlain advised that, from a treasury management perspective, the Corporation was in a good position. In response to a Member’s question, it was noted that the Corporation’s counterparty list was made up of small, high quality banks, and was based on the credit ratings of three organisations. Only one of these had downgraded any ratings, and Members were advised that these remained within the Corporation’s parameters. Members noted that senior officers in the Chamberlain’s department received daily updates on the counterparty list and met regularly to discuss the present situation and the next twelve months, and were satisfied with the Corporation’s position.

 

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) in Schedule 12A

9-14, 16                                                                                   3

15                                                                                            -

 ...  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 26 May 2016.

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

Minutes:

RESOLVED - That the non-public minutes of the meeting held on 26 May 2016 be agreed as a correct record.

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

10.

Presentation from Ruffer

Presentation from Steve Russell, Investment Director at Ruffer.

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

Minutes:

The Board received a presentation from Steve Russell and David Ballance, Investment Directors of Ruffer.

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

11.

Hampstead Heath Trust & Charities Pool Investment Performance Monitoring to 31 March 2016

Report of the Chamberlain.

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

Minutes:

The Board received a report of the Chamberlain regarding the performance of the Hampstead Heath and Charities Pool.

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

12.

Investment Performance Monitoring to 31 March 2016

Report of the Chamberlain.

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

Minutes:

The Board received a report of the Chamberlain regarding investment performance.

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

13.

Quarterly Monitoring Report

Report of Mercer.

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

Minutes:

The Board received a report of Mercer regarding investment performance.

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

14.

Property Options for Pension Fund

Report of Mercer.

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

Minutes:

The Board received a report of Mercer regarding property investment options.

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

15.

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

Minutes:

There were no non-public questions.

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

16.

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

Minutes:

There was one item of other business.

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