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 the Chairman Andrew McMurtrie, Alderman Robert Howard, Roger Chadwick, Clare James, Edward Lord, and Deputy Henry Pollard.

 ...  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 and Tom Hoffman declared non-pecuniary interests in Ruffer.

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

3.

Minutes of the previous meeting pdf icon PDF 179 KB

To agree the public minutes and non-public summary of the meeting held on 30 June 2016.

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

Minutes:

RESOLVED - That the public minutes and non-public summary of the meeting held on 30 June 2016 be agreed as a correct record.

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

4.

Outstanding Actions pdf icon PDF 118 KB

Report of the Town Clerk.

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

Minutes:

The Board received and discussed the list of Outstanding Actions, noting progress made and revised timescales. With regard to Brexit, Members agreed to carry this forward to the next meeting but that a regular update was not necessary.

 

RESOLVED – That the report be noted.

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

5.

Risk Register for Bridge House Estates pdf icon PDF 91 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Board considered a report of the Chamberlain regarding key risks for Bridge House Estates. There were two risks identified as relating to the services overseen by the Financial Investment Board, which Members proceeded to review. In response to Members’ queries, officers advised they would be reviewing alternatives for investing cash reserves in the autumn. Officers further undertook to amend the first risk to highlight that whilst the Board can monitor the performance of the fund managers, the volatility of  financial markets cannot necessarily be mitigated by the Board.

 

RESOLVED – That:

a)    it be confirmed that appropriate control measures are in place for the two risks currently on the register for the Financial Investment Board, relating to a potential reduction in income from non-property investments and cash balances; and

b)    it be confirmed that there are no other risks relating to the services overseen by the Financial Investment Board which should be added to the Bridge House Estates risk register.

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

6.

Monthly Investment Analysis pdf icon PDF 353 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Board received the monthly review for July 2016, which detailed the list of current investments. Members noted that interest rates were being cut, but  rates in excess  of 0.25% were still being achieved and the investment strategy could be reviewed if necessary.

 

RESOLVED – That the report be noted.

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

7.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

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

8.

Any Other Business that the Chairman considers urgent

Minutes:

There was no other business.

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

9.

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 9.

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

10-15                                                                                       3

16-17                                                                                       -

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

10.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 30 June 2016.

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

Minutes:

RESOLVED – That, subject to one clarification, the non-public minutes of the meeting held on 30 June 2016 be agreed as a correct record.

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

11.

UK Equity Transition: Post Trade Analysis

To receive a report and presentation from BlackRock.

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

Minutes:

The Board received a report of BlackRock.

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

12.

Transition Review

Report of Aon Hewitt.

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

Minutes:

The Board received a report of Aon Hewitt.

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

13.

Responsible Investment

To receive a report and presentation from Mercer.

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

Minutes:

The Board received a report and presentation from Mercer.

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

14.

Investment Performance Monitoring to 30 June 2016

Report of the Chamberlain.

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

Minutes:

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

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

15.

Quarterly Monitoring Report

Report of Mercer.

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

Minutes:

The Board received a report of Mercer regarding investment performance.

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

16.

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 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 was no other business.

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