Agenda and minutes

Apologies for absence were received from Deputy Tom Hoffman, Deputy Clare James, Tim Levene, Andrien Meyers, James de Sausmarez and Deputy Philip Woodhouse.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 24 May 2018.

RESOLVED - That the public minutes and non-public summary of the meeting held on 24 May 2018 be agreed as a correct record.

Following a Member query, the Chamberlain was asked to resend the briefing note on local authority lending.

Report of the Town Clerk.

The Board was advised that Treasury Management training would be scheduled for Financial Investment Board and Finance Committee Members after the summer recess. The training would be important if the City of London Corporation decided to borrow in the future.

RESOLVED – That the report be noted.

Report of the Chamberlain

The Board received a report of the Chamberlain concerning the monthly investment analysis review for May 2018. The Board noted the current investment list and total investment values set out in the report, which now included the two short dated bond funds. Members noted that the Board had the option to consider further investment in short dated bond funds in the autumn if appropriate. The Board was advised that funds could be drawn down from the short dated bond funds relatively quickly if necessary.

The Board noted an error in the report wherein an investment had been attributed an average rate of return of 0.0%, which would be corrected.

RESOLVED – That the report be noted.

Report of the Chamberlain

The Board considered a report of the Chamberlain providing an update on points raised by Members following a presentation from colleagues at Principles of Responsible Investment (PRI), and on the advice/comments received from the Financial Reporting Council (FRC) following the submission of a draft Statement of Commitment to the UK Stewardship Code.

The Board was advised that following the previous meeting, the Chamberlain had spoken with PRI regarding reputational risk, and the outcome of these discussions were set out in the report. The City of London Corporation, if signing up, would voluntarily report in the first year, and in subsequent years would be required to report, but would not be required to publish PRI feedback on the report.

The Statement of Commitment to the UK Stewardship Code was presented to the Board for re-approval following advice and comments from the FRC. If approved, the statement would be submitted for formal assessment. The aim was to be awarded Tier 1 status, and the Board was asked to delegate authority to the Town Clerk in consultation with the Chairman and Deputy Chairman to agree any further changes necessary to achieve Tier 1 status.

The Board was advised by Mercer that the strands of work the Corporation had already undertaken would put them in a strong position to receive a positive end of year report. Members noted that the Corporation did not have to sign up immediately, but there was appetite for the Corporation to take the lead in this area and set an example. The first year would be the most burdensome, but reporting would become easier to manage once the process for doing so was set up following the first year. Mercer would be able to provide assistance in the process, such as by reviewing fund managers and writing to managers

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.

Item No.                                                          Paragraph(s) in Schedule 12A

10 - 17                                                                                     3

18 - 19                                                                                     -

To agree the non-public minutes of the meeting held on 24 May 2018.

RESOLVED - That the non-public minutes of the meeting held on 24 May 2018 be agreed as a correct record.

Report of the Town Clerk

The Board received a list of non-public outstanding actions.

Report of the Chamberlain

The Board received a report of the Chamberlain.

Report of the Chamberlain and Mercer

The Board considered a report of the Chamberlain and Mercer.

Report of the Chamberlain

The Board considered a report of the Chamberlain.

Report of the Chamberlain and Mercer

The Board considered a report of the Chamberlain and Mercer.

Report of the Chamberlain

The Board considered a report of the Chamberlain.

Report of the Chamberlain

The Board considered a report of the Chamberlain.

There were no non-public questions.

There were three items of other business.