Agenda and minutes

Apologies for absence were received from Simon Duckworth, Alderman Robert Hughes-Penney, Andrien Meyers and Ian Seaton.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 20 May 2019.

RESOLVED - That the public minutes and non-public summary of the meeting held on 20 May 2019 be agreed as a correct record.

Report of the Town Clerk.

The Board received a list of outstanding actions and noted that all actions arising from the last meeting had been addressed.

RESOLVED – That the outstanding actions list be noted.

Report of the Chamberlain

The Board received a report of the Chamberlain concerning the monthly investment analysis review for May 2019. The Board noted the current investment list, total investment values and average rate of return set out in the report, and was advised that the further investments of £25 million in each of the short-dated bond funds were made on 5 June 2019 and would be reflected in the report as of the next meeting.

RESOLVED – That the report be noted.

Report of the Chamberlain

The Board considered a report of the Chamberlain reviewing the Financial Investment Board’s risk register. The Chamberlain introduced the report and advised the Board of amendments made to the risk register following the previous meeting, concerning asset pooling, cybersecurity and responsible investment. The Chamberlain advised of corrections on page 35 to the target risk rating and score where this did not appear in the table.

A Member asked the Board whether their targets could be more ambitious, given all but one current risk rating was currently at target, and whether the Board might consider producing a statement on risk appetite. The Chamberlain responded that identified risks were mitigated as much as possible, and risk and target would sometimes be similar. The Board could consider devising a statement on risk appetite, and as the risk register was managed by the Board, Members could make further changes if desired. The Chairman added that the nature of the Board’s work meant that scores tended to be consistent.

In response to a query from a Member, the Chamberlain advised that cybersecurity was a major corporate risk, managed by the Audit and Risk Management Committee, and the risk managed by the Financial Investment Board was a smaller part of this general risk. Whilst the Board oversaw assets, there was a robust mitigation against impersonation or other fraud, as asset changes could not be made without committee approval and multiple signatories.

Members discussed whether the risk relating to Insufficient cash might need to be reviewed, in light of proposals for borrowing in the near future and the Fundamental Review. The Board then discussed responsible investment risk relating to Environmental, Social and Governance (ESG) factors, including how this was measured and distinctions within this category. A Member cited the example of Royal Dutch Shell, who had a

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

10-16                                                                                       3

17-18                                                                                       -

To agree the non-public minutes of the meeting held on 20 May 2019.

RESOLVED - That the non-public minutes of the meeting held on 20 May 2019 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

Report of Mercer

The Board received reports of the Chamberlain and Mercer.

Report of the Chamberlain

The Board received a report of the Chamberlain.

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 non-public questions.

There were items of other business.