Agenda and minutes

Apologies were received from Simon Duckworth and Anthony Llewelyn-Davies.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 16 May 2012.

RESOLVED: That the public minutes and non-public summary of the meeting held on 16 May 2012 be approved as an accurate record.

Members sought clarification on the role and powers of the Financial Investment Board and other related Committees and requested that a paper be brought to the next meeting of the Investment Committee, setting out the agreed role and powers of the Board along with the role of the Investment Committee (its parent Committee) and how this fits with the strategic role of the Policy & Resources Committee and its Resources Allocation Sub Committee.

RESOLVED: That a report would be submitted to the 20 July 2012 Investment Committee, defining the role and powers of the Investment Committee, Financial Investment Board, Policy & Resources and its Resource Allocation Sub Committee.

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.

SUMMARY OF MATTERS CONSIDERED WHILST

THE PUBLIC WERE EXCLUDED

To agree the non-public minutes of the meeting held on 16 May 2012.

RESOLVED: That the non-public minutes and of the meeting held on 16 May 2012 be approved as an accurate record, subject to further clarification that all decisions in relation the revised Investment Strategy would be made by the full Financial Investment Board.

Report of the Chamberlain.

Members considered a report of the Chamberlain which set out proposals on the action needed to address some identified financial risks to the 2012/13 capital programme.

RESOLVED: That the recommendations as set out in the report be approved.

Report of the Chamberlain.

The Board considered a report of the Chamberlain, discussed the various aspects of the report and agreed a number of recommendations.

Report of Aon Hewitt.

Members considered Aon Hewitt’s quarterly investment report as at 31 March 2012.

RECEIVED

There were no non-public questions.

There was no other business.