Agenda and minutes

Financial Investment Board - Wednesday, 19th September, 2012 1.45 pm

Venue: Committee Room - 2nd Floor West Wing, Guildhall. View directions

Contact: Claire Sherer
tel. no.: 020 7332 1971  Email: claire.sherer@cityoflondon.gov.uk

Items
No. Item

Part 1 - Public Agenda

1.

Apologies

 

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

Minutes:

Apologies were received from Brian Harris, Anthony Llewelyn-Davies, Deputy Edward Lord and Stuart Fraser.

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

2.

Declarations by Members of any personal or prejudicial interests in respect of any items on this agenda

 

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

Minutes:

There were no declarations.

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

3.

Minutes of the previous meeting pdf icon PDF 180 KB

To agree the public minutes and non-public summary of the meeting held on 19 June 2012.

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

Minutes:

 

RESOLVED: That the minutes and non-public summary of the meeting held on 19 June 2012 be approved as an accurate record.

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

4.

Questions on matters relating to the work of the Committee

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

Minutes:

There were no questions.

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

5.

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 5.

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.                                                                    Exempt Paragraphs

 

Paragraph(s) in Schedule 12A

6 - 12

                            3

13 - 14

                            -

 

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

Part 2 - Non-Public Agenda

SUMMARY OF MATTERS CONSIDERED WHILST

THE PUBLIC WERE EXCLUDED

6.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 19 June 2012.

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

Minutes:

 

RESOLVED: That the non-public minutes of the meeting held on 19 June 2012 be approved as an accurate record.

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

7.

Investments Performance Monitoring to 30 June 2012

Report of the Chamberlain.

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

Minutes:

The Board considered a report of the Chamberlain setting out Investments Performance Monitoring data to 30 June 2012.

 

RECEIVED

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

8.

Securities Investments - Strategy Review

Report of the Chamberlain.

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

Minutes:

The Board considered a report which set out the previously agreed key principles adopted for the investment strategy and manager review which were based on a Member survey conducted in autumn 2011.

 

After agreeing to extend the meeting at Item 15 below, Members returned to this item in light of the presentations from Standard Life Investments and BlackRock.

 

RESOLVED: That the Chamberlain would circulate a written proposal to the Board relating to the possible re-allocation of funds.

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

9.

Standard Life Investments - Global Absolute Return Strategy

Report of Aon Hewitt.

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

Minutes:

The Board considered a report of Aon Hewitt (the City Corporation’s Independent Investment Advisers) on Standard Life Investment’s Global Absolute Return Strategy.

 

RECEIVED

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

10.

Presentation by Standard Life Investments, Global Absolute Return Strategy

 

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

Minutes:

The Chairman welcomed Len Currie and Guy Stern from Standard Life and they gave an overview of their Global Absolute Return Strategy and answered questions from the Board Members.

 

RECEIVED

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

11.

BlackRock - Dynamic Diversified Growth Fund

Report of Aon Hewitt.

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

Minutes:

The Board considered a report of Aon Hewitt (the City Corporation’s Independent Investment Advisers) on BlackRock’s Dynamic Diversified Growth Fund.

 

RECEIVED

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

12.

Presentation by BlackRock, Dynamic Diversified Growth Fund

 

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

Minutes:

The Chairman welcomed Christopher Head and Adam Ryan from BlackRock and they gave an overview of their Dynamic Diversified Growth Fund and answered a number of questions from the Board Members.

 

RECEIVED

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

13.

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

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

Minutes:

There were no non-public questions.

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

14.

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

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

Minutes:

 

EXTENSION OF THE MEETING

At this point, the time limit for Committee meetings as set out in Standing Order 40 had been reached, but there being a two-thirds majority of the Committee present who voted in favour of an extension, the Committee agreed to continue the meeting in order to discuss Items 8 - 12 in more detail and make a decision in relation to the bids to manage the City Corporation’s multi-asset investment fund.

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