Agenda and minutes

Financial Investment Board - Thursday, 1st November, 2012 1.45 pm

Venue: Committee Rooms - West Wing, Guildhall

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 Simon Duckworth, Henry Pollard (the Deputy Chairman) 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 128 KB

To agree the public minutes and non-public summary of the meeting held on 29 October 2012.

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

Minutes:

 

RESOLVED: That the minutes of the meeting held on 29 October 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.

Any Other Business that the Chairman considers urgent

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

Minutes:

Following the creation of the Social Investment Board to manage the recently established Social Investment Fund, the Chairman advised Members that he would be taking up a position on the Board along with one further Member of the Financial Investment Board.

 

Expressions of Interest would be sought ahead of the next Financial Investment Board meeting on 10 December 2012 and, if more than one Member came forward, an election would be held at that meeting.

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

6.

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 6.

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

7-13

                            3

14-15

                            -

 

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

Part 2 - Non-Public Agenda

SUMMARY OF MATTERS CONSIDERED WHILST

THE PUBLIC WERE EXCLUDED

7.

Non-public minutes of the previous meeting

To agree the non-public minutes and of the meeting held on 29 October 2012.

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

Minutes:

 

RESOLVED: That the non-public minutes of the meeting held on 29 October 2012 be agreed as an accurate record.

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

8.

Overview of 29 October 2012 Financial Investment Board meeting

 

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

Minutes:

The Board were given a verbal overview of the discussions at the meeting on 29 October 2012.

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

9.

Securities Investments -Strategy Review

Report of the Chamberlain.

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

Minutes:

The Board noted the report which had also been considered at the meeting on 29 October 2012.

 

RECEIVED

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

10.

Global Equities: Carnegie

A) Presentation by Matthias Wiegand and Lars Wincentsen, Carnegie

 

B) Fund Manager Analysis

     Report of Aon Hewitt.

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

Minutes:

 

10A    

The Chairman welcomed Matthias Wiegand and Lars Wincensten from Carnegie who presented on their approach to managing global equities. They answered a number of questions from the Board Members and the Chairman thanked them for their attendance.

 

10B

The Board noted Aon Hewitt’s analysis of Carnegie.

 

RECEIVED

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

11.

Global Equities: GMO

A) Presentation by Alex Bark, Simon Harris and Tom Smith, GMO

 

B) Fund Manager Analysis

     Report of Aon Hewitt.

 

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

Minutes:

 

11A    

The Chairman welcomed Alex Bark, Simon Harris and Tom Smith from GMO who presented on their approach to managing global equities. They answered a number of questions from the Board Members and the Chairman thanked them for their attendance.

 

11B

The Board noted Aon Hewitt’s analysis of GMO.

 

RECEIVED

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

12.

LSV InBrief

Report of Aon Hewitt.

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

Minutes:

The Board considered Aon Hewitt’s analysis of LSV.

 

RECEIVED

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

13.

Review and selection of new Global Equities Fund Manager(s)

 

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

Minutes:

In light of the presentations from various Global and UK Fund Managers at this meeting and the one held on 29 October 2012, the Board discussed their views on how the City Corporation’s investments should be managed in the future.

 

RESOLVED: That the Chamberlain would draw up formal proposals for revised fund allocations, and provide analysis of quantitative style Fund Managers for consideration at the next meeting on 10 December 2012.

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

14.

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

 

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

Minutes:

There were no non-public questions.

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

15.

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 15.

Minutes:

There was no other business.

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