Agenda and minutes

Apologies were received from Deputy Henry Pollard (Deputy Chairman), Stuart Fraser and Clare James.

There were no declarations.

To agree the public minutes and non-public summary of the meeting held on 10 December 2012.

RESOLVED: That the public minutes and non-public summary of the meeting held on 10 December 2012 be agreed as an accurate record.

Report of the Chamberlain.

The Chamberlain gave an overview of the Treasury Management Strategy Statement and Annual Investment Strategy for 2013/14, informing Members that the Corporation’s debt free status and cash on deposit would be revisited at a future Board meeting as per the Board’s earlier request.

The Board requested that a future report include the rationale for any cash levels held, with a distinction made between working capital and those potentially available for investment purposes. Members also requested clarification of the procedure for changing asset allocations and in particular, the role of the Investment Committee and the Resource Allocation Sub (Policy and Resources) Committee.

In reference to Appendix 5 (Approved Counterparties and Countries for Investments), Members asked that a more detailed analysis of the individual investments within the Money Market Funds be provided to the Board on a regular basis.

RESOLVED: That, subject to the addition of Japan at Appendix 6 (Approved Countries for Investments), the Treasury Management Strategy Statement and Annual Investment Strategy for 2013/14 be approved and submitted to the Court of Common Council for formal adoption.

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.

To agree the non-public minutes and of the meeting held on 10 December 2012.

The Board acknowledged that the non-public minutes were accurate but requested that, in future, more detailed minutes be provided where key decisions were being made.

The Town Clerk advised the Board that all Committee Clerks would be reminded of the Corporation’s agreed minute style in order to aid consistency and completeness in the future.

RESOLVED: That the non-public minutes of the meeting held on 10 December 2012 be agreed as an accurate record.

Report of the Chamberlain.

The Board considered a report which provided an update on the agreed investment strategy and associated fund manager structure and the plans for implementation.

RESOLVED: That -

      i.        the contents of the report be noted; and

     ii.        agreement of the detailed implementation arrangements be delegated to the Chamberlain, in consultation with the Chairman and Deputy Chairman.

There were no non-public questions.

There was no other business.