Agenda and minutes

Financial Investment Board - Wednesday, 11th September, 2013 1.45 pm

Venue: Committee Room 3 - 2nd Floor West Wing, Guildhall. View directions

Contact: Philippa Sewell
tel. no.: 020 7332 1426  Email: philippa.sewell@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

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

Minutes:

Apologies for absence were received from Clare James.

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

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

 

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

Minutes:

The Chairman declared a non-pecuniary interest in respect of item 12 due to being employed at a bank that operated as a major lender for IFM Global Infrastructure.

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

3.

Minutes of the previous meeting pdf icon PDF 152 KB

To agree the public minutes and non-public summary of the meeting held on 2 July 2013.

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

Minutes:

RESOLVED: That the public minutes and non-public summary of the meeting held on 2 July 2013 be agreed 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:

There was no other business.

 ...  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

7-14

                            3

 

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

7.

Non-public minutes of the previous meeting

To agree the non-public minutes and of the meeting held on 2 July 2013.

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

Minutes:

RESOLVED: That the non-public minutes of the meeting held on 2 July 2013 be agreed as an accurate record.

 

Matters Arising

Transition of the Equities Mandate

The Corporate Treasurer reported that following discussions with investment managers, the majority of the detailed arrangements were now in place and the transition was hoped to be finalised by 30 September 2013.

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

8.

Investments Performance Monitoring to 30 June 2013

A report of the Chamberlain (copy attached).

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

Minutes:

The Corporate Treasurer summarised a report on investment performance monitoring to 30 June 2013.

 

RESOLVED: that the report be noted.

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

9.

Quarterly Investment Report as at 30 June 2013

A report of the Aon Hewitt (copy attached).

 

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

Minutes:

Aon Hewitt provided an overview of the Quarterly Investment Report as at 30 June 2013.

 

RESOLVED: that

 

(a) The contents of the report be noted;

(b) Figures regarding the performance of the GARS fund since the date of the initial investment decision up to the present time be brought to the next meeting.

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

10.

Private Equity Pacing and Structure Options

A report of the Aon Hewitt (copy attached).

 

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

Minutes:

Aon Hewitt presented a report considering the route to achieving the targeted Private Equity allocation and the portfolio structure options available.

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

11.

Bank Loans and Absolute Return Bond Strategies Manager Selection

A report of the Aon Hewitt (copy attached).

 

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

Minutes:

The Chairman introduced the report of Aon Hewitt, which followed on from the discussions held at the Board meeting held on 2 July 2013 as to investment of surplus cash.

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

12.

Infrastructure Manager Options

A report of the Aon Hewitt (copy attached).

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

Minutes:

Aon Hewitt introduced the report, which outlined a wider range of infrastructure manager options.

 ...  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:

The Chamberlain raised an item concerning the proposed future review of the actuarial position and it was agreed that this review be extended to consider the role of the City’s independent investment advisers.

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