Agenda item

Report of Managing Director of BHE

The Board considered a report of the Managing Director of BHE setting out a proposal to establish a BHE Investments Working Group (“Working Group”), comprising of Members of the BHE Board and officers, to make recommendations to the Board on investment matters such as: considering the future management of the charity’s investment portfolio following the anticipated grant of the Supplemental Royal Charter by updating the charity’s Investment Strategy Statement and discussing matters such as return requirements, risk appetite, asset allocation, and regulatory requirements; and also to consider the governance arrangements for the Board in managing the charity’s investments.

The Chair introduced the item and advised that the proposed Working Group could think through the relevant issues in respect of investments before making recommendations to the Board for implementation. Members commented that this was an important idea and would benefit the Board longer-term, and that the Board had relevant experience which would assist this process. The Deputy Chair added that the matter of social investments would need to be considered, adding that he felt oversight would be better served by the Grants Committee.

The Chair sought expressions of interest in serving on the Investments Working Group, and there being three expressions of interest, the Board agreed that Deputy Henry Colthurst, Alderman & Sheriff Alison Gowman and Deputy Henry Pollard should be appointed.

RESOLVED – That the BHE Board:

i)    Agree to establish a BHE Investments Working Group, comprised of Deputy Henry Colthurst, Alderman & Sheriff Alison Gowman, Deputy Henry Pollard and officers, and

ii)    Authorise officers to prepare draft Terms of Reference for the Working Group.