Agenda item

Report of the Town Clerk.

The Committee considered a report of the Town Clerk to appoint the Committee’s two Boards (Property Investment Board and Financial Investment Board), approve their composition and terms of reference and agree the frequency of meetings.

The Town Clerk tabled amended terms of reference for the Financial Investment Board and proceeded to read the names of those Members who had expressed a willingness to serve on the Committee’s two Boards.

RESOLVED: That –

      i.        the composition and terms of reference for the two Boards be agreed, subject to the following conditions:

a.    that the composition should make clear that the Deputy Chairman (in addition to the Chairman) for both Boards should be determined by the relevant Board; and

b.    the Financial Investment Board terms of reference should be reviewed and amended in due course should the Board be required to take a formal role in relation to the newly established Social Investment Fund.

     ii.        Membership of the Boards would be:

Financial Investment Board

Deputy Ken Ayers (Chief Commoner)

Ray Catt

Roger Chadwick

Simon Duckworth

Deputy Anthony Eskenzi

Brian Harris

Tom Hoffman

Robert Howard

Clare James

Anthony Llewelyn-Davies

Deputy Edward Lord

Jeremy Mayhew

Henry Pollard

Ian Seaton

Stuart Fraser (Ex-Officio Member)

Property Investment Board

Deputy Ken Ayers (Chief Commoner)

Deputy Michael Cassidy

Roger Chadwick

Deputy Anthony Eskenzi

Martin Farr

Alderman Sir Robert Finch

Archie Galloway

George Gillon

Brian Harris

Michael Hudson

Deputy Keith Knowles

Deputy Edward Lord

Mark Boleat (Ex-Officio Member)

    iii.        the Investment Committee would continue to meet three times a year, with meetings to be held in January, April/May and July;

   iv.        the Financial Investment Board would continue to meet approximately six times a year;

    v.        the Property Investment Board would continue to meet approximately eight to ten times a year;

   vi.        it be noted that the Chairman and Deputy Chairman of the Committee are Ex-Officio Members of the Policy & Resources Committee and the Finance Committee; and

  vii.        the protocol for co-option to the Financial Investment Board and the Property Investment Board be agreed.

Members further RESOLVED to adjourn the Investment Committee meeting so that the newly appointed Financial Investment and Property Investment Boards could meet and formally appoint their Chairman and Deputy Chairman. This could then inform Members’ decision when appointing the Committee’s Chairman and Deputy Chairman (as at Items 8 and 9 below).

The Investment Committee adjourned at 2.00pm and reconvened at 2.15pm.