Agenda and minutes

To elect a Chairman for the forthcoming year, 2019 – 2020.

Cllr Tony Deane was nominated by Cllr Gordon King and seconded by Cllr Roy While.   There being no other nominations, Cllr Tony Deane was duly appointed as Chair of Investment Sub-Committee for the municipal year 2019 – 2020.

Resolved:

Cllr Tony Deane was elected Chair of the Investment Sub-Committee fro the municipal year of 2019 – 2020.

To receive any apologies for absence or substitutions for the meeting.

Apologies were received from Cllr Brian Ford.

To consider the Part 1 (public) minutes of the meeting held on held on 21 February 2019.

Resolved:

The minutes of the meeting held on 21 February were approved.

To receive any declarations of disclosable interests or dispensations granted by the Standards Committee.

There were no Declarations of Interest.

To receive any announcements through the Chairman.

The Chair drew the Committee’s attention to the recent Unison report, ‘Analysis of the Investment Strategy Statements of the LGPS Administration Authorities,

March 2019’.   The Chair welcomed the report’s aims and invited comment from members.

It was noted that members needed more time to read the report, and it was suggested as an item to take to pension committee.

Resolved:

To circulate the report and add it to the agenda for Pension Committee on 18 July 2019.

The Council welcomes contributions from members of the public.

Statements

If you would like to make a statement at this meeting on any item on this agenda, please register to do so at least 10 minutes prior to the meeting. Up to 3 speakers are permitted to speak for up to 3 minutes each on any agenda item. Please contact the officer named above for any further clarification.

Questions

To receive any questions from members of the public or members of the Council received in accordance with the constitution. Those wishing to ask questions are required to give notice of any such questions in writing to the officer named above (acting on behalf of the Corporate Director), no later than 5pm on xxx  in order to be guaranteed a written response prior to the meeting. Any question received between the above deadline, and no later than 5pm two clear working days before the meeting, may only receive a verbal response at the meeting.

Please contact the officer named on the first page of this agenda for further advice. Questions may be asked without notice if the Chairman decides that the matter is urgent.

Details of any questions received will be circulated to Committee members prior to the meeting and made available at the meeting and on the Council’s website.

There were no members of the public present.   There were no questions from Councillors.

The next ordinary meeting of the Sub-Committee will be held on 5 June 2019.

The date of the next ordinary meeting of the Investment Sub-Committee will be held on 5 September 2019.

Any other items of business which, in the opinion of the Chairman, should be considered as a matter of urgency. Urgent items of a confidential nature may be considered under Part II of this agenda.

There were no Urgent Items.

To consider passing the following resolution:

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Item Numbers 12 – 16 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

To agree that in accordance with Section 100A(4) of the Local Government Act 1972 to exclude the public from the meeting for the business specified in Minute Numbers 23 - 30 because it is likely that if members of the public were present there would be disclosure to them of exempt information as defined in paragraphs 1 & 3 of Part I of Schedule 12A to the Act and the public interest in withholding the information outweighs the public interest in disclosing the information to the public.

To receive a quarterly update on investments from the Investment Manager.

Resolved:

The Committee noted the Investment Quarterly Progress Report and the update provided by officers and advisers at the meeting.

That Brunel, specifically Richard Fanshawe and Vanessa Jacka, be invited to Investment Sub-Committee

That the Investment Manager would summarise fund manager’s quarterly reports to allow committee to focus upon fund manager’s presentation.

To receive a report from the Investment Manager on investment data.

Resolved:

The Committee noted the reports on the Investment Manager’s Database and the update provided by officers and advisers at the meeting.

To receive a report updating committee on Accounting.

Resolved:

The Committee noted the Accounting Update report.

To receive a report from Mercers.

Resolved:

The Committee noted the update.

To receive a presentation and quarterly update from Baillie Gifford.

Resolved:

The Committee noted the presentation and report.

Resolved:

The Committee noted the presentation and report.

Resolved:

The Committee noted the presentation and report.

To confirm the Part 2 (confidential) minutes of the meeting held on 21 February 2019.

Resolved:

The part 2 (confidential) minutes of the meeting held on 21 February 2019 were approved.