Documents
Agenda
Committee Members
Membership
Councillor John Shaw (Convener): Councillor Iain Nicolson (Depute Convener):
Councillor Alison Ann-Dowling: Councillor Jacqueline Cameron: Councillor David McGonigle.
Standard Items
Recording of Meeting
This meeting will be recorded for subsequent broadcast via the Council's internet site. If you have any queries regarding this please contact committee services on democratic-services@renfrewshire.gov.uk
To find the recording please follow the link which will be attached to this agenda once the meeting has concluded.
Items Of Business
Apologies
Apologies from members.
Declarations of Interest and Transparency Statements
Members are asked to declare an interest or make a transparency statement in any item(s) on the agenda and to provide a brief explanation of the nature of the interest or the transparency statement.
There were no declarations of interest or transparency statements intimated prior to the commencement of the meeting.
Minute of previous meeting held on 7 June 2023.
1
There was submitted the Minute of the meeting of the Investment Review Board held
on 7 June 2023.
DECIDED: That the Minute be approved.
Report by Director of Finance & Resources.
2
There was submitted a report by the Director of Finance and Resources together with
a presentation by D Watson from Hymans Robertson LLP, relative to the Paisley and
Renfrew Common Good Funds, a review of investment income and the key issues
pertaining thereto. C Joiner, Senior Charity Portfolio Manager (Scotland) LGT (formerly abrdn) (formerly Aberdeen Standard Capital Limited) also provided a presentation relative to the Paisley and Renfrew Common Good fund investments performance.
The presentations referred to a review of the Investment Managers’ performance for
the six months to 30 September 2023; an update of markets; and the current
economic climate.
DECIDED: That the report and presentations be noted.
Report by Director of Finance & Resources.
3
There was submitted a report by the Director of Finance & Resources relative to the
scope and content of the proposed Investment Policy Statement.
The Council had arranged for the investments of the Paisley and Renfrew Common
Good Funds to be managed by LGT (formally abrdn Capital Limited), and had agreed with the manager a number of principles which would govern decisions regarding those
investments.
The principles covered a range of issues, such as what benchmark should be
employed against to assess the manager’s performance and any restrictions the
manager must observe in choosing sectors or classes of asset in which to invest.
These requirements were formalised in an Investment Policy Statement, which was
reviewed annually to ensure that the principles remain appropriate to the
Council's requirements.
The Statement of Investment Policy was last reviewed in November 2022, and having undertaken the annual review the Finance Manager outlined the main amendments proposed. A copy of the revised Statement of Investment Principles document was appended to the report.
DECIDED: That the Statement of Investment Principles, a copy of which was attached to the report, be approved as a replacement for the existing Statement of Investment Principles.
4
Date of Next Meeting
Members are asked to note that the next meeting of the Investment Review Board is scheduled for 12 June 2024.
4
DECIDED: That the next meeting of the Investment Review Board be held on 12 June 2024.
Attendance
Declarations of Interests
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No declarations of interest have been entered for this meeting.
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Visitors
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