Documents
Agenda
Committee Members
Membership
Councillor John Shaw (Convener): Councillor Iain Nicolson (Depute Convener): Councillor Alison Ann-Dowling: Councillor Jacqueline Cameron: Councillor Neill Graham.
Standard Items
Recording of Meeting
Prior to the commencement of the meeting, the Convener intimated that this meeting of this Board would be recorded and that the recording would be available to watch on the Council’s website.
Further Information - online meetings only
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 meeting held on 22 November 2023 and note of inquorate meeting held on 12 June 2024.
1
There was submitted the Minute of the meeting of the Investment Review Board held on 23 November 2024 and the note of the inquorate meeting of 5 June 2024.
DECIDED: That the Minutes be approved.
Report by Director of Finance & Resources.
2
There was submitted a report by the Director of Finance & 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 relating to the Paisley and Renfrew Common Good Funds.
G Brisbane, Senior Investment Manager and Charity Lead (Scotland) LGT Wealth Management Limited (formerly abrdn) also spoke to the presentation relative to the Paisley and Renfrew Common Good funds investments performance.
The presentation referred to a review of the Investment Managers’ performance for the six months to 30 September 2024; an update of markets; and the current economic climate.
DECIDED: That the report and presentation 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 Wealth Management Limited and had agreed with the manager a number of principles governing 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 required to 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 remained appropriate to the Council's requirements.
The Statement of Investment Policy was last reviewed in November 2023, 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 revised Statement of Investment Principles, a copy of which was attached to the report, be approved.
4
Date of Next Meeting
Members are asked to note that the next meeting of the Investment
Review Board is scheduled for 11 June 2025.
5
DECIDED: That the next meeting of the Investment Review Board be held on 11 June 2025.
Attendance
Declarations of Interests
|
No declarations of interest have been entered for this meeting.
|
Visitors
Visitor Information is not yet available for this meeting