Members are reminded to consider the categories of interest, identified in the Code of Conduct for Members to determine: whether they have an interest in any agenda item and any action they should take. For further details, see the attached note from the Monitoring Officer.

Members are also reminded to declare the nature of the interest at the earliest opportunity and the agenda item it relates to. Please note that ultimately it is the Members’ responsibility to identify any interests and also update their register of interest form as required by the Code.

If in doubt as to the nature of an interest, you are advised to seek advice prior the meeting by contacting the Monitoring Officer or Democratic Services.

There were no pecuniary declarations of interest declared at the meeting by members.

There was no other business to be discussed.

In view of the contents of the remaining items on the agenda the Committee is recommended to adopt the following motion: “That, under the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act,1972.”

EXEMPT SECTION

(Pink Papers) The Exempt/Confidential (pink) papers for consideration at the meeting will contain information, which is commercially, legally or personally sensitive and should not be divulged to third parties. If you do not wish to retain these papers after the meeting, please hand them to the Democratic Services Officer present or dispose of them in the confidential bins.

The Chair MOVED and it was

RESOLVED

“That, under the provisions of Section 100A of the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985, the press and public be excluded from the remainder of the meeting for the consideration of the Section Two business on the grounds that it contains information defined as Exempt in Part 1 of Schedule 12A to the Local Government Act, 1972.”

Ms Miriam Adams introduced the Quarterly Performance Review, highlighting the rebalancing options between Absolute Return fund and Schroders Real Estate.

Resolved:

1. Note the Independent Adviser quarterly commentary
2. Note the performance reports and manager rating
3. Agree to use equity protection fund profit to fund LCIV Renewable Infrastructure capital calls.
4. Consider and agree Absolute Return Bond fund rebalancing to Schroders Real Estate fund.
5. Note attendance and presentation by London CIV
6. Note attendance and presentation by Baillie Gifford

Ms Miriam Adams introduced the update, reminding the Committee that it had been previously agreed in principle to invest a 5% asset allocation in Affordable Housing. The paper summarised the suitability due diligence conducted by Mercer on the London CIV UK Housing fund.

Resolved:

1. Note the due diligence report prepared by Mercer
2. Note Mercer’s recommendation that the Committee should invest in the London CIV Housing Fund.
3. Note risks which the Committee needs to be aware of.
4. Note that both advisers and officers will continue to follow up on these risks and provide the Committee with periodic updates.
5. Note that updated MIFIDII report will be prepared and submitted by officers.

Ms Miriam Adams introduced the report that contains the Investment Strategy Statement which includes a Statement of Commitment with the UK Stewardship Code and asked members to review it.

RESOLVED:

1. Note the content of this report.
2. Approve the draft Investment Strategy Statement as set out in Appendix 1 which includes a Statement of Commitment with the UK Stewardship Code.

RESOLVED

The restricted minute in relation to item 10.1 of 12^th January 2023 meeting was agreed to be an accurate record of the item and was approved by the Committee.