29 August 2018
Investment Subcommittee Minutes
Meeting held in the Whale Bay Room, 36 Water Street, Whangārei
on Wednesday 29 August 2018, commencing at 8.30am
Present: Cr John Bain (Chair)
Cr Penny Smart
Cr Rick Stolwerk (Alternate)
Geoff Copstick (Independent Financial Member)
In Attendance: Full Meeting NRC Chief Executive
Finance Manager
Accounting Assistant, Treasury & Projects
Governance Manager
PA, Corporate Excellence (minutes)
Part Meeting Jonathan Eriksen, EriksensGlobal (via phone)
Cr David Sinclair
The Chair declared the meeting open at 8.32am.
The apologies from Councillor Shepherd and GM, Corporate Excellence for non-attendance were received. |
2.0 DECLARATIONS OF CONFLICTS OF INTEREST
It was advised that committee members should make declarations item-by-item as the meeting progressed.
3.0 CONFIRMATION OF MINUTES
ID: A1100092 Report from Dave Tams, Group Manager, Corporate Excellence |
That the minutes of the Investment SubCommittee meeting held on 31 July 2018 be confirmed as a true and correct record. Carried |
4.0 REPORTS
Summary of Discussion
· Discussion took place regarding the fact that money is being moved into a lower performing fund
· The rationale for the move relates to the discipline of having funds in the correct place and not exceeding the percentage cap set for each fund
· Discussion took place regarding the benefits of looking at the funds from a performance perspective vs an accounting perspective
8.49am - Jonathan Eriksen joined the meeting (via phone)
9.02am - Cr David Sinclair joined the meeting
Summary of Discussion
· Jonathan Eriksen advised that he had met with Jonathan Windust from Milford Funds recently
· EriksensGlobal are expecting a correction in the markets in late 2018 / early 2019
· Geoff Copstick queried whether the report could be amended to reflect actual performance, or why there is continued investment in “underperforming funds”
· The CEO indicated that further discussion will be required regarding a reset of the three funds (CIF, IIF, PRF) in the near future
· Jonathan Eriksen advised that he is happy to visit and hold a strategy session with the committee
9.34am - Jonathan Eriksen left the meeting
Agreed Actions:
1. Jonathan Eriksen to email report from Continuity received last week for distribution JE, RK
2. Jonathan Eriksen to email paper on private equity for distribution JE, RK
3. Next meeting to be shifted to 24 October - Jonathan Eriksen to attend RK
4. Council workshop on investment to follow on from October committee meeting RK
5. Meet to discuss Investment Review prior to September meeting MC, DT, SC
Meeting closed at 9.55am