28 May 2019
Investment
Subcommittee Minutes
Meeting held in the
Whale Bay Room
36 Water Street,
Whangārei
on Tuesday 28 May
2019, commencing at 8.30am
Present:
Chairman,
Councillor Penny Smart (Acting Chair)
Independent
Financial Advisor, Mr Geoff Copstick
Councillor Bill
Shepherd (Ex-Officio)
In Attendance:
Full Meeting
Chief Executive
GM- Corporate
Excellence
Part Meeting
Rick Stolwerk
The Chair declared the meeting open at
8.30am.
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Apologies (Item 1.0)
Moved (Smart/ Copstick)
That the
apologies from Councillor John Bain for non-attendance be received.
Carried
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Declarations of
Conflicts of Interest (Item 2.0)
It was advised that members should make
declarations item-by-item as the meeting progressed.
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Confirmation of Minutes (Item 3.1)
ID: A1167236
Report from Dave Tams, Group Manager,
Corporate Excellence
|
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Moved (Shepherd /Copstick)
That
the minutes of the Investment Subcommittee meeting held on 26 February 2019
be confirmed as
a true and correct record.
Carried
|
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Final Report - Investment
Funds Review (Item 4.1)
ID: A1191535
Report from Linda Harrison,
Organisational Project Manager
|
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Secretarial Note:
·
The report ‘A review of the service
level, Investment Objectives, Policies, Monitoring Procedures and Performance
of Northland Regional Council Investment Fund’ was noted.
·
Jonathan Eriksen joined the tell conference
at 8.44am. and finished at 9.22am
·
Discussion was focused on global cash rate reducing and the impact on equity markets.
·
Further consideration to be given to funds
that are consistently under preforming
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Performance of Council's
Externally Managed Fund to April 2019 (Item 5.1)
ID: A1174425
Report from Simon Crabb, Finance
Manager
|
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Moved (Shepherd/Copstick)
That the report
‘Performance of Council's Externally Managed Fund to April 2019’
by Simon Crabb, Finance Manager and dated 8 May 2019, be received.
Carried
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Secretarial Note: Revised version of
Draft copy of Operating Costs Reserve policy was tabled.
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Draft
Operating Costs Reserve Policy
(Item 5.2)
ID: A1195504
Report from Simon Crabb, Finance
Manager
|
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Moved
(Copstick/Shepherd)
1.
That the report ‘Draft Operating Costs
Reserve Policy’ by Simon Crabb, Finance Manager and dated 22 May 2019, be received.
Carried
|
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Secretarial Note: It was noted that
the operating cost policy a prudent approach to manage the risk of volatility
in the markets affecting the contribution to general funds.
|
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Moved
(Shepherd/Copstick)
2. That the Investment Subcommittee endorse
that the Draft Operating Costs Reserve Policy (incorporated all changes that
were captured at the meeting.) presented to full council for approval.
carried
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Conclusion
The meeting concluded at 9.50am.