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Investment Subcommittee Tuesday 27 August 2019 at 8.30am
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Investment Subcommittee Tuesday 27 August 2019 at 8.30am
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Investment Subcommittee
27 August 2019
Investment Subcommittee Agenda
Meeting to be held in the Whale Bay Room
36 Water Street, Whangārei
on Tuesday 27 August 2019, commencing at 8.30am
Recommendations contained in the agenda are NOT decisions of the meeting. Please refer to minutes for resolutions.
MEMBERSHIP OF THE Investment Subcommittee
Chairman, Councillor John Bain
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Independent Financial Advisor, Mr Geoff Copstick |
Councillor Bill Shepherd (Ex-Officio) |
Councillor Penny Smart |
Item Page
1.0 apologies
2.0 declarations of conflicts of interest
3.1 Confirmation of Minutes - 3
4.1 July Investment Report
By Eriksens & Associates
Attachment 1 Monthly Investment Report - NRC July 2019 7
4.2 Statement of Investment Policy & Objectives - Implementation of Council decision to restructure funds
Attachment 1 Statement of Investment Policy & Objectives 30
Investment Subcommittee item: 3.1
27 August 2019
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TITLE: |
Confirmation of Minutes - |
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ID: |
A1230156 |
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From: |
Judith Graham, Corporate Excellence P/A |
That the minutes of the Investment Subcommittee meeting held on 28 May 2019 be confirmed as a true and correct record.
Attachments/Ngā tapirihanga
Attachment 1: Investment Subcommittee
Meeting Minutes 28 may 2019 ⇩ 
Authorised by Group Manager
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Name: |
Dave Tams |
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Title: |
Group Manager, Corporate Excellence |
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Date: |
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Investment Subcommittee
27 August
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 |
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. · Jonathan Eriksen undertook to review an option to secure funds for year end. · 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 |
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 |
