24 September 2020
Chairperson, Penny Smart
Justin Blaikie (via audio visual link)
Jack Craw (via audio visual link)
Colin Kitchen (via audio visual link)
Marty Robinson (via audio visual link)
Rick Stolwerk (via audio visual link)
Joce Yeoman (via audio visual link)
EriksensGlobal Managing Director (via audio visual link)
Chief Executive Officer
GM - Corporate Excellence
Accounting Assistant – Treasury and Projects
Governance Support Manager
The Chair declared the meeting open at 2.01pm and proceedings commenced with a karakia by Councillor Robinson.
Secretarial Note: Livestreaming the meeting failed due to technical issues.
Apologies (Ngā whakapahā) (Item 1.0)
There were no apologies.
It was advised that councillors should make declarations item-by-item as the meeting progressed.
Report from Simon Crabb, Finance Manager
1. That the report ‘Withdrawal of the Planned 2020-21 Funding Contribution from the Managed Fund Portfolio’ by Simon Crabb, Finance Manager and dated 17 September 2020, be received.
2. That $1,732,036 is withdrawn in September 2020 from the fund managers recommended by EriksensGlobal, and invested into term deposits.
Matters arising from Item 3.1
· The recommendations in the report were subject to EriksensGlobal confirming the performance of council’s managed funds during September was sufficient to do so.
· EriksensGlobal advised that while the markets had ‘flattened off’ during September they supported the recommendation in the report in order to minimise council’s exposure to risk.
· The GM Corporate Excellence undertook to notify council’s independent advisors of the decision to ensure they approved of the approach.
· Appreciation was extended to EriksensGlobal for their professional advice during such volatile times.
The meeting concluded at 2.18pm.