Unconfirmed Minutes Investment and Property Subcommittee

31 March 2021

Investment and Property Subcommittee Minutes

 

Meeting held in the Council Chamber

36 Water Street, Whangārei

on Wednesday 31 March 2021, commencing at 3.00pm

 

 

Present:

Chairperson, NRC Councillor Rick Stolwerk

Councillor Colin Kitchen

Councillor Jack Craw

Ex-Officio Penny Smart

Independent Investment Consultant Jonathan Eriksen

Independent Audit & Risk Advisor Danny Tuato'o

Independent Financial Advisor Stuart Henderson

 

In Attendance:

Full Meeting

GM - Corporate Excellence

Chief Executive Officer

PA GM Corporate Excellence

Finance Manager

Strategic Projects and Facilities Manager

Property Officer- Jordan

Property Officer – Nicole

 

 

The Chair declared the meeting open at 2.58pm.

Secretarial Note: Northland Regional Council Chair of the Investment & Property Subcommittee Council Rick Stolwerk apologised to the Investment & Property Subcommittee for the email sent out on the 26 March 2021 advising of item 5.3 Managing Councils Foreign Currency Risk had been withdrawn (as per Standing Order 9.9).

Apologies (Ngā whakapahā) (Item 1.0)

 

Moved (Craw / Kitchen)

That the apologies from Councillor Justin Blaikie and Councillor Terry Archer for non-attendance be received.

Carried

 

Declarations of Conflicts of Interest (Nga whakapuakanga) (Item 2.0)

It was advised that members should make declarations item-by-item as the meeting progressed.

 

Confirmation of Minutes 27 January 2021 (Item 4.1)

ID: A1422440

Report from Judith Graham, Corporate Excellence P/A

Moved (Craw/Kitchen)

That the minutes of the Investment & Property Subcommittee meeting held on 27 January 2021 be confirmed as a true and correct record.

Carried

 

Amendment to Mount Tiger forest half year report minute to read.  Ian Jenkins from Jenksmax consulting gave an update on the Mount Tiger Forestry advising the subcommittee that is likely to be $20,000 over in the expenditure budget due to July 2020 rainfall event causing significant damage, also advising of the fire insurance for the Mount Tiger Forest which covers crop lost at  approximately $3 million. 

 

 

Performance of Councils Externally Managed Funds to 28 February 2021 (Item 5.1)

ID: A1422577

Report from Simon Crabb, Finance Manager

Moved (Smart/Craw)

That the report ‘Performance of Councils Externally Managed Funds to 28 February 2021’ by Simon Crabb, Finance Manager and dated 10 March 2021, be received.

Carried

 

It was highlighted to the committee member that as per page 9 of the Northland Regional Council externally managed investment funds report by Eriksensglobal that the weighting to T.Rowe Price was at its upper limit, and per page 11 of the same report that the self-managed cash was in excess of its upper limit due to the Kaipara Moana remediation grant money being held in term deposits this was deem prudent with a view to capital preservation.

 

 

Responsible Investment Report - as at 31 December 2020 (Item 5.2)

ID: A1414711

Report from Simon Crabb, Finance Manager

Moved (Smart/Craw)

That the report ‘Responsible Investment Report - as at 31 December 2020’ by Simon Crabb, Finance Manager and dated 22 February 2021, be received.

Carried

 

Five year transition plan in place to move away from funds who invest in fossil fuels and look at other alternatives when opportunity permits in the current environment.

 

 

Business with Public Excluded (Item 6.0)

Moved (Smart/Craw)

1.              That the public be excluded from the proceedings of this meeting to consider confidential matters.

2.              That the general subject of the matters to be considered whilst the public is excluded, the reasons for passing this resolution in relation to this matter, and the specific grounds under the Local Government Official Information and Meetings Act 1987 for the passing of this resolution, are as follows:

Item No.

Item Issue

Reasons/Grounds

6.1

Confirmation of Confidential Minutes - 27 January 2021

The public conduct of the proceedings would be likely to result in disclosure of information, as stated in the open section of the meeting -.

6.2

Kensington Crossing Update

The public conduct of the proceedings would be likely to result in disclosure of information, the withholding of which is necessary to protect information where the making available of the information would be likely unreasonably to prejudice the commercial position of the person who supplied or who is the subject of the information s7(2)(b)(ii), the withholding of which is necessary to enable council to carry out, without prejudice or disadvantage, commercial activities s7(2)(h) and the withholding of which is necessary to enable council to carry on, without prejudice or disadvantage, negotiations (including commercial and industrial negotiations) s7(2)(i).

6.3

Use of Neighbouring Commercial Property for Council Events & Project Work

The public conduct of the proceedings would be likely to result in disclosure of information, the withholding of which is necessary to enable council to carry out, without prejudice or disadvantage, commercial activities s7(2)(h) and the withholding of which is necessary to enable council to carry on, without prejudice or disadvantage, negotiations (including commercial and industrial negotiations) s7(2)(i).

6.4

Investment Strategy

The public conduct of the proceedings would be likely to result in disclosure of information, the withholding of which is necessary to enable council to carry out, without prejudice or disadvantage, commercial activities s7(2)(h).

3.              That the Independent Financial Advisors be permitted to stay during business with the public excluded.

Carried

 

 

 

Conclusion

The meeting concluded at 4.12pm