Investment and Property Subcommittee
22 February 2023
Investment and Property Subcommittee Minutes
Meeting held in the Council Chamber
36 Water Street, Whangārei
on Wednesday 22 February 2023, commencing at 1pm
Tuhinga/Present:
Chairperson, Councillor Rick Stolwerk
Councillor John Blackwell
Councillor Jack Craw
Councillor Geoff Crawford (from 2.15pm)
Councillor Peter-Lucas Jones
Councillor Tui Shortland
Independent Consultant Jonathan Eriksen
Independent Financial Advisor Stuart Henderson (via video link)
I Tae Mai/In Attendance:
Full Meeting
EriksensGlobal, Investment Consultant - Janibek Issagulov
Tumuaki – Chief Executive Officer – Jonathan Gibbard
Pou Taumatua - GM Corporate Services – Bruce Howse
Strategic Projects and Facilities Manager - Phil Heatley
Finance Manager Simon Crabb
Personal Assistant to Group Manager Corporate Services
Part Meeting
Accounting Assistant Treasury and Projects - Anan Thiru
Property Officer – Maxine Bailey
Property Officer - Donna Cooper
Forestry Manager - George Dodd
Biodiversity Advisor - Stephanie Tong
Argyle, Director - Nigel Powell
Argyle, Development Manager - Gerome Powell
The Chair declared the meeting open at 1.03pm followed by a Karakia by Councillor Shortland.
Ngā Mahi Whakapai/Housekeeping (Item 1.0)
Ngā whakapahā/Apologies (Item 2.0)
There were no apologies.
Secretarial Note: Councillor Crawford had tendered his apology for delayed arrival.
Nga whakapuakanga/Declarations of Conflicts of Interest (Item 3.0)
It was advised that members should make declarations item-by-item as the meeting progressed.
Secretarial Note: The Chair advised that there would be a change to the order of the meeting with all business with the public excluded to be addressed prior to the open meeting. In this manner Item 5.0 Business with Public Excluded and confidential items 5.1 to 5.5 were addressed prior to moving back into open meeting and addressing Items 4.1 to 4.5.
Open Meeting |
Moved (Stolwerk / Blackwell) That the subcommittee resumes in open meeting. Carried |
Secretarial Note: Councillor Stolwerk a member of the Investment and Property Subcommittee during the previous triennium confirmed the minutes to be true and correct.
Secretarial Note: Attention was drawn to the fact that the global equity within the long term fund was below its corresponding target range, however due to the volatile nature of the financial markets it was currently deemed to be a prudent level of investment.
Secretarial Note:
· It was advised that the bulk of council’s investments can be liquidated in five working days.
· It was also noted that NRC’s five year plan was to get out of investments relating to fossil fuel.
Secretarial Note:
· it was advised that the motion needed to be amended in light of cashflow requirements. With the approval of the mover and seconder (in accordance with Standing Order 23.4) the motion was replaced with the following:
QuayStreet Income Fund - recommended approach to cashing out investment (Item 4.4) Report from Simon Crabb, Finance Manager |
Moved (Craw / Stolwerk) 1. That the report ‘QuayStreet Income Fund - recommended approach to cashing out investment’ by Simon Crabb, Finance Manager and dated 3 February 2023, be received. 2. That council’s entire investment in QuayStreet Income Fund is withdrawn and reinvested in line with the EriksensGlobal recommendation of: · $255,000 invested into the STF Harbour Income Fund · $250,000 invested into STF Milford Diversified Income Fund · with the balance invested into a six month STF Term Deposit Carried |
Secretarial Note:
· Attention was drawn to the underspend in 2021/2022.
· It was anticipated $55,000 of unbudgeted expenditure would be spent for a fence to protect the native trees. Currently negotiating with the neighbouring land owner.
· It was advised that there had been some storm damage to the forestry block and also a small fire that night. He also advised that weed control was planned and should have been done in the last 6 weeks along Mt Tiger Road.
Secretarial Note: Following Item 4.5 the Chair advised the subcommittee would return to business with the public excluded to re-address Item 5.5 due to the receipt of new technical advice.
Secretarial Note: The Chair advised that there would be a change to the order of the meeting with all business with the public excluded to be addressed prior to the open meeting. In this manner Item 5.0 Business with Public Excluded and confidential items 5.1 to 5.5 were addressed prior to moving back into open meeting and addressing Items 4.1 to 4.5.
Kaupapa ā Roto/Business with Public Excluded (Item 5.0)
Moved (Craw / Blackwell) 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:
Carried |
Secretarial Note: Following Item 4.5 the Chair advised the subcommittee would return to business with the public excluded to re-address Item 5.5 due to the receipt of new technical advice.
Resuming Business with the Public Excluded
Moved (Craw / Stolwerk) That the subcommittee resumes business with the public excluded to re-address Item 5.5 Introduction of Greenmount Capital Co-Investment Fund into the Long-Term Investment Fund (the specific grounds under the Local Government Information and Meetings Act 1987 for passing this resolution is detailed in Item 5.0 following).
Carried |
Whakamutunga (Conclusion)
The meeting concluded at 3.59pm with a Karakia by Councillor Shortland.