Agenda and minutes

That Mr. G.A Hart CC be appointed Chairman of the Investment Subcommitee for the period ending with the date of the Annual Council meeting in May 2016

The minutes of the meeting held on 29 April were taken as read, confirmed and signed.

The Chief Executive reported that no questions had been received under Standing Order 35.

The Chief Executive reported that no questions had been received under Standing Order 7(3) and 7(5).

There were no urgent items for consideration.

The Chairman invited members who wished to do so to declare any interest in respect of items on the agenda for the meeting.

No declarations were made.

The Subcommittee considered a report of the Director of Corporate

Resources which provided members with background information relating to a recommended investment in Markham Rae Trade Capital Partners ILP (MRTCP). A copy of the report is filed with these minutes marked ‘7’.

It was noted that the recommended investment in Markham Rae Trade Capital Partners, which was expected to achieve attractive returns, would be funded from within the Fund’s opportunity pool where only 3.3% of the 4-6% weighting of total fund assets had been invested.

RESOLVED:

That the report be noted.

RESOLVED:

That it be noted that:

a) the next meeting of the Subcommittee is scheduled to be held on 22 July 2015;

b) the meetings scheduled for 22 July and 19 August 2015 are likely to be cancelled due to a lack of business to be transacted, Members would be contacted by officers to confirm matters nearer the time.

The Subcommittee received presentations by representatives from Markham Raw Trade Capital Partners which was followed by questions from members. A copy of the presentation is filed with these minutes marked ‘10’. The presentation was not for publication by virtue of Paragraphs 3 and 10 of Part 1 of Schedule 12(A) of the Local Government Act 1972.

RESOLVED:

a)    That the presentation delivered by the Investment Manager be noted

b)    That a $40m commitment to invest in Markham Rae Trade Capital Partners be approved.