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Agenda and minutes

Items
No. Item

144.

Apologies for absence

Minutes:

None.

145.

Declaration of substitutes

Minutes:

None.

146.

Declaration of interests

If you have a Disclosable Pecuniary Interest* in an item of business:

·         if it is not yet on the council’s register, you must declare both the existence and details of it at the start of the meeting or when it becomes apparent;

·         you may choose to declare a Disclosable Pecuniary Interest that is already in the register in the interests of openness and transparency. 

In both the above cases, you must leave the room without participating in discussion of the item.

 

If you have a personal interest in an item of business and you intend to speak or vote on the item you must declare both the existence and details of it at the start of the meeting or when it becomes apparent but you may participate in the discussion and vote on the item.

 

*(a) Employment, etc - Any employment, office, trade, profession or vocation carried on for profit or gain.

(b)    Sponsorship - Any payment or other financial benefit in respect of your expenses in carrying out duties as a member, or of your election; including from a trade union.

(c)   Contracts - Any current contract for goods, services or works, between you or your partner (or a body in which one of you has a beneficial interest) and the council.

(d) Land - Any beneficial interest in land which is within the council’s area.

(e) Licences- Any licence to occupy land in the council’s area for a month or  longer.

(f)  Corporate tenancies - Any tenancy between the council and a body in which you or your partner have a beneficial interest.

(g) Securities - Any beneficial interest in securities of a body which has a place of business or land in the council’s area, if the total nominal value of the securities exceeds £25,000 or one hundredth of the total issued share capital of that body or of any one class of its issued share capital. 

 

This applies to all members present at the meeting.

  

147.

Contract award for multi-asset credit manager pdf icon PDF 132 KB

Minutes:

  RESOLVED:

(a) That the procurement process to award a mandate to a Multi Asset Credit manager, as detailed in the report of the Corporate Director of Resources, be noted.

(b) That the outcomes summarised in exempt Appendix 2 of the report  and terms of reference prepared by Mercer, also as attached as exempt Appendix 1 to the report, be noted.

(c) That  Manager A be appointed as the Islington Pension Fund

preferred Multi Asset Credit manager, as detailed in Appendix 1 (private and

confidential) of the report.

(d) That Fund Manager B be appointed as the Islington Pension Fund Multi Asst Credit  reserve manager, as detailed in Appendix 1 (private and confidential) of the report.

(e) That the Corporate Director of Resources, in consultation with the Acting Director of Law and Governance, be authorised to negotiate and agree terms and conditions of the fund management agreement with Manager A.

(f) That 5% of the pension fund be allocated to Manager A, mostly

funded from proceeds of the equity protection strategy currently invested

with Legal and General

 

 

 

 

148.

Exclusion of press and public

Minutes:

RESOLVED:

That the press and public be excluded during consideration of the following items as the presence of members of the public and press would result in the disclosure of exempt information within the terms of Schedule 12A of the Local Government Act 1972, for the reasons indicated:

 

Agenda item E1

Title

Reasons for exemption

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

Contract award for multi-asset credit manager - exempt appendices

 

 

 

 

 

 

 

 

 

 

 

 

 

Category 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information)

 

 

 

     

   

 

149.

Contract award for multi-asset credit manager - exempt appendices

Minutes:

 

The Sub-Committee received a presentation from Mercer’s representative on

the selection exercise, with recommendations on a preferred bidder and a reserve.

 

RESOLVED:

That the contents of the exempt appendices be noted.