To consider the submitted report on the above.

The Committee considered the submitted report which provided benchmarking information on other local authorities’ Investment Funds in order to facilitate discussion on whether the Council’s Investment Strategy or Investment Fund needed reviewing, how the Fund could be managed and the governance, reporting and training requirements for members and reserve members of the Investment Committee.

Members were advised that representatives from CIPFA who were currently reviewing the Council’s financial arrangements had recommended that the Council appoint an independent intermediary to interrogate potential investment proposals and provide a critique to inform the Committee’s decisions.

Members noted that £50,000 start up costs had been approved by Council when it approved the Investment Strategy in order for the Council to start implementing the Strategy.

Resolved:

(i)       that a range of independent external advisors be appointed to draw upon to advise the Investment Committee and provide a critique on the business case for proposed investments;

(ii)      that consideration of reviewing the Investment Fund and Investment Strategy be deferred until after the training session;

(iii)      that the Chief Executive and Assistant Director of Corporate and Business Services continue to work with other local authorities to determine if we can collaborate on the delivery of the Investment Fund utilising expertise and potentially sharing risks;

(iv)     that meetings of the Investment Committee be scheduled fortnightly between 4.00 p.m. and 7.00 p.m. and cancelled if necessary by the Governance Team Leader in consultation with the Chairman of the Investment Committee;

(v)      that an Investment Fund statement - monitoring how investments are performing - be initially presented to the Investment Committee on a quarterly basis moving to monthly once more investments have been made and that the Assistant Director of Corporate and Business Services be requested to develop an outline statement and present it to the next meeting of the Committee;

(vi)     that the Head of Finance be requested to look at PFI identified at the meeting to see if it is within the remit of the Investment Committee and if it is worth exploring as a suitable investment; and

(vii)     that the Executive Head of Business Services and the Director of Economic Strategy and Performance (Torbay Development Agency) be requested to present a report to the Investment Committee on how the Council can fund the cost of the Torbay Development Agency providing support to the committee.