Item 4 IRB overview presentation
Renfrewshire Council · 21 June 2022
Back to Investment Review Board — 21 June 2022 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
Page 1
Investment Review Board Introduction
Page 2
Overview • IRB meetings • Common Good Funds • Investment Principles • Investment Manager • Investment Adviser • Governance and reporting
Page 3
Investment Review Board • Sub-committee of the FRCSPB • 2 meetings per annum: June and November • 5 members; quorum of 3 • Monitor investment performance in preceding 6 months • Agree investment principles regularly
Page 4
Common Good Funds (1) • Renfrew, Paisley and Johnstone: historic provenance • Registered charities*: OSCR rules apply • Differing asset profiles; total assets at 31 March 2022: • Renfrew - £29.1m • Paisley - £5.6m • Johnstone - £0.1m
Page 5
Common Good Funds (2) • Excess cash funds of Paisley and Renfrew CGFs invested in financial instruments, e.g. company shares, corporate bonds, gilts • Discretionary investment manager contract • Funds under management at 31 March 2022: • Paisley - £4.0m • Renfrew - £13.4m
Page 6
Investment Policy Statement • Govern the relationship between Trustees and the investment manager • Outline risk appetite, any specific restrictions, respective responsibilities • Also sets out agreed benchmark against which performance is measured • Reviewed annually
Page 7
Investment Manager • Appointed manager is abrdn • Appointed from July 2019 on a 3+2 basis • Have managed the fund since 2006 (previously as Aberdeen Standard Capital Limited)
Page 8
Investment Adviser • Hymans Robertson LLP • Provide independent advice on the performance of abrdn • Support investment manager selection exercises
Page 9
Governance and Reporting • Charity rules compliance • Charity trustee obligations • Charity accounting regulations apply • Accounts approved (and audited) separately to the Renfrewshire Council accounts • Same timescales as for Council accounts apply (30 June and 30 September)