Issue - meetings

Treasury Management Strategy Statement and Annual Investment Strategy 2020/21 - 2021/22.

Meeting: 22/07/2020 - Council (Item 8)

8 Treasury Management Strategy Statement and Annual Investment Strategy 2020/21 - 2022/23. pdf icon PDF 678 KB

Additional documents:

Minutes:

Cllr Pulfer moved the item. This was seconded by the Deputy Leader. 

 

A tabled amendment (published online) was proposed by Councillor Hicks, seeking the Council to commit to explicitly adopting an ethical investment policy to encourage socially responsible investment. This was seconded by Councillor Eggleston. 

 

The Deputy Leader drew Member’s attention to the report which states that ‘the Council’s shared service will research the range of “green” and “ethical” investments that is developing’. She noted that the proposed overarching policy would tie the hands of the Audit Committee and it raises issues on what is defined as ‘green ‘ and ‘ethical’ from various different standpoints.

 

Members discussed the amendment. Some Members felt that the amendment was mild, well intentioned and would move forward the Council’s commitment to research a range of investments.  Other Members felt that the terminology of ‘explicitly adopting’ could affect the Audit Committee’s ability to seek the best investment to protect the funds managed on behalf of residents to provide key Council services. It was noted that the Audit Committee will consider the research into green and ethical investments at its meeting in September.

 

The Chairman took members to a vote on the amendment. 30 Members voted against and 18 voted for, therefore the amendment was lost.

 

The Chairman took Members to the original recommendations which were agreed.

 

RESOLVED

 

Council agree:

 

(i) the proposed Treasury Management Strategy Statement (TMSS) for 2020/21 and the following two years,

 

(ii) the Annual Investment Strategy (AIS) and the Minimum Revenue Provision Statement (MRP) as contained in Sections 4 and 2.3 respectively of the report;

 

(iii) the Prudential Indicators contained within this report.