Meeting documents

Investments and Contracts Committee – the charity funds are now administered by the private registered charity, Y Gymdeithas, and the County Council is no longer the trustee
Friday, 26th November, 2004

INVESTMENT AND CONTRACTS COMMITTEE

 

Minutes of the meeting held on 26 November, 2004.  

 

PRESENT:

 

Mr. G.W. Roberts O.B.E. - Chairman

 

Messrs. E.G. Davies, J. Arthur Jones, John Roberts,

Elwyn Schofied.

 

H.S.B.C. Asset Management

Ms. Jenine Langrish - Director

Ms. Allison Bell

 

 

 

IN ATTENDANCE:

 

Treasurer,

Committee Officer (MEH)

 

 

 

APOLOGIES:

 

Messrs. H. Eifion Jones, Aled M. Jones.

 

Mr. G.O. Parry M.B.E. - Chairman of the Charitable Trust

 

 

 

 

 

1

DECLARATION OF INTEREST

 

No declaration of interest was received in respect of any item of business.

 

2

MINUTES

 

The minutes of the meeting held on 2 November, 2004 were confirmed.

 

3

INVESTMENT MANAGEMENT

 

Submitted - the H.S.B.C., Asset Management Quarterly Report for the period up to 30 September, 2004.  A presentation document was presented to the meeting.

 

The Asset Management representatives reported that the fund underperformed over the quarter and the twelve month period.  For the year ending 30 September, 2004 the portfolio showed a return of 10.4% against the benchmark return of 11.9%.  The market value of the fund on 20 November, 2004 was £12.16m.  

 

The representatives from H.S.B.C., noted that the economic environment remains relatively benign with the main risk being continuing oil price rises.  It is expected that inflation will remain low and interest rates to rise gradually with economic growth continuing, albeit at a slower pace.  The environment favours equities over bonds.  Within the equity markets H.S.B.C., continue to favour the areas with greatest growth potential such as Asia with the exeption of Japan.

 

Concerns were expressed that the quarterly reports for the whole year have not shown good returns for the Charitable Trust.  The Asset Management representatives agreed that this year has not shown good returns due to the volatile markets at present.  

 

RESOLVED to accept the contents of the report.

 

G.W. ROBERTS O.B.E.

CHAIRMAN