The Leader of the Council presented report FIN/484 of the Head of Corporate Finance which set out an update on the Council’s Treasury Management Strategy for the two first quarters of 2019/2020. It was noted that the report proposed to amend the Council’s Ethical Investment Policy as a result of the adopted Notice of Motion relating to the Climate Emergency Declaration at Full Council on 17 July 2019.

Councillor Rana presented the Overview and Scrutiny Commission’s comments on the report to the Cabinet following consideration of the matter at its meeting on 25 November 2019, commenting that the Commission was in support of the recommendations and of the approach being taken on the Council’s investments.

Councillor P. Smith spoke as part of the discussion on the report.

RESOLVED

1)            That the Cabinet notes the report FIN/484 and the treasury activity for the first two quarters of 2019/2020;

2)            That Full Council be recommended to the approval of an amendment to the Ethical Investment Policy within the Council’s Annual Investment Strategy (see section 5.3 of report FIN/484).

Reasons for the Recommendations

The CIPFA (Chartered Institute of Public Finance and Accountancy) Code of Practice for Treasury Management recommends that members be updated on treasury management activities regularly (Treasury Management Strategy Statement, annual and mid-year reports). This report, therefore, ensures this Council is implementing best practice in accordance with the Code.