Pwyllgor Buddsoddi a Chontractau - mae’r cronfeydd elusennol yn cael eu gweinyddu’n awr gan elusen gofrestredig breifat, Y Gymdeithas, ac nid yw’r Cyngor Sir bellach yn ymddiriedolwr. dogfennau , 28 Mai 2009

ITEMS TAKEN IN PUBLIC

1

ELECTION OF CHAIRPERSON

Mr. Aled Morris Jones was re-elected Chairperson.

2

ELECTION OF VICE-CHAIRPERSON

Mr. J.V. Owen was re-elected Vice-Chairperson.

3

DECLARATION OF INTEREST

No declaration of interest was received by any Member or Officer in respect of any item of business.

4

MINUTES

The minutes of the meeting held on 11 March, 2009 were confirmed.

5

INVESTMENT MANAGEMENT

Submitted - the HSBC Global Asset Management (UK) Limited Quarterly Report for the period up to 31 March, 2009.  A presentation document was presented to the meeting.  

The Investment Management reported that the portfolio showed a return of -23.0%, benchmark of -21.9%.  The closing value of the fund on 31 March, 2009 was £10,351,271.  The value of the fund at present was £11,222,891.  The fund underperformed its benchmark this quarter with a marginally positive contribution from asset allocation but a negative contribution from stock selection.  Within asset allocation the overweight in Asia ex-Japan and UK bonds and the underweight in Europe was positive for performance.  The major contributor to negative performance within stock selection was UK equities.  

The Client Director reported that following an exceptionally weak beginning to the quarter, equity markets generally improved in March, recovering half the earlier losses.  The US, European and UK equity markets lost between 9% and 12% during the quarter.  With substantial government intervention over the past year, and extremely low interest rates, the recovery should begin to materialize in due course.  

He noted that the income from the asset management for the 12 month rolling income is now at £477,452.  Mr. Schofield noted that he was satisfied that the income from the fund will enable the Charitable Trust to honour its commitments to various organizations.  

The Treasurer noted that he appreciated that the financial markets are volatile at present; however he noted that it seems that the Investment Managers have not invested in mining companies as in previous quarters and it seems that these companies have performed well during this quarter.   He noted further that a loss of 2% has been made within the portfolio during this quarter; the Treasurer questioned if the approach utilized by the Investment Mangers was working at present.  The Client Director responded that at present the Investment Managers are cautious at present due to the volatility of the financial markets.   

Mr. Schofield expressed concerns regarding the corporate governance - UK Company Engagement Report for Quarter Ending 31 March, 2009 which reads “ Cadbury - The company wrote to update us on a review it had conducted of its Bonus Share Retention Plan, under which Executives’ investment in company shares of some of their bonus could be matched with free shares after three years.  Some matching was subject to performance criteria but 40% were matched though continued employment.  We had previously expressed concern about matching shares without performance criteria.........”   He noted that these Company’s are still performing similar to banks; paying without performance.  He questioned if this was wise to deal with Company’s which still deal in this way.  He wished it to be recorded that he was unhappy that this situation is still carrying on with businesses the Trust funds are invested in them.

The Client Director reported that the Investment Managers have inquired if the Charitable Trust would be willing to deal in ‘FUTURES’ to better manage cash flows.  The Committee responded that a report should be made available from HSBC Global Asset Management explaining the background to this matter.  

RESOLVED

Ÿ

to accept the report.

Ÿ

that a report on ‘FUTURES’ be made available to this Committee before a decision can be made to better manage cash flows and that a special meeting be convened to discuss this particular matter.

ITEM TAKEN IN PRIVATE

6

LAND AT RHOSGOCH - UPDATE

6.1

Submitted - correspondence dated 19 April, 2009 received by the Chairman of the Isle of Anglesey Charitable Trust regarding possible use of the land at Rhosgoch.

The Committee gave consideration to the contents of the letter but were of the opinion that the Charitable Trust are not in a position at present to be able to finance such projects as suggested in the correspondence.

RESOLVED to thank the author of the correspondence for his suggestions for development of the land at Rhosgoch but to note that the Trust is not in position to fund such projects.

6.2

Submitted - correspondence sent to the Surveyor in relation to the above.

The Treasurer noted that a reply has not been received by the Surveyor in respect of suggestions to plant a broad-leaved woodland on the site.  It would take advantage of the Welsh Assembly Government’s Plant Scheme which would offer 100% funding.  The woodland itself would fulfill a number of objectives including recreation, education, environment and biodiversity.

RESOLVED to await the reply by the Surveyor in relation to the proposal of woodland at the site.

6.3

The Treasurer reported that following a recommendation from this Committee to the full Charitable Trust held on 11 March, 2009 it was resolved that the Economic and Property Sections of the County Council shall be responsible for the marketing and promotion of the Rhosgoch site.

He noted that he has discussed with representatives from the Economic and Property Sections and it was agreed that it would be advantageous for them to meet with Mr. Ian Carruthers the Surveyor from the District Valuer’s Office to discuss the possibilities for the area due to potential developments at Wylfa Power Station.

RESOLVED to note the report.

MR. ALED MORRIS JONES

CHAIRMAN