1.1 Council at its meeting on 23 November 2012 approved an amendment to item (2)(a)(i) of the minute of the Executive Committee meeting held on 9 November 2012 by adding an item (d). The revised minute now reads as shown below:
(2) (a) (i) Investment Options
The Sub-Committee gave further consideration to an updated report by the Accountant outlining a range of options which could be taken by the Institute should it decide to discontinue with, or reduce, funds held under management of Newton as a consequence of concerns expressed over the long term investment performance of the company. Following discussion, the Sub Committee decided to:
- continue with the Institute's policy of having its investments actively managed, and accordingly not to pursue the option of utilisation of a "tracker" fund at this time;
- invite representatives of Baillie Gifford and Aberdeen Asset Management to make presentations to the Sub-Committee, and thereafter give consideration to their appointment as potential Fund Managers for a proportion of the Institute's investments;
- defer the investment of approximately £2,000,000, which has currently been placed on Bank Deposit, until the Sub-Committee has received presentations from Baillie Gifford and Aberdeen Asset Management;
- investigate and report on ethical investment opportunities before making any final decisions regarding future.