The Director presented an update on the Authority’s investment process. 

The Key Points to note were:

·        Most effort is focused on improving the oversight process in the next 18 months as the Assistant Director – Investments will retire, and the Authority needs to ensure her knowledge is passed onto the team.

·        The Investment Manager who was appointed in post earlier this year is taking some of this risk away and this is working successfully so far.

·        A proposal will be brought to the Authority in the new year to set out the process of how the Authority will replace the Assistant Director – Investments upon retirement.

In a response to a question officers explained that the processes around investment and engagement with Border to Coast were audited on a periodic basis.

An independent governance review is also scheduled for Q1 2024.

RESOLVED: Members noted and accepted the report.