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Treasury Advisory Panel: Approval of the updated Terms of Reference

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made on 13 August 2021

Decision Reference: MD-TR-2021-0099

Decision Summary Title:

Approval of the updated Terms of Reference for the Treasury Advisory Panel.

Date of Decision Summary:

9th August 2021

Decision Summary Author:

Manager - Treasury and Investment Management

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Approval of the updated Terms of Reference for the Treasury Advisory Panel.

Date of Written Report:

9th August 2021

Written Report Author:

Manager - Treasury and Investment Management

Written Report :

Public or Exempt?

Exempt (Article 34 – Economic and Financial interests of the States)

Subject:

Approval of the updated Terms of Reference (‘ToR’) for the Treasury Advisory Panel (TAP) by the Minister for Treasury and Resources.

Decision(s): 

The Minister approved the following changes to the Terms of Reference (‘ToR’) for the Treasury Advisory Panel (‘TAP’) with immediate effect;

  • The law referenced in the ToR to be updated, since the last review of the ToR the Public Finances (Jersey) Law 2019 has been incorporated.

 

  • The Government of Jersey Chief Economic Advisor now forms part of the TAP and up to four Non-Executive Members. The Chief Economic Advisor works closely with the Fiscal Policy Panel, the Treasurer and other parts of the government. This addition will strengthen the skill set of the panel and ensure the approach of the panel is in line with the wider vision of the organisation. A fourth Non-Executive Member provides flexibility to the panel to recruit experience and knowledge in other areas, such as debt.

 

  • Debt funding to be added to areas of responsibility, although the scope currently states ‘provide advice on other relevant matters’ it is felt that advice on debt funding should be explicitly mentioned as future work in this area will form a significant part of TAP’s responsibility..

 

  • ESG to be incorporated to formalise TAP’s commitment, following the implementation of the Responsible Investment (‘RI’) policy in 2020 and the anticipated future development in reporting requirements of this area.

Reason for Decision:

The Treasury Advisory Panel is established by the Minister to provide advice on discharging elements of Treasury responsibilities and exercising relevant powers. The primary focus of TAP is to advise on matters relating to investment.

 

From time to time it is necessary to update the Terms of Reference, ensuring they capture the work and responsibilities of the Treasury Advisory Panel and align with changes in the macro environment which influence decision making and performance of the investments of the States Investment Portfolio, and other Treasury related matters.

 

The Terms of Reference should be reviewed and updated regularly to ensure reference to them can be made with confidence and reliance can be placed on them by the Minister of Treasury and Resources, and the panel itself.

 

Resource Implications: 

The implementation of the updated Terms of Reference will have no budgetary implications and will be carried out by existing staff in the Treasury and Investment Management team.

Action required:

The Head of Financial Governance to advise the Head of Treasury and Investment Management when the decision has been signed. The Treasury and Investment Management Team will ensure changes are implemented.

 

Signature:

 

 

Position:  Deputy S J  Pinel, Minister for Treasury and Resources

Date Signed:

 

Date of Decision:

 

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