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States of Jersey: Investment Strategies: Amendment

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

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A decision made 20 October 2015:

Decision Reference:  MD-TR-2015-0112

Decision Summary Title:

Amendment to the States of Jersey Investment Strategies Document

Date of Decision Summary:

20th October 2015

Decision Summary Author:

Head of Investment Management and Charitable Funds

Decision Summary:

Public or Exempt?

Public 

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Amendment to the States of Jersey Investment Strategies Document

Date of Written Report:

20th October 2015

Written Report Author:

Head of Investment Management and Charitable Funds

Written Report :

Public or Exempt?

Public

Subject:

Amendment to the States of Jersey Investment Strategies and presentation to the States.

Decision(s):

The Minister approved the amended ‘States of Jersey Investment Strategies’ document and decided to present the updated document to the States.

 

Under the Teachers’ Superannuation (Administration) (Jersey) Order 2007, Article 8, (paragraph 4), the Management Board with the agreement of the Minister for Treasury and Resources shall agree with each investment manager an investment strategy. The Minister has agreed to amend the investment strategy of the Fund.  The strategy is being amended to the asset allocation below.

 

Asset class

Current

allocation (%)

Proposed

allocation (%)

Proposed

range (%)

Equities

70

50

40 – 60

Bonds / Cash

10

10

5 – 15

Property

20

20

0 – 22

Alternatives

0

20

10 – 25

 

The updated JTSF investment strategy has been included in the States of Jersey Investment Strategies document.

Reason(s) for decision:

In compliance with Paragraph 3 of the Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005, detailed investment strategies are maintained within the ‘States of Jersey Investment Strategies’. These investment strategies include a strategic asset allocation detailing the allotment of monies across investment classes.

 

Paragraph 4 of the same Regulations, states that as soon as practical after the Minister has prepared the investment strategy, or any review of it, the Minister must present it to the States.

 

 

Resource Implications:

There are no financial or manpower implications.

Action required:

The Greffier of the States is requested to present the attached report to the States. The Treasury and Investment Management Team will ensure changes are implemented.

Signature:

 

 

 

Position: Senator A J H Maclean,

Minister for Treasury and Resources

 

Date Signed:

 

Date of Decision:

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